Section 18(3) in Karnataka Agricultural Income-Tax Act, 1957
(3)if any person has not furnished a return within the time allowed by or under subsection (1) or sub-section (2) or, having furnished a return under any of those subsections discovers any omission or wrong statement therein, he may furnish a return or a revised return, as the case may be, at any time before the assessment is made.[(3-A) Where a return under sub-section (1) or sub-section (2) or sub-section (3) for any assessment year is furnished after the date specified under sub-section (1) or is not furnished then, in cases where the Agricultural Income Tax Officer has not extended the date of furnishing the return under section 61, the assessee shall be liable to pay in addition to the tax payable, interest at the rate of twenty-four percent per annum reckoned from the day immediately following the date specified in sub-section (1) to the date of the furnishing of the return or where no return has been furnished the date of completion of the assessment, on the amount of the tax payable on the total agricultural income as determined on regular assessment as reduced by the tax paid if any.] [Inserted by Act 18 of 1994 w.e.f.1.4.1994][Provided that in the case of an assessee holding land not exceeding fifty acres, the interest payable shall not exceed five thousand rupees] [Inserted by Act 7 of 2003 w.e.f. 1.4.2002]
