Section 42(1) in Karnataka Agricultural Income-Tax Act, 1957
(1)Where any assessee is in default in making payment of the tax or any other amount due under this Act, -(i)the whole of the amount outstanding on the date of default shall become immediately due and shall be a charge on the properties of the person or persons liable to pay the tax or any other amount due under this Act, and(ii)the person or persons liable to pay the tax or any other amount due under this Act shall pay [interest] equal to, -(a)[two percent of the amount of tax remaining unpaid for each month] [Substituted by Act 5 of 2001 w.e.f. 1.4.2001] after the expiry of the time specified under sub-section (1) or allowed under sub-section (2), of section 41; and(b)[ xxx] [Omitted by Act 5 of 2001 w.e.f. 1.4.2001.]Explanation. -For the purposes of clause (ii), the 2[interest]2 payable for a part of a month shall be proportionately determined.
