Tenn. Comp. R. & Regs. 1320-04-04-.02
Any person desiring to exercise the option of paying his tax on a quarterly installment basis under provisions of Section 67-4318, Tennessee Code Annotated, shall make timely payment of the first installment on or before the first day of August and failing to make such timely payment, together with any unpaid gross receipts privilege tax due for a prior period, shall not have the option of paying his tax on a quarterly installment basis, but shall be required to pay the entire amount of the annual tax, plus a penalty of ten percent (10%) of the annual tax, together with interest thereon at the applicable rate provided by law or as certified by the Commissioner of Revenue in accordance with Public Chapter No. 693, Acts of 1974 upon the amount of the tax payable.
Tenn. Comp. R. & Regs. 1320-04-04-.02
Authority: T.C.A. §§67-101 and 67-4302.