113.
| (1) Any income tax which any person or partnership is liable to pay under this Act for any year of assessment shall be paid by such person or partnership to the Commissioner-General in four instalments on or before the fifteenth day respectively of August, November and February in that year of assessment and the fifteenth day of May of the next succeeding year of assessment, notwithstanding that no assessment has been made on him or it by an Assessor. Each such instalment is hereinafter referred to as a "quarterly instalment". |
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| (2)The quarterly instalment of a tax payable by any person or partnership for any year of assessment, shall be one-quarter of the tax payable by him or it for that year of assessment. |
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| (3)Notwithstanding anything contained in subsection (1) and subsection (2) of this section, the entirety of the tax payable -
| | (a) by any company resident in Sri Lanka under paragraph (b) of subsection (1) of section 61, or; | | |
| | (b) by any company not resident in Sri Lanka under paragraph (b) of subsection (1) of section 62, in respect of remittances made by such company, | | |
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| (4) The amount of any quarterly instalment of income tax payable by any individual for any year of assessment shall be reduced by ten per centum thereof, if such individual pays the amount of such quarterly instalment as so reduced, not less than thirty days prior to the date on or before which such instalment is required to be paid under subsection (1); where any individual has so paid the amount of any quarterly instalment as so reduced, such individual shall be deemed for all purposes to have paid such quarterly instalment without any reduction. |
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Sri Lanka Consolidated Acts