Amendment status not verified — confirm the current text below against the official source.
(1) When the amount of betterment fee has been assessed under Section 51, the Board shall be notice require the assessee to pay the betterment fee so assessed in such annual installments, not exceeding ten, and by such dates as may be fixed in this behalf: Provided that an assessee may at any time pay the entire amount of the betterment fee or of the balance then due, and in such case he may be allowed such rebate as may be prescribed. (2) Where any installment of betterment fee is not paid by the date fixed under sub-section(1), interest at such rate, not exceeding six per cent per annum, as may be prescribed, shall be payable by the assessee from such date and shall be deemed to be part of the betterment fee.