Tax collected but not deposited requires immediate deposit, attracts interest, potential penalty and adjustment or refund mechanisms. Section 69 requires any person who collected amounts as tax but did not remit them to immediately deposit those sums to the Central or State Government and pay interest at the rate under section 45 from collection until payment. The proper officer may issue a show cause notice proposing payment and an equivalent penalty, consider representations and hearings, determine the amount due, and issue a reasoned order within one year (excluding judicial stays). Payments are adjustable against the collector's tax liability; any surplus is credited to the Fund or refunded to the person who bore the incidence, with refund procedures under section 48.