Time and manner of payment of taxes

(1) Save as otherwise provided in this Act, any tax levied under this Act shall be payable on such date, in such number of installments, and in such manner, as may be determined by regulations. (2) If any amount due is paid on or before the date referred to in sub-section (1), a rebate of five per cent of such amount shall be allowed. (3) If any amount due is not paid within the due-date as referred in sub-section (1), a simple interest at one percent per month shall be charged.