(1) If a dealer required to file return under sub-section (1) or sub-section (2) of Section 29,
(a) fails without sufficient cause to pay the amount of tax due as per the return for any tax period; or
(b) furnishes a revised return under sub-section (3) of Section 29 showing a higher amount of tax to be due than was shown by him in the original return; or
(c) fails to furnish return; such dealer shall be liable to pay Interest in respect of;
(i) the tax payable by him according to the return; or
(ii) the difference of the amount of tax according to the revised return; or
(iii) the tax payable for the period for which he has failed to furnish return; at the rate of 1% per month from the date the tax payable has become due to the date of its payment or to the date of order of assessment, whichever is earlier?
(2) ‘Month’ for this purpose shall mean thirty days, and the interest payable in respect of a period of less than one month, shall be computed proportionately.
(3) If a registered dealer, without sufficient cause, fails to pay the amount of tax due and interest along with return or revised return in accordance with the provisions of sub-section (1), the prescribed authority may, after giving the dealer reasonable opportunity of being heard, direct him to pay in addition to the tax and the interest payable by him a penalty, at the rate of 2% per month on the tax and interest so payable from the date it has become due to the date of its payment or to the date of order of assessment, whichever is earlier.
(4) If a registered dealer or any other dealer required to furnish return under sub-section (2) of Section 29; without any sufficient cause;
(a) fails to comply with the requirements of the notice issued under sub-section (2) of Section 29; or
(b) fails to furnish any return by the prescribed date as required under sub-section (2) of Section 29; or
(c) being required to furnish revised return, fails to furnish the revised return by the date prescribed under sub-section (3) of Section 29; or
(d) having paid the tax payable according to a return in time, fails to furnish along with the return proof of payment made in accordance with sub-section (4) of Section 29; the prescribed authority may, after giving the dealer reasonable opportunity of being heard, direct him to pay in addition to any tax, interest and penalty under sub-section (3), payable or paid by him, a penalty of a sum of rupees one hundred per day of default subject to a maximum of rupees ten thousand.
(5) Any penalty imposed under this Section shall be without prejudice to any prosecution for any offence under this Act.
(6) For the purposes of this Act, any return signed by a person who is not authorised under sub-section (5) of Section 29 shall be treated as if no return has been filed.