122.
| (1) Every bank or financial institution shall, subject to the other provisions of this Chapter, deduct from the interest payable by it in any year of assessment, on any sum of money deposited with it by a person in his own name or in the name of some other person being in either case a person chargeable with income tax under this Act, income tax at the rate of ten per centum. |
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| (2) Every bank or financial institution which deducts income tax in accordance with the provisions of subsection (1) from any interest paid by it in any year of assessment, to a person chargeable with income tax under this Act. shall issue to such person a statement setting out the following particulars :"
| | (a) the gross amount of the interest due in such year of assessment; | | |
| | (b) the rate and amount of tax deducted, and the period for which it is deducted : and | | |
| | (c) the net amount of interest actually paid. | | |
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Sri Lanka Consolidated Acts