Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in section 10, every promoter liable to get himself registered under this Act shall submit a return to the Assistant Commissioner for such period, within such period and in such manner containing such particulars as may be prescribed. (2) Before any promoter submits any return under sub-section (1), he shall in the prescribed manner, pay in advance as provided under section 10, the full amount of tax payable by him under section 6 and shall furnish along with the return satisfactory proof of the payment of such tax, and after the final assessment is made, the amount of tax so paid shall be deemed to have been paid towards the tax finally assessed. (3) If the Assistant Commissioner is satisfied that any return submitted under sub-section (1) is correct and complete, he shall assess the promoter on the basis thereof. (4) If no return is submitted by the promoter under sub-section (1) before the period prescribed or if the Assistant Commissioner is satisfied that the return submitted to him is incorrect or incomplete, he shall assess the promoter to the best of his judgment recording the reasons for such assessment; Provided that before taking action under this sub-section the promoter shall be given reasonable opportunity of being heard. (5) While making any assessment under sub-section (4), the Assistant Commissioner may also direct the promoter to pay in addition to the tax assessed a penalty equal to two times of the amount of tax due that was not disclosed by the promoter in his return or in the case of failure to submit a return two time of the tax assessed.