50.
| (1) Where the declaration of income furnished by any person in respect of his business to the appropriate competent authority discloses that the income from his business was over three thousand six hundred rupees, such person shall be liable to pay that authority as National Development Tax-
| | (a) in respect of his registration in the register for the first period ending on September 15, 1963, an amount equivalent to four per centum of his income from his business as computed for the purposes of the Income Tax Ordinance for the year of assessment commencing on April 1, 1961; and | | |
| | (b) in respect of his registration in the register for the subsequent period ending on March 15, 1964, an amount equivalent to two per centum of his income from his business as computed for the purposes of that Ordinance for the year of assessment commencing on April 1, 1962, Persons getting an income of over three thousand six hundred rupees from any-business to pay National Development Tax on such income. either in a lump sum or such number of instalments as may be determined by that authority: | | |
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| (2) Notwithstanding anything in subsection (l),the competent authority to whom any person has furnished a declaration of income under section 48 (1) may at any time, if he is of the opinion that such declaration is incorrect, after due investigation increase the amount of the net wealth or the income as declared by such person, and accordingly where the amount of such income is increased, such person shall-
| | (a) if on his declaration he was liable to pay National Development Tax, be liable to pay as such Tax-
| | | (i) if the declaration was in respect of his registration for the first period ending on September 15, 1963, an additional amount equivalent to four per centum of the difference between the income as declared by him and the income as so increased, and |
| (ii) if the declaration was in respect of his registration for the subsequent period ending on March 15, 1964, an additional amount equivalent to two per centum of the income as declared by him and the income as so increased; and |
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| | (b) if by reason of the increase of income he becomes liable to pay the National Development Tax, be liable to pay as such Tax-
| | | (i) if the declaration was in respect of his registration for the first period ending on September 15, 1963, an amount equivalent to four per centum of the income as so increased, and |
| (ii) if the declaration was in respect of his registration for the subsequent period ending on March 15, 1964, an amount equivalent to two per centum of the income as so increased, |
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| (3) Where any person fails to pay the amount of any registration fee and National Development Tax as required by subsection (2), such person shall be deemed to be in default of that amount. |
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Sri Lanka Consolidated Acts