(1)Tax payable under this Act shall be paid in the manner hereinafter provided at such intervals as may be prescribed.(2)The Commissioner may, in such circumstances and subject to such conditions as may be prescribed, accept from any dealer, in lieu of the amount of the general tax payable during any period, a lump sum by way of composition determined in the prescribed manner.(3)[ Such dealers as may be required so to do by the assessing authority by notice served in the prescribed manner and every registered dealer shall -.(i)furnish such returns by such dates and to such authority as may be prescribed; and(ii)file a declaration in respect of the goods which have been purchased from a registered dealer within the State of Punjab in such manner and form and to such authority as may be prescribed.](4)Before any registered dealer furnishes the returns required by sub-section (3), he shall in the prescribed manner, pay into Government Treasury or the Reserve Bank of India or at the District Excise and Taxation Office, the full amount of tax due from him under the Act according to such returns and shall furnish alongwith the returns receipt from such treasury, Bank or District Excise and Taxation Office showing the payment of such amount :Provided that no payment of such amount shall be accepted at the District Excise and Taxation Office made through a bank draft or crossed cheque drawn on a local scheduled bank in favour of the assessing authority.(5)If any dealer discovers any omission or other error in any returns furnished by him, he may at any time before the date prescribed for the furnishing of the next return by him furnish, a revised return and if the revised return shows a greater amount of tax to be due that was shown in the original return, it shall be accompanied by receipt showing payment in the manner provided in sub-section (4) of the extra amount.(6)[] [Substituted by Punjab Act No. 32 of 1976 w.e.f. 1.10.1976.] If a dealer fails to pay in the manner laid down in sub-section (4), the amount of tax due from him under the Act in accordance with the returns or revised returns submitted by him under sub-section (4) or sub-section (5), as the case may be, the Commissioner or any other person appointed to assist him under sub-section (1) of section 3, may after giving such dealer reasonable opportunity of being heard, direct him to pay, by way of penalty, in addition to the amount of tax due from him, a sum not exceeding one and half-times but not less than ten per centum of the amount of tax to which he is assessed or is liable to be assessed on the basis of such returns or revised returns excluding such amount of tax, if any, as has already been paid by him under the aforesaid sub-section.(7)If a dealer has maintained false or incorrect accounts with a view to suppressing his sales, purchases or stock of goods or has concealed any particulars of his sales or purchases or has furnished to, or produced before, any authority under this Act or the rules made thereunder any account, return or information which is false or incorrect in any material particular, the Commissioner or any person appointed to assist him under sub-section (1) of section 3 may, after affording such dealer a reasonable opportunity of being heard, direct him to pay, by way of penalty in addition to the tax to which he is assessed or is liable to be assessed, [a sum not exceeding two times but no less than fifty percentum] [Substituted for the words 'a sum not exceeding one and half times but not less than twenty-five per centum' by Punjab Act 1 of 1994 w.e.f. 29.9.1993.] of the amount of tax to which he has been assessed or is liable to be assessed excluding the amount to which he has been assessed or is liable to be assessed on the basis of the aforesaid false or incorrect accounts or concealed particulars or false or incorrect account, return or information.
