54. Where the taxable income of any person (other than a company) for any year of assessment includes a dividend, other than any dividend exempt from income tax as referred to in paragraph (a), of sub section (1) of section 10:-
| (a) not in the form of money or an order to pay money; |
|
| (b) in the form of money or an order to pay money, out of income exempt from tax or not chargeable with tax; or |
|
| (c) out of dividends received from another company where such dividends is not exempt from income tax under section 10, without a deduction of tax under subsection (1) of section 65, irrespective of whether such company is entitled to deduct such tax or not, |
|
the income tax on such dividend shall be charged at the appropriate rate specified in the Fifth Schedule to this Act. |
Sri Lanka Consolidated Acts