India - Income Tax Act 2010 - Saarc

S. 115R I.T. ACT, 1961 1.576When company is deemed to be in default.115Q. If any principal officer of a domestic company and the company does notpay tax on distributed profits in accordance with the provisions ofsection 115-O, then, he or it shall be deemed to be an assessee in default in respectof the amount of tax payable by him or it and all the provisions of this Act for thecollection and recovery of income-tax shall apply.Explanation.—For the purposes of this Chapter, the expression “dividends” shallhave the same meaning as is given to “dividend” in clause (22) of section 2 butshall not include sub-clause (e) thereof.]20[CHAPTER XII-ESPECIAL PROVISIONS RELATING TO TAX ONDISTRIBUTED INCOMETax on distributed income to unit holders.115R. (1) Notwithstanding anything contained in any other provisions ofthis Act and section 32 of the Unit Trust of India Act, 1963 (52 of 1963),21[any amount of income distributed on or before the 31st day of March, 2002 bythe Unit Trust of India to its unit holders] shall be chargeable to tax and the UnitTrust of India shall be liable to pay additional income-tax on such distributedincome at the rate of 22 [ten] per cent :Provided that nothing contained in this sub-section shall apply in respect of anyincome distributed to a unit holder of open-ended equity oriented funds inrespect of any distribution made from such fund for a period of three yearscommencing from the 1st day of April, 1999.23[(2) Notwithstanding anything contained in any other provision of this Act, anyamount of income distributed by the specified company or a Mutual Fund to itsunit holders shall be chargeable to tax and such specified company or Mutual20. Chapter XII-E, consisting of sections 115R to 115T, inserted by the Finance Act, 1999, w.e.f.1-6-1999.21. Substituted for “any amount of income distributed by the Unit Trust of India to its unitholders”by the Finance Act, 2002, w.e.f. 1-4-2003.22. Substituted for “twenty” by the Finance Act, 2001, w.e.f. 1-6-2001. Earlier “twenty” wassubstituted for “ten” by the Finance Act, 2000, w.e.f. 1-6-2000.23. Substituted by the Finance Act, 2003, w.e.f. 1-4-2003. Prior to its substitution, sub-section(2), as amended by the Finance Act, 2002, w.e.f. 1-4-2003, the Finance Act, 2001, w.e.f.1-6-2001 and the Finance Act, 2000, w.e.f. 1-6-2000, read as under :“(2) Notwithstanding anything contained in any other provisions of this Act, any amountof income distributed on or before the 31st day of March, 2002 by a Mutual Fund to itsunit-holders shall be chargeable to tax and such Mutual Fund shall be liable to payadditional income-tax at the rate of ten per cent :Provided that nothing contained in this sub-section shall apply in respect of any incomedistributed to a unit holder of open-ended equity oriented funds in respect of anydistribution made from such fund for a period of three years commencing from the 1stday of April, 1999.”