Amendment in Section 13(1)

In sub-section (1) of Section 13 of the Principal Act,- (i) For the words "one-third" and the words "not exceeding twice" the words "one-twelfth" and the words "equal to the outstanding and unpaid amount of tax" shall respectively be substituted. (ii) In proviso of above section for the words "one-tenth" and the words "each year or part thereof" the words "one-hundredth" and the words "each month or part thereof" shall respectively be substituted. (iii) After the above proviso the following second proviso shall be inserted, namely.- "Provided further that if the payment of penalty of any period is outstanding on 1-11-2000 and defaulter pays it before 1-11-2002, then he shall be given a rebate of 50% in the outstanding amount of penalty"