Determination of the amount payable by the applicant and payment thereof.

(1) The assessing authority shall verify the correctness of the particulars furnished in the application made under section 4 with reference to all relevant records and determine the amount of tax and penalty payable by the applicant at the rates specified in section 6. The amount so determined shall be communicated to the applicant in the prescribed Form within fifteen days from the date of submission of application by the applicant under sub-section (1) of section 4.

(2) If, the amount paid by the applicant along with the application submitted under sub-section (1) of section 4 falls short of not more than ten percent. of the amount payable under sub-section (2) of section 4, then the assessing authority shall issue a notice to the applicant in the prescribed Form demanding payment of differential amount within a period of seven days from the date of receipt of notice.

(3) If, the amount paid by applicant along with the application falls short of more than ten percent. of the amount payable under sub-section (2) of section 4 or the applicant fails to pay the differential amount as per the notice issued under sub-section (2) within the time allowed, then the assessing authority shall summarily reject the application by an order in writing.

(4) The balance tax and penalty amount as determined by the assessing authority under sub-section (1) after adjusting all payments made earlier against the relevant demand including the amount paid under sub-section (2) of section 4 or sub-section (2) of this section shall be paid by the applicant within three months from the date of communication of amount determined by the Assessing Officer under sub-section (1) without the requirement of any further notice from the Assessing Authority.

(5) If, the applicant fails to pay the tax and penalty amount payable under sub-section (4) within the period allowed for its payment, the assessing authority shall reject the application by an order in writing.

(6) Any payment made under this Act shall not be refundable. On rejection of application under sub-section (3) or (5), the amount paid by the applicant under this Act shall be treated to have been paid against the respective demand under the relevant Act.

(7) The amount determined or payable under this section shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee, and, if, such part is fifty paise or more, it shall be rounded off to the nearest rupee, and if, such part is less than fifty paise, it shall be ignored.