7.
| (1) Where the levy payable by a person to whom this Act applies for any relevant quarter is not paid on or before the date specified in section 4, for the payment of that Levy, or part thereof, the amount of the levy or part thereof shall be deemed to be in default with effect from that date and the person by whom such amount is payable, or where such amount is payable by more than one person or by a partnership, then each of such persons and each, partner of the partnership, shall be deemed to be a defaulter for the purposes of this Act, with effect from such date. |
|
| (2) Where any levy or part thereof is in default by reason of the operation of section 5 or this section the defaulter shall, in addition to the levy or part thereof in default, pay as a penalty"
| | (a) a sum equivalent to ten per centum of the levy or part thereof in default, and | | |
| | (b) where any levy or part thereof in default is not paid before the fifteenth day of the month succeeding the month in which such levy has begun to be in default, a further sum equivalent to two per centum of the amount in default in respect of each period ending on the fifteenth day of each succeeding month or part of such period during which such amount it is in default: | | |
|
|
|
Sri Lanka Consolidated Acts