Interest for belated payment.

If the tax assessed or the tax that has become payable under this Act or any instalment thereof is not paid by any proprietor or any person from whom such tax is due within the time specified thereof in the notice of assessment, the proprietor or the person liable to pay such tax shall pay by way of interest, in addition to the amount due, a sum equal to a sum calculated at the rate of two per cent of such amount for each month or part thereof after the date specified for its payment: Provided that if the tax assessed or the tax that has become payable under this Act is less than Rs. 100, no interest shall be levied for a period of one month after the expiry of the time specified in the notice of assessment: Provided further that where a proprietor or a person has preferred an appeal against any order of assessment under this Act, the interest payable under this section, in respect of the amount in dispute in the appeal shall be postponed till the disposal of the appeal and shall be calculated on the amount that becomes due in accordance with the final order passed on the appeal as if such amount had been the subject matter of the appeal.