Section 115Q:
When company is deemed to be in default.
If any principal officer of a domestic company
and the company does not pay tax on distributed profits in accordance with the provisions of section
115O, 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.
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Notes:
1. The Explanation omitted by Act 13 of 2018, s. 41 (w.e.f. 1-4-2018).