Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 10 of 2002) - Sect 32

Insertion of new chapter XVIA in the principal enactment

32. The following new Chapter is hereby inserted immediately after Chapter XVI of the principal enactment and shall have effect as Chapter XVIA of that enactment:-"
131 A. Every person or partnership paying rent. any rent other payment for the use lease rent etc to deduct or occupation otherwise than as a residence, of income tax. any specified land or building on or after April 1, 2002 shall deduct at the time of the payment of such rent, lease rent or other payment, income tax at the rate of ten per centum of such rent, lease rent or other payment.
131 B.
(1) The provisions of Chapter XV the provisions relating to the deduction of income tax from of Chapter interest paid by banks and financial institutions, XV to this Chapter credit for income tax so deducted, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions, appeals and penalty for default shall, mutatis mutandis apply to the deduction of income tax from such rent, lease rent or other payments as is mentioned in section 131A, credit for income tax so deducted, duties of persons liable to pay such rent, lease rent, or other payment, default in the deduction of income tax, issue of assessments on such persons, 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 liable to pay such rent, lease rent or other payment" and for the word "interest" of the words "rent, lease rent or other payment" wherever they appear in that Chapter, subject however, to the modification that credit for income tax deducted under the provisions of this Chapter by any person from any rent, lease rent or any other payment paid to any co-owners of such property shall be apportioned among such co-owners in proportion to their rights of ownership in such properly.
(2) For the purposes of this Chapter-"


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