Amendment status not verified — confirm the current text below against the official source.
Amendment of Sub-Section (2) of Section 20:- Sub-section (2) of section 20 shall be substituted as follows: Section 20 (2) :- Where a person is in default of any amount of tax payable under this Act, he shall be liable to pay a penalty equal to the tax due and a simple interest @ 15% on the amount oftax payable.