[5B. The Chief Agents, Principal Agents, Special Agents and Insurance Agents, registered or licensed under the Insurance Act, 1938 and who are liable to tax under this Act at the rate specified in entry 2 of Schedule-I to this Act, the tax payable by them under this Act shall be deducted by the insurer registered as per the provisions of Insurance Act, 1938 or under the provisions of Insurance Regulatory and Development Authority of India Act, 1999 or under the provision of any other law for time being in force, from the commission payable or due to be payable by the insurer to the Chief Agents, Principal Agents, Special Agents and Insurance Agents. The amount of tax deducted shall be remitted to the State Government on the next working day from the date of deduction in the manner as may be prescribed:
Provided that if the insurer does not remit the tax deducted to the State Government in the manner prescribed above, the insurer shall pay in addition to the amount of such tax, interest at the rate of two rupees for every one hundred rupees or part thereof for every month or part thereof from the day/date specified for its payments.]