120 Option to make payment of deferred tax at discounted rate

Option to make payment of deferred tax at discounted rate.

Notwithstanding anything contained elsewhere in this Act, dealers eligible for deferment of tax in accordance with clause (a) of sub-section (1) of section 118 shall have an option to make payment within the financial year, of tax deferred during the preceding year, on the basis of a discount formula, in such manner as may be prescribed.