49. The following new Chapter is hereby inserted immediately after Chapter XVIA of the principal enactment, and shall have effect as chapter XVIB of that enactment
| 132A. Where, on or after April 1, 2003 "
| | (a) any Government institution pays a reward or distributes a share of fine to any person ; | | |
| | (b) any person or partnership pays a lottery prize, winnings from gambling or winnings from betting to any person, | | |
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| 132B.
| | (1) The provisions of Chapter XV to relating to the deduction of income tax from interest paid by banks and financial institutions, deduction 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 132A. duties of persons or partnerships making such reward payments, share of fine, lottery prize, winnings from gambling or winnings form 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 XV for the words "banks and financial institution’s 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" where ever they appear in that Chapter, | | |
| | (2)
| | | (a) The aggregate amount of"
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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" | | |
| | (4) Notwithstanding the provisions of section 125 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