Section 115QC of Income Tax Act for AY 2023-24

Section 115QC of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules 1962. When company is deemed to be assessee in default.

Amended and updated notes on section 115QC of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to when company is deemed to be assessee in default.

Chapter XIIDA(Sections 115QA to 115QC) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to tax on distributed income of domestic company for buy-back of shares. Section 115QC of IT Act 1961-2023 provides for when company is deemed to be assessee in default.

Recently, we have discussed in detail section 115QB (Interest payable for non-payment of tax by company) of IT Act 1961. Today, we learn the provisions of section 115QC of Income-tax Act 1961. The amended provision of section 115QC is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 115QC of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-115QC: When company is deemed to be assessee in default

If any principal officer of a domestic company and the company does not pay tax on distributed income in accordance with the provisions of section 115QA, 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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