Section 45A. With respect to returns required to be filed under sections ten and sixteen, the commissioner, notwithstanding the due date of the return or payment date as set forth in said section sixteen, may, by regulation, allow such classes of taxpayers as he may determine, in lieu of any requirement of filing returns more frequently than quarterly, to make estimated payments of their tax liability on account of each tax period within the calendar quarter and to file a return for the calendar quarter on or before the date that the return for such calendar quarter or the return for the last calendar month of such quarter would otherwise be due.
By regulation, the commissioner shall further provide the manner and conditions under which such returns shall be filed and such tax payments shall be made; shall prescribe additions to tax on account of underpayment of estimated tax similar to those applicable to underpayments of tax under chapter sixty-three B; and may provide that such returns be filed and tax payments be made to a bank designated as a depositary and fiscal agent under section forty-five; provided, however, that payments to such a bank shall not be allowed more often than once per week. The use of a bank for this purpose shall not be considered a violation of the provisions of section twenty-one; provided, however, that all employees of said bank having access to returns or documents to which section twenty-one is applicable shall be subject to the provisions of said section, including the penalties for their violation under subsection (c) of said section.
If any person required by this section or section two of chapter sixty-two B or by regulation of the commissioner to deposit or to make payment of tax in advance of the filing of the return with respect to such payment and such person fails to make such deposit or payment on or before the date prescribed therefor, unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be imposed upon such person a penalty of five per cent of the amount of the underpayment. For purposes of this paragraph, the term ''underpayment'' means the excess of the amount of the tax required to be so made over the amount, if any, thereof made on or before the date prescribed therefor.