(1)On the basis of assessment made as per section 75A, the owner shall deposit the amount of property tax in the specified head of the municipality as per the prescribed procedure on or before the date fixed by the authority and furnish a return in the prescribed form. The variation upto ten per cent on either side in the assessment made under section 75A shall he ignored. In cases where the variation is more than ten per cent, the owner of land or building, as the case may be, shall be liable to pay penalty equal to the amount of tax evaded subject to a minimum of rupees one hundred.
