Section 115TC of Income Tax Act "Securitisation trust to be assessee in default"
115TC. 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.
115U. (1) Notwithstanding anything contained in any other
provisions of this Act, any income accruing or arising to or
received by a person out of investments made in a venture
capital company or venture capital fund shall be chargeable
to income-tax in the same manner as if it were the income
accruing or arising to or received by such person had he
made investments directly in the venture capital
undertaking.
(2) The person responsible for crediting or making payment
of the income on behalf of a venture capital company or a
venture capital fund and the venture capital company or
venture capital fund shall furnish, within such time as may
be prescribed, to the person who is liable to tax in respect
of such income and to the prescribed income-tax authority, a
statement in the prescribed form and verified in the
prescribed manner, giving details of the nature of the
income paid or credited during the previous year and such
other relevant details as may be prescribed.
(3) The income paid or credited by the venture capital
company and the venture capital fund shall be deemed to be
of the same nature and in the same proportion in the hands
of the person referred to in sub-section (1) as it had been
received by, or had accrued or arisen to, the venture
capital company or the venture capital fund, as the case may
be, during the previous year.
(4) The provisions of Chapter XII-D or Chapter XII-E or
Chapter XVII-B shall not apply to the income paid by a
venture capital company or venture capital fund under this
Chapter.
(5) The income accruing or arising to or received by the
venture capital company or venture capital fund, during a
previous year, from investments made in venture capital
undertaking if not paid or credited to the person referred
to in sub-section (1), shall be deemed to have been credited
to the account of the said person on the last day of the
previous year in the same proportion in which such person
would have been entitled to receive the income had it been
paid in the previous year.
(6) Nothing contained in this Chapter shall apply in respect
of any income, of a previous year relevant to the assessment
year beginning on or after the 1st day of April, 2016,
accruing or arising to, or received by, a person from
investments made in a venture capital company or venture
capital fund, being an investment fund specified in clause
(a) of the Explanation 1 to section 115UB.
Explanation 1.-For the purposes of this Chapter, "venture
capital company", "venture capital fund" and "venture
capital undertaking" shall have the meanings respectively
assigned to them in clause (23FB) of section 10.
Explanation 2.-For the removal of doubts, it is hereby
declared that any income which has been included in total
income of the person referred to in sub-section (1) in a
previous year, on account of it having accrued or arisen in
the said previous year, shall not be included in the total
income of such person in the previous year in which such
income is actually paid to him by the venture capital
company or the venture capital fund.