Inland Revenue (Amendment) Act 2004 · As enacted
38. Amendment of section 122A of the principal enactment
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
Section 122A of the principal enactment is hereby amended in subsection (1) of that section as follows :—
by the insertion immediately after sub-paragraph (ii) of paragraph (a) of that subsection, the following new sub-paragraph :—
“(iii)
where the interest paid or credited to any individual on or after January 1, 2004 by such bank or financial institution on all deposits
Inland Revenue (Amendment)
maintained by such individual with that bank or financial institution is not less than nine thousand rupees in any month or not less than one hundred and eight thousand rupees in any period of twelve months,”;
in paragraph (a) of that subsection by the substitution for the words “on the total amount of interest paid or credited on such deposits:”, with the following words and figures—
“on the total amount of interest paid or credited on such deposit during the period up to December 31, 2003, and on the total amount of interest paid or credited on all deposits maintained by such individual with such bank or financial institutions, for any period commencing on or after January 1, 2004.
For the purposes of this paragraph, where the deposit is maintained by one or more individuals as a joint deposit, interest on such deposits shall be aggregated for the purposes of deduction of income tax to the interest earned on other deposits held by such individuals to the extent of his entitlement on such joint deposit. Any interest on a joint deposit once aggregated to any individual on this basis, shall not be aggregated to any other individual again for the purposes of deduction of income tax. Any interest on a deposit maintained by any receiver, trustee, executor, administrator, curator or guardian or any other person in similar capacity on behalf of an individual or jointly for a group of individuals, shall be treated in the manner provided in this paragraph:”.