Surcharge

(1) If any tax or amount is not paid as prescribed by rule 5, 6 or 7, as the case may be, the surcharge under section 55 of the Act shall be levied. (2) For the purposes of paragraph (1) of this rule, where a taxpayer is required to pay a part or instalment of tax for a basis year calculated on the chargeable income for the preceding year or on his estimated chargeable income for the year, he shall be deemed to have been liable to pay a part or “instalment” computed by reference to the chargeable income for 98 Income and Business Tax (a) the preceding year; or (b) the basis year; (c) whichever is the lesser.