Special provisions relating to income tax pay able for the year of assessment commencing on April 1. 1979. | 162.
(1) For the year of assessment commencing on April, 1, 1979, there shall be charged on every person, in addition to, and not in lieu of, any income tax to which that person is liable under the preceding provisions of this Act and ascertained separately from such tax, income tax (in this section referred to as the " relevant tax"), in respect of the profits and income, other than profits from employment within the meaning of section 3(b), (in this section referred to as the " relevant profits and income ") of such person for the year preceding that year of assessment (in this section referred to as the " relevant year ")-
| | (a) wherever arising, if such person was resident in Sri Lanka in the relevant year, and | | |
| | (b) arising in or derived from Sri Lanka in the case of every other person, | | |
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(2) The relevant tax payable by any person shall be assessed by an Assessor and shall be paid by the person liable to pay such tax in such number of instalments, not exceeding twenty, as may be specified in the notice of assessment issued to such person by the Assessor, so however that not more than twenty per centum of such tax shall be payable on or before May 15, 1980, forty per centum on or before May 15, 1981, sixty per centum on or before May 15, 1982, and eighty per centum on or before May 15, 1983, and the provisions of this Act relating to assessments, additional assessments, and appeals shall, mutatis mutandis, apply to any relevant tax payable under this section. Any instalment of such tax not so paid shall, subject to the provisions of subsections (4), (5), (6), (7), (9) and (10) of section 125 be deemed to be in default and the person by whom such instalment is payable or where such instalment is payable by more than one person or by a partnership, then each of such persons or each partner of a partnership shall be deemed to be a defaulter for the purposes of this Act, and accordingly, the provisions of Chapter XXI shall apply to such persons. |
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(3) Notwithstanding anything in the preceding provisions of this section, where an instalment of the relevant tax or part thereof is in default the defaulter shall, in addition to the amount of tax in default, pay as a penalty -
| | (a) a sum equivalent to five per centum of the amount in default; and | | |
| | (b) where the amount in default is not paid before the expiry of three months after it has begun to be in default, in respect of each further period of three months or part of such period during which it is in default a further sum equivalent to five per centum of the amount in default, | | |
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