If any person responsible for making payment of the income distributed by the securitisation trust and the securitisation trust does not pay tax, as referred to in sub-section (1) of section 115TA, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply.
Section 115T Unit trust of India or mutual fund to be an assessee in default
Section 115TA Tax on distributed income to investors
Section 115TB Interest payable for non-payment of tax
Section 115TC Securitisation trust to be assessee in default
Section 115TCA Tax on income from securitization trusts
Section 115TD Tax on accreted income
Section 115TE Interest payable for non-payment of tax by trust or institution
Section 115TF When trust or institution is deemed to be assessee in default
Section 115U Tax on income in certain cases
Section 115UA Tax on income of unit holder and business trust
Section 115UB Tax on income of investment fund and its unit holders