136. Where the assessable income of a person for any year of assessment includes a payment of interest referred to in section 133 -
| (a) if the income tax payable by him for that year of assessment exceeds the total of the deductions made under section 133, he shall be entitled on production of a statement relating to such payment made in accordance with that section, to deduct from the income tax payable by him for that year of assessment, the amount of tax set out in such statement; |
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| (b) if the income tax payable by him for that year of assessment is less than the total of the deductions made under section 133 he shall be entitled, on production of a statement relating to such payment made in accordance with that section and subject to the provisions of Chapter XXVIII, to a refund of the amount of the difference between the income tax payable by him for that year of assessment and the amount set out in such statement: |
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Provided however, where the total income on which tax has been deducted under section 133 accrues over more than one year of assessment and has not been included in full in computing the assessable income of such person for any year of assessment, then such deduction shall be restricted to the proportionate amount of tax so deducted, which is attributable to the income included in the assessable income of such person in that year or any subsequent year of assessment:Provided further, that where such deduction is in respect of any corporate debt security issued with a discount without any right to receive any interest or other benefit subsequent to the original issue, such person shall not be entitled to any refund under section 200 in respect of the amount of any such deduction which may not be set off due to the provisions of the first proviso to this paragraph. |
Sri Lanka Consolidated Acts