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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1. The Explanation omitted by Act 13 of 2018, s. 41 (w.e.f. 1-4-2018).
Section 115JG Conversion of an Indian branch of foreign company into subsidiary Indian company
Section 115JH Foreign company said to be resident in India
Section 115O Tax on distributed profits of domestic companies
Section 115P Interest payable for non-payment of tax by domestic companies
Section 115Q When company is deemed to be in default
Section 115QA Tax on distributed income to shareholders
Section 115QB Interest payable for non-payment of tax by company
Section 115QC When company is deemed to be assessee in default