45. Insertion of new section 130c in the principal enactment

The following new section is inserted immediately after section 130B of the principal enactment, and shall have effect as section 130C of that enactment :—

130C. (1) Any bank or financial institution which is liable to deduct income tax from interest paid by such bank or financial institution under this Chapter on or after

January 1, 2004, shall apply for and obtain a registration number from the Commissioner-General thirty days prior to the commencement of such deduction of tax, and shall furnish a return to the Commissioner-General on a monthly basis containing such particulars as may be specified by the Commissioner-General in relation to such deductions :

“Penalty and interest on default.

“Registration of banks and financial institutions.

Inland Revenue (Amendment)

Provided that in respect of payments made during the period January 1, 2004 to September 30, 2004, such registration shall be obtained on or before September 30, 2004.

Any bank or financial institution which does not so register or does not furnish any return shall be liable to a penalty not exceeding rupees fifty thousand which may be imposed by the Commissioner-General.”.