Amended and updated notes on section 115TC of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to securitisation trust to be assessee in default.
Chapter XIIEA (Sections 115TA to 115TCA) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to tax on distributed income by securitisation trusts. Section 115TC of IT Act 1961-2023 provides for securitisation trust to be assessee in default.
Recently, we have discussed in detail section 115TB (Interest payable for non-payment of tax) of IT Act 1961. Today, we learn the provisions of section 115TC of Income-tax Act 1961. The amended provision of section 115TC is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 115TC of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-115TC: Securitisation trust to be assessee in default
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.