(1) The tax leviable under [ [sub-section (1)] of section 3] shall be paid in advance by every registered owner or any person having possession or control, of a motor vehicle,-
(i) annually [at the rates provided by [sub-section (1) of section 3]] (hereinafter referred to as "the annual rate"), or
[(ii) for each quarter, at one-fourth of the annual rate referred to in clause (i), plus ten per centum thereof rounded off in the manner provided in [sub-section (3)] (the sum so arrived at is hereinafter referred to as "the quarterly rate"), or
(iii) for more than one quarter, at multiples of the quarterly rate;]
[(iv) for any period less than a quarter expiring on the last day of the quarter,-
(a) at the rate of one-twelfth of the annual rate of tax plus 20 per cent. thereof, where the period does not exceed one calendar month ;
(b) at the rate of two-twelfth of the annual rate of tax plus 15 per cent. thereof, where the period exceeds one calendar month but does not exceed two calendar months ; and
(c) at the quarterly rate, where the period exceeds two calendar months;]
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[(2) The one time tax payable under sub-sections [(1C), (1D), (IE) or (1F)] as the case may be, of section 3 shall be paid, in case of motor vehicles referred to,-
(a) in sub-clause (i) of clause (a) of each of the sub-sections [(1C), (1D), (1E), and (1F)] at the time of registration ;
(b) in sub-clause (ii) of clause (a) of each of the sub-sections [(1C), (1D), (1E) and (1F)] within one month from the date of expiry of the period for which the tax is paid under sub-section (1) of section 3; and
(c) in sub-clause (iii) of clause (a) of each of the sub-sections [(1C), (1D), (1E) and (1F)] at the time of Registration mark is assigned to the vehicle in the State of Maharashtra.]
[(3)] In calculating the amount of tax due under [this section] for any period * * * * the fraction of a rupee less than fifty [paise shall be ignored, and the fraction of rupee of fifty paise or more] shall be taken as a rupee.