(1) Subject to the sub-rule (2) of this rule, rule 37 and rule 42, every dealer who is required to furnish returns quarterly according to rule 34 or 34A, or 34AA shall-

(a) pay into the appropriate Government Treasury under the appropriate challans showing separately the amount of net tax and interest, if any, payable according to such return for each of the first two months of each quarter within twenty one days from the expiry of each English Calendar month, and

(b) pay into the appropriate Government Treasury under the appropriate challans showing separately the balance amount of net tax and interest, if any, which remains after deducting the amount of net tax and interest, if any, paid for the first two months as referred to in clause (a) from the total amount of net tax and interest, if any, payable for such quarter within the last day of the month following the end of the said quarter and

(c) pay into the appropriate Government Treasury under the appropriate challan showing separately the amount of late fee, if any,-

(i) where the amount of net tax according to the return relating to the period commencing on or after the 1st day of April, 2010, exceeds rupees ten thousand;

(A) of rupees one thousand for the first English Calendar month or part thereof of delay in furnishing return, and

(B) of rupees two hundred and fifty for every subsequent English Calendar month or part thereof of delay in furnishing such return; or

(ii) where no amount of tax is payable according to the return relating to the period commencing on or after the 1st day of April, 2010 or where the amount of net tax according to the return relating to the period commencing on or after the 1st day of April, 2010, does not exceed rupees ten thousand;

(A) of rupees three hundred for the first English Calendar month or part thereof of delay in furnishing return, and

(B) of rupees one hundred for every subsequent English Calendar month or part thereof of delay in furnishing such return, payable according to the return for such quarter before furnishing such return by him under rule 34 or rule 34A or rule 34AA.

Provided that where a dealer has furnished the return in respect of any return period by the prescribed date or thereafter but has failed to make full payment of net tax and interest payable according to such return within such preseribed date, such dealer shall be deemed to be delayed in furnishing return for the purpose of this clause and shall pay late fee upto the date of full payment of such net tax and interest or upto the date of provisional assessment made under section 45, or assessmnt made under section 46 or section 48, as the case may be, in respect of such period, whichever is earlier:

Provided further that where a dealer has failed to furnish return in respect of any return period by the prescribed date or thereafter before the provisional assessment made under section 45 or the assessment made under section 46 or section 48, as the case may be, and on such provisional or other assessments, the full amount of net tax and interest payable for such period is found not to have been paid by him within such date, such dealer shall pay late fee up to the date of provisional assessment under section 45 or assessment under section 46 or section 48, as the case may be, in respect of such return period.

(1A) A dealer may adjust the amount of excess payment, if any, shown in the notice in Form 20 issued to him after scrutiny of a return, with the amount of net tax, interest or late fee payable by him according to a return in respect of any subsequent period within the relevant year in respect of a return period of which the notice in Form 20 showing excess payment has been issued.

(2) Every dealer making payment of net tax, interest and late fee under sub-rule (1) shall submit the copy of receipted challan to the appropriate assessing authority within the next English Calendar month from the expiry of each month:

Provided, that if no net tax, interest or late fee, is payable by a dealer under sub-rule (1) or the receipted challan has not been received from the appropriate Government Treasury, such dealer shall furnish to the appropriate assessing authority a statement within the next English Calendar month from the expiry of each month, containing inter alia, his address and certificate of registration number and details of payments like the date and amount of payment, the name of Treasury in which and the month in respect of which payment has been made or the fact that no net tax, interest or late fee, is payable by for such month.

(2A) Where the amount of payment of tax is in excess of net tax payable according to any return submitted by a dealer for a return period and if no claim for refund for such excess payment of a tax is made in respect of such return period, the amount of excess payment of tax according to such return may be carried over to the next return period for adjustment, subject to a condition that such next return period also falls within the same accounting year.

(3) Notwithstanding anything contained in sub-rule (1), where the dealer pays the net tax referred to therein by instalments, he shall pay the corresponding interest at the time of making payment of such net tax and furnish the statement, showing details of calculation of the amount of interest payable, along with the receipted challan each time as a proof of payment of such interest.