Section 31. Agreements for composition

CHAPTER VI. SUPPLEMENTAL PROVISIONS. Composition. 31. Agreements for composition. Receipts. 24 License-tax Amendment. [ACT II] Receipts. SECTIONS. 32. Receipts and their contents. Amendment of Assessment. 33. Amendment of assessment. Penalties. 34. Failure to make payments or deliver returns or statements. 35. False statement in declaration. 36. Prosecution to be at instance of Collector. CHAPTER VI. SUPPLEMENTAL PROVISIONS. Composition. 31. (1) If a company or person desires to compound for the tax assessable under Part II or Part IV, as the case may be, the Collector may, subject to such rules as may be prescribed in this behalf, agree with the company or person for a composition for the tax on such terms and for such period as he thinks fit. (2) The agreement shall provide for the payment, in each year of the period comprised in the agreement, of the amount of the composition; and that amount shall be recoverable in the same manner and by the same means as any other assessment made under Part II or Part IV, as the case may be. Receipts.