161.
| (1) The provisions of Chapter XVI relating to the deduction of income tax from interest paid by banks or financial institutions, credit for income tax so deducted, issue of directions, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions and appeals and penalty for default, shall, mutatis mutandis apply to the deduction of income tax from such payments of any annuity, royalty, management fee or such other similar payment as is mentioned in section 160, duties of persons or partnership making such payments of any annuity, royalty, management fee or similar payments, credit for income tax so deducted, issue of directions, default in the deduction of income tax, issue of assessments on such persons and 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 "persons or partnerships liable to pay such annuity, royalty management fee or such similar payment" and for the word "interest" of the words "annuity, royalty, management fee or such similar payment", wherever they appear in that Chapter. |
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| (2) Any person or partnership who or which is liable to deduct income tax under this Chapter, shall apply for and obtain a registration number from the Commissioner General thirty days prior to the commencement of such deduction of tax, and shall furnish a return on a monthly basis containing such particulars as specified by the Commissioner-General. |
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| (3) Any person or partnership who or which does not so register or does not furnish any return, shall be liable to a penalty not exceeding rupees fifty thousand, which may be imposed by the Commissioner-General. |
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Sri Lanka Consolidated Acts