20. Section 33A of the principal enactment is hereby amended a follows: -
| (1) by the repeal of subsection (2) of that section, and the substitution, of the following subsection there for :"
| | (2) Every resident company shall be entitled to deduct from any quarterly installment referred to in section 97 of income tax payable by it"
| | | (a) under section 33 (1) (a),or |
| (b) under section 32F or section 32H or section 32K. |
|
|
|
| (2) in subsection (3) of that section, by the substitution.. for the words and figures from "in accordance with the provisions of section 125 (2) (iv) " to the end at that subsection, of the words and figures, " in accordance with the provisions of paragraph (iv) of the proviso to section 125 (2) from the tax payable under section 33 (1) (a) or under section 32F, or section 32N or section 32 K by that company for the next succeeding year of assessment and so on, so however, that the total amount deducted on account of advance company tax from the tax payable by that company under section 33 (1) (a) or under section 32F, or section 32H, or section 32K for any year of assessment shall not exceed fifty per centum of the tax payable under section 33 (1) (a) or under section 32F, or section 32H, or section 32K, by that company for that year of assessment. ", |
|
|
Sri Lanka Consolidated Acts