Amendment status not verified — confirm the current text below against the official source.
The tax or any other amount due or pay able by a proprietor under this Act, shall be a debt due to the State Government, and shall be paid or recovered as per the provisions of this Act and the rules made thereunder. Tax as a debt due 10 the State Government 74 PUNJAB GOVT GAZ. (EXTRA.), APRIL 1, 2009 (CHTR 11, 1931 SAKA) . — (2) When a revised return filed under sub-section (6) of section | 3 shows higher amount of tax due, the proprietor shall be liable to pay interest a the rate of two per cent per month on such higher amount of tax from the due date till the date, he actually pays the due amount of tax alongwith the interest (3) If a proprietor fails to declare the amount of tax in the retum which should otherwise have been declared. such proprietor shall be liable to pay interest at the rate of two per cent on such amount of tax from the dye date till the date, he actually pays such amount of tax. (4) If the amount of tax or penalty due from a person, is not paid by him within the period, specified in the notice of demand or if no such period is specified, within a period of thirty days from the date of service of such notice, the proprietor shall, in addition to the payment of amount of tax or penalty, be liable to pay interest on such amount at the rate of two per cent per month from the date, the tax is due till the date, he actually pays the due amount of tax or penalty, as the case may be, alongwith the interest Provided that where the recovery of tax or penalty, as the case may be, is stayed by an order of the competent authority, the amount of tax or penalty shall, after the order of stay is vacated, be recoverable alongwith the interest at the aforesaid rate on the amount, ultimately found to be due and such interest shall be payable from the date, the tax or penalty had first become due. * (5) The amount of interest payable under this section shall, (a) be calculated by considering part of a month as a full month , (b) for the purposes of collection and recovery, be deemed to be tax under this Act ; and (c) be in addition to the penalty, if any, imposed under this Act Explanation. —For the purpose of this section, if payment of tax is made by the proprietor through cheque, and the cheque 15 dishonoured by the bank, then it will amount to failure on the part of the proprietor to pay tax