Inland Revenue Act 2006 · As enacted · Chapter III · Exemption from Income Tex
11. Exemption from income tax of certain profits and income from lands and improvements thereon
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
There shall be exempt from income tax—
the net annual value of not more than one place of residence, owned by and occupied by or on behalf of an individual;
the income accruing to the owner of a house which is converted into two or more places of residence, each such place of residence being separately assessed for the purpose of rates, such income accruing being the income from any such place of residence for–
the year of assessment in which such conversion was effected and for the five years of assessment immediately succeeding that year of assessment, if the floor area of such place of residence does not exceed one thousand square feet; or
the year of assessment in which such conversion was effected and for the three years of assessment immediately succeeding that year of assessment, if the floor area of such place of residence exceeds one thousand square feet but does not exceed two thousand square feet;
the net annual value of any land and improvements thereon owned by a body of persons, the primary object of which is the promotion of any sport which is recognized as a sport for the purposes of the Sports
Law, No. 25 of 1973 and used for that object by that body.
There shall be exempt from income tax the income accruing to the owner of any house from such house for the year of assessment in which the construction of such house was completed, and for the four years of assessment immediately succeeding that year of assessment, if such house is used solely for residential purposes :
Provided that where the floor area of the house is one thousand and five hundred square feet or less, the income accruing to the owner shall be exempt from income tax for the year of assessment in which the construction of that house is completed and for the six years of assessment immediately succeeding that year of assessment.
For the purposes of this section “owner” includes a co-owner.
Chapter IV
Ascertainment of Profits or Income
Chapter V
Ascertainment of Total Statutory Income
Chapter VI
Ascertainment of Assesable Income
Chapter VII
Ascertainment of Taxable Income
Chapter VIII
Chapter IX
Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
Chapter X
Companies
Chapter XI
Special Cases a – Children
Chapter XII
Chapter XIII
Payment of Tax by Self-Assessment
Chapter XIV
Deduction of Income Tax from Remuneration of Employees by Employers
Chapter XV
Provisions Relating to the Payment of Income Tax by a Government Institution
Chapter XVI
Deductions from Interest Paid by Banks and Financial Institutions
Chapter XVII
Deduction of Income Tax from Specified Fees Paid by Specified Persons
Chapter XVIII
Chapter XIX
Chapter XX
Deduction of Income Tax from Any Annuity or Royalty Paid or Any Management Fee Paid or Similar Payment Made by Any Person or Partnership
Chapter XXI
Retention of Moneys in Certain Provident Funds
Chapter XXII
Assessments
Chapter XXIII
Appeals A-Appeals to the Commissioner-General
Chapter XXIV
Finality of Assessments and Penalty for Incorrect Returns
Chapter XXV
Tax in Default and Sums Added Thereto
Chapter XXVI
Recovery of Tax
Chapter XXVII
Miscellaneous
Chapter XXVIII
Repayment
Chapter XXIX
Penalties and Offences
Chapter XXX
Administration
Chapter XXXI
General
Chapter XXXII
Interpretation
Chapter XXXIII