Amendment status not verified — confirm the current text below against the official source.
(1) If any dealer does not pay into Government Treasury the full amount of tax payable by him under this Act, by the due date, simple interest at the rate of twelve per annum per annum from the first day of the month next following the said date shall be payable by him on the amount by which the tax paid, if any by the due date falls short of the tax payable. No interest under this sub- section shall be payable if the amount of tax paid by the due date is not less then ninety per annum of the tax payable. (2) If such tax is not paid within a period of sixty days from the due date, then in addition to interest payable under sub- section (1), the dealer shall be liable to pay simple interest at the rate of twenty four per centum per annum from the day commencing after the said period of sixty days on the amount by which the tax paid, of any, before the expiry of the said period falls short of the amount of tax payable. (3) Interest under this section shall be payable till the payable is paid in full. (4) Where any interest becomes payable under this section, the officer competent to assess the dealer under section 8 shall record and order to that effect specifying the amount of interest payable and the amount of which and the period for which the interest is payable . Notwithstanding any thing contained in this Act, an order under this sub-section can be issued at any time when interest under this section is found to be due. (5) Where an order is passed under sub-section (3) of section 23 in respect of any dues any interest relatable to the same dues and accrued under this section upto the date of such order and any further interest accruing after such date shall be recovered in eh course of proceeding initiated in accordance with the said sub-section (3) in respect of the said dues and for that purpose no order under sub-section (4) of this section or notice under section 19 shall be necessary in respect of such interest. Explanation A. For the purpose of this section, “tax payable” means the amount of tax as finally assessed under this Act. Explanation B. For the purpose of this section, tax payable shall be deemed to be due for payment as follows: For any period – (a) from 1st April to 30th June….by 31st , July (b) from 1st July to 30th September…by 31st Oct. (c) from 1st October to 31st December …by 31st Jan (d) from 1st January to 31st March …by 30th April. Other Dues When Payable: