Duty to make returns and pay surcharge

(1) The surcharge levied under this Part shall be computed on a quarterly basis and every person or entity who is liable to pay surcharge under this Part shall file a return of his Chargeable Revenue by the last day of the month following the end of the preceding quarter, or at such other times as may be specified, in a form prescribed by the Commissioner and accompanied by payment of the estimated surcharge due for that period. (2) Whoever fails to file a return and pay surcharge required under sub-section (1) of this section commits an offence and shall be liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding two years, or to both such fine and imprisonment. (3) Without prejudice to sub-section (2) of this section, every person who fails to file a return and pay the surcharge due, within the prescribed time, shall be liable to pay a penalty of ten percent of the amount due or assessed for each quarter or part of the quarter in which the return was not delivered and in addition, shall be liable to pay interest at the rate of one and a half per centum per month. make