123. Where the assessable income of a person for any years of assessment includes a payment referred to in section 122. then"
| (a) if the income tax payable by him for that year of assessment exceeds the total of the deductions made under section 122. he shall be entitled, on production of a statement relating to such payment made in accordance with that section, to deduct from the income tax payable by him for that year of assessment- the amount of tax set out in such statement; |
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| (b) if the income tax payable by him for that year of assessment is less than the total of the deductions made under section 123, he shall be entitled, on production of a statement relating to such payment made in accordance with that section and subject to the provisions of Chapter XXIV, to a refund of the amount of the difference between the income tax payable by him for that year of assessment and the amount set out in such statement. |
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Sri Lanka Consolidated Acts