Section 34(4) in Uttaranchal Value Added Tax Act, 2005
(4)The tax admittedly payable shall be deposited within the time prescribed failing which simple interest at the rate of fifteen percent per annum shall become due and be payable on the unpaid amount with effect from the date immediately following the last date prescribed till the date of payment of such amount.Explanation (1). - For the purpose of this sub-Section, the tax admittedly payable means the tax which is payable under this Act on the turnover of sales, or as the case may be, the turnover of purchases or of both, as disclosed in the accounts maintained by the dealer or admitted by him in any return or proceeding under this Act, whichever is greater.Explanation (2). - "Month" shall mean thirty days and the interest payable in respect of period of less than one month shall be computed proportionately.
