Income Tax Act, 1961
Section 115T . UNIT TRUST OF INDIA OR MUTUAL FUND TO BE ASSESSEE IN DEFAULT.
If any person responsible for making payment of the income distributed by the Unit Trust of India or a Mutual Fund and the Unit Trust of India or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, 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.
Explanation. – For the purposes of this Chapter, – (a) “Mutual Fund” means a Mutual Fund specified under clause (23D) of section 10;
(b) “Open-ended 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 of equity shares in domestic companies to the extent of more than fifty per cent of the total proceeds of such fund :
Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual averageof the monthly averages of the opening and closing figures;
(c) “Unit Trust of India” means the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963).
