Unit trust of India or mutual fund to be an assessee in default.

115T. If any person responsible for making payment of the income distributed by the ³³[specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002³⁴ (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;

             (b)   ³⁵[***] 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 ³⁶[sixty-five] per cent of the total proceeds of such fund :

                      Provided that the percentage of equity shareholding of the fund shall be computed with reference to the annual average of 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);]

        ³⁷[(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) Regulations³⁸, 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.]