49. Where the taxable income of any person other than a company for any year of assessment includes any dividend, being a dividend, -
| (a) out of profits and income referred to in section 46; or |
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| (b) paid out of any such dividend as is referred to in paragraph (a) received by any company directly from a company referred to in section 46 or through one or more intermediary companies, if the first mentioned dividend is paid during the year of assessment in which the profits and income referred to in section 46 arose or accrued or within two years from the end of that year of assessment, |
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then such part of such taxable income as consists of such dividend, shall be chargeable with income tax at the appropriate rate specified in the Fifth Schedule to this Act. |
Sri Lanka Consolidated Acts