49. The following new Chapter is hereby inserted immediately after Chapter XVIB of the principal enactment, and shall have effect as Chapter XVIC of that enactment :"
| 132D. Notwithstanding anything to the contrary in any other law, where on or after April 1, 2004 any person or partnership pays"
| | (a) an annuity or royalty other than any such annuity or royalty referred to in section 90; or | | |
| | (b) any management fee or other similar payment, | | |
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| 132E.
| | (1) The provisions of Chapter XV 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 132D. 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 XV 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. | | |
| | (2) Any person or partnership who or which is liable to deduct income tax under this Chapter on or after April 1,2004. 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: | | |
| | (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. | | |
| | (4) Any person or partnership who or which is liable to deduct income tax under this Chapter but has not deducted during the period April 1, 2004 up to such date as may be determined by the Commissioner-General by notice published in that behalf, shall not be in default, if such person or partnership informs the Commissioner-General within thirty days of such date, full details of such payments made without tax deduction.". | | |
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Sri Lanka Consolidated Acts