158.
| (1).The provisions of Chapter XVI relating to the deduction of income tax from interest paid by banks and financial institutions, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments of banks and financial institutions, appeals and penalty for default, shall, mutatis mutandis, apply to the deduction of income tax from such payments of rewards, share of fines, lottery prizes, winnings from gambling or winnings from betting as is mentioned in section 157, duties of persons or partnerships making such reward payments, share of fine, lottery prize, winnings from gambling or winnings from betting, default in the deduction of income tax, issue of assessments on such persons and partnerships, appeals and penalty for default under this Chapter, as if there were substituted in Chapter XVI for the words "banks and financial institutions" of the words "any person or partnership paying any reward, share of fine, a lottery prize, winnings from gambling or winnings from betting" and for the word "interest" of the words "any reward, share of fine, lottery prize, winnings from gambling or winnings from betting", wherever they appear in that Chapter. |
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| (2)
| | (a) The aggregate amount of -
| | | (i) rewards paid to any person during any calendar month, shall be deemed to be one reward payment and the income tax on such payment shall be deducted on the last working day of each month or on the date of the last reward payment in any month; |
| (ii) shares of fines paid to any person during any calendar month, shall be deemed to be one share of fine payment and the income tax on such payment shall be deducted on the last working day of each month or on the last share of fine payment in any month; |
| (iii) winnings from gambling paid or winnings from betting paid per day to any person, shall be deemed to be one payment of winnings from gambling or winnings from betting and the income tax on such payment shall be deducted during the course of that day. |
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| | (b) In the case of lottery prizes, each such prize whether paid in cash or otherwise, shall be considered as a separate prize. | | |
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| (3)For the purposes of this Chapter - |
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| (4) Notwithstanding the provisions of section 140 the total amount of the tax deducted -
| | (a) from lottery prizes shall be remitted, to the Commissioner-General, on the first day of the week and where such first day of the week is not a working day, on the following working day, which amount shall be the total tax deducted during the week ending on the Sunday immediately preceding the date of such remittance; | | |
| | (b) from the winnings from gambling or winnings from betting shall be remitted to the Commissioner-General, on the first day of the week and where such first day of the week is not a working day, on the following working day, and the amount to be remitted shall be the total tax deducted during the week ending on the Sunday immediately preceding the date of such remittance. | | |
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Sri Lanka Consolidated Acts