Income Tax Act, 2025
Section 115S: Interest payable for non-payment of tax.—Where the person responsible for making
115S. Interest payable for non-payment of tax.—Where the person responsible for making
payment of the income distributed by the 1[specified company as referred to in clause (h) of section 2 of
the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund
and the specified company] or the Mutual Fund, as the case may be, fails to pay the whole or any part of
the tax referred to in sub-section (1) or sub-section (2) of section 115R, within the time allowed under
sub-section (3) of that section, he or it shall be liable to pay simple interest at the rate of 2[one per cent.]
every month or part thereof on the amount of such tax for the period beginning on the date immediately
after the last date on which such tax was payable and ending with the date on which the tax is actually
paid.
115T. Unit Trust of India or Mutual Fund to be an assessee in default.—If any person responsible
for making payment of the income distributed by the 1[specified company as referred to in clause (h) of
section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
(58 of 2002) or a Mutual Fund and the specified company] 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;
3[(b) “equity oriented fund” means a fund referred to in clause (a) of the Explanation to
section 112A and the Unit Scheme, 1964 made by the Unit Trust of India;’]
(c) “Unit Trust of India” means the Unit Trust of India established under the Unit Trust of India
Act, 1963 (52 of 1963);
4[(d) “money market mutual fund” means a money market mutual fund as defined in
sub-clause (p) of clause (2) of the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996;
(e) “liquid fund” means a scheme or plan of a mutual fund which is classified by the Securities
and Exchange Board of India as a liquid fund in accordance with the guidelines issued by it in this
behalf under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made
thereunder.]
1. Subs. by Act 32 of 2003, s. 57, for “Unit Trust of India or a Mutual Fund and the Unit Trust of India” (w.e.f. 12003).
of section 2 of
the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund
and the specified company] or the Mutual Fund, as the case may be, fails to pay the whole or any part of
the tax referred to in sub-section
or sub-section
of section 115R, within the time allowed under
sub-section
of that section, he or it shall be liable to pay simple interest at the rate of 2[one per cent.]
every month or part thereof on the amount of such tax for the period beginning on the date immediately
after the last date on which such tax was payable and ending with the date on which the tax is actually
paid.
115T. Unit Trust of India or Mutual Fund to be an assessee in default.—If any person responsible
for making payment of the income distributed by the 1[specified company as referred to in clause
of
section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
(58 of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, does
not pay tax, as is referred to in sub-section
or sub-section
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,—
“Mutual Fund” means a Mutual Fund specified under clause
of section 10;
3[
“equity oriented fund” means a fund referred to in clause
of the Explanation to
section 112A and the Unit Scheme, 1964 made by the Unit Trust of India;’]
“Unit Trust of India” means the Unit Trust of India established under the Unit Trust of India
Act, 1963 (52 of 1963);
4[
“money market mutual fund” means a money market mutual fund as defined in
sub-clause
of clause
of the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996;
“liquid fund” means a scheme or plan of a mutual fund which is classified by the Securities
and Exchange Board of India as a liquid fund in accordance with the guidelines issued by it in this
behalf under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made
thereunder.]
1. Subs. by Act 32 of 2003, s. 57, for “Unit Trust of India or a Mutual Fund and the Unit Trust of India” (w.e.f. 12003).