(1) Where a dealer fails to make payment of any tax payable after assessment by the date specified in the notice issued under section 45 or section 46 or section 47 for payment thereof, he shall, subject to the provisions of sub-section (2), pay a simple interest at the rate of twelve per centum per annum for the period of default, calculated from the day next following the date specified in such notice up to the day of full payment of such tax or up to the day preceding the day of commencement of proceedings under section 55, whichever is earlier upon so much of the amount of tax payable by him according to such notice as remains unpaid.
(2) Where as a result of an order under section 84, section 85, section 86, section 87 or section 88 the amount of tax payable is modified, the interest payable under subsection (1) shall be determined or re-determined on the basis of such modified amount and the excess interest paid, if any, shall be refunded.
35. Notwithstanding anything contained in section 33 or section 34, no interest shall be payable in such cases or under such circumstances and subject to such conditions, if any, as may be prescribed.
36. The Commissioner shall, in the prescribed manner, pay a simple interest at the rate of twelve per centum per annum for the period of delay in making refund to certain class of persons referred to in section 61, or to a dealer of the amount of tax paid in excess which arises out of an order passed under section 84, section 85, section 86, section 87 or section 88, from the first day of the month next following the date of such order up to the date on which the refund is made in the manner referred to in section 62, upon the amount of tax refundable to him according to such order.
37. In calculating the interest payable under section 33, section 34 or section 36, the amount of tax in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees, if such part is fifty rupees or more, it shall be increased to one hundred rupees and if such part is less than fifty rupees, it shall be ignored.
38. The amount of tax or penalty payable or refundable for any period under the provisions of this Act shall be rounded off to the nearest rupee and for this purpose, where such amount contains a part of a rupee, then if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored.