Rate applicable in determining amount payable and waiver.

(1) Notwithstanding anything contained in the relevant Act, but, subject to the provisions of this Act, the applicant applying for settlement under section 4 shall pay the arrears of tax and penalty as below:

(a) Tax-one hundred percent. of the amount remaining unpaid as on the date of application.

(b) Penalty-twenty-five percent. of the amount remaining unpaid as on the date of application.

(2) On completion of payment under sub-section (1), the balance penalty and the entire interest shall be waived.