India - Income Tax Act 2010 - Saarc

S. 115T I.T. ACT, 1961 1.578(4) No deduction under any other provision of this Act shall be allowed to the UnitTrust of India or to a Mutual Fund in respect of the income which has beencharged to tax under sub-section (1) or sub-section (2).Interest payable for non-payment of tax.115S. Where the person responsible for making payment of the income distributedby the 30 [specified company as referred to in clause (h) of section2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 31 (58of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, asthe case may be, fails to pay the whole or any part of the tax referred to in subsection(1) or sub-section (2) of section 115R, within the time allowed under subsection(3) of that section, he or it shall be liable to pay simple interest at the rateof 32 [one] per cent every month or part thereof on the amount of such tax for theperiod beginning on the date immediately after the last date on which such taxwas payable and ending with the date on which the tax is actually paid.Unit Trust of India or Mutual Fund to be an assessee in default.115T. If any person responsible for making payment of the income distributedby the 33 [specified company as referred to in clause (h) of section 2 of theUnit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 34 (58 of 2002)or a Mutual Fund and the specified company] or the Mutual Fund, as the casemay be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) ofsection 115R, 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,—(a) “Mutual Fund” means a Mutual Fund specified under clause (23D) ofsection 10;(b) “ 35 [***] equity oriented fund” means—(i) the Unit Scheme, 1964 made by the Unit Trust of India; and(ii) such fund where the investible funds are invested by way ofequity shares in domestic companies to the extent of more than36[sixty-five] per cent of the total proceeds of such fund :Provided that the percentage of equity shareholding of the fund shallbe computed with reference to the annual average of the monthlyaverages of the opening and closing figures;30. Substituted for “Unit Trust of India or a Mutual Fund and the Unit Trust of India” by theFinance Act, 2003, w.e.f. 1-4-2003.31. For text of section 2(h) of the Unit Trust of India (Transfer of Undertaking & Repeal) Act,2003, see Taxmann’s Direct Taxes Manual, Vol. 3.32. Substituted for “one and one-fourth” by the Taxation Laws (Amendment) Act, 2003, w.e.f.8-9-2003. Earlier the quoted words were amended by the Finance Act, 2000, w.e.f. 1-6-2000and Finance Act, 2001, w.e.f. 1-6-2001.33. Substituted for “Unit Trust of India or a Mutual Fund and the Unit Trust of India” by theFinance Act, 2003, w.e.f. 1-4-2003.34. For text of section 2(h) of the Unit Trust of India (Transfer of Undertaking & Repeal) Act,2003, see Taxmann’s Direct Taxes Manual, Vol. 3.35. Word “open-ended” omitted by the Finance Act, 2006, w.e.f. 1-6-2006.36. Substituted for “fifty”, ibid.