Section 7: Rate applicable in determining the amount payable

Where the arrears of tax, interest and penalty have arisen on account of any order of 13 Sub Section(2) of Section-6 substituted vide Amendment Act 15 of 2016.Orignal provision read as follows:- “(2) After the amount payable by the applicant is determined under sub-section (1) by the designated authority, the designated authority shall inform the same to the applicant in Form specified in Part B of the Schedule hereto. The applicant shall pay the amount within fifteen days from the date of receipt of the intimation, by challan, duly certified and issued by the designated authority, and submit a receipted copy thereof to the designated authority.” 14 Section-7 substituted vide Amendment Act 15 of 2016.Orignal provision read as follows:- “7. Rate applicable in determining the amount payable.— The amount payable by an applicant for settlement of arrears of tax, interest and penalty shall be as follows:— (a) Where the arrears of tax have arisen on account of any order of assessment relating to the specified period and where no review or appeal or revision is preferred against the said order on the date of commencement of this Act, at the rate of 50% of the arrears of tax and interest only and any penalty levied thereof shall be waived fully. (b) Where the arrears of tax, interest and penalty arisen on account of any order of assessment relating to the specified period is disputed, either in review or in appeal or in revision or in any other suit or in Writ Petition, filed before any Court of Law, on the date of commencement of this Act, such arrears shall be settled at the rate of 50% of the arrears of tax and 25% of the interest only and any penalty levied thereof shall be waived fully. (c) Where the arrears are of post- - assessment interest and penalty, the applicant shall pay 50% of the post- -assessment interest only and the penalty levied thereof shall be waived fully. (d) Where the arrears have arisen due to non receipt of declaration forms or declaration certificates, such as, Form „C‟, Form „D‟, Form „E-I/E-II‟, Form „F‟, Form „H‟ or certificates of exemption in Form ST XI assessment relating to the specified period which is disputed either in review or in appeal or in revision or in any other suit or in Writ Petition filed before any Court of Law, on or before the 31st day of March, 2016, such arrears shall be settled at the rate of 50% of the disputed amount.]