Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 28 of 1979) - Sect 164

Application of the Inland Revenue Act, No. 4 of 1963

150. Where, for any year of assessment commencing on or after April 1, 1979, any person is entitled to a refund of the amount of any income tax, wealth tax or gifts tax paid by him by deduction or otherwise, and where such amount has not been refunded to him by the Commissioner-General-
(a) if such refund arises in consequence of the reduction of the amount of an assessment on agreement with an Assessor under section 117(5) or on the determination of an appeal in respect of such assessment, within a period of six months from the date of such agreement or from the date on which such determination was communicated to such person, or
(b) in any other case, within a period of six months from the date on which a claim in writing was made by such person to the Commissioner-General for such refund or from the thirty-first day of March, of that year of assessment, whichever is the later date,
such person shall be entitled to interest on the amount of the refund which remains unpaid calculated at the rate of one per centum for each complete period of one month for which such amount remains unpaid after the period of six months referred to in paragraphs (a) or (b).
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,
(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.
(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,
Application of the Inland Revenue Act, No. 4 of 1963.
164. The Inland Revenue Act, No. 4 of 1963, shall not apply -
(a) to any income tax or wealth tax to which a person is liable for any year of assessment commencing on or after April 1, 1979, and
(b) to any gifts tax to which a person is liable for any year of assessment commencing on or after April 1, 1980.


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