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As enacted
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Contents

Part I

93. Return of income and capital gains

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Subject to section 94 and subsection (2), every person shall file with the Commissioner-General not later than eight months after the end of each year of assessment a return of income for the year.

(2)

A return of income of a person for a year of assessment shall subject to any instructions by the Commissioner-General–

(a)

be in the manner and form specified by the

Commissioner-General and furnishing the following details :–

(i)

the person’s assessable income for the year from each employment, business and investment and the source of that income;

(ii)

the person’s taxable income for the year and the tax payable with respect to that income under paragraph (a) of subsection (1) of section 2;

(iii)

any tax paid by the person for the year by withholding, instalment or assessment for which a tax credit is available under section 89 or 90;

(iv)

the amount of tax remaining to be paid for the year calculated as the sum of the tax referred to in subparagraph (ii) less the tax already paid referred to in subparagraph (iii);

and

(v)

any other information that the Commissioner-General may specify;

(b)

have attached to it –

(i)

any withholding certificates supplied to the person under section 87 with respect to payments derived by the person during the year; and

(ii)

any other information that the Commissioner-General may specify.

(3)

Every person with taxable income consisting of a gain from the realisation of an investment asset shall file with the

Commissioner-General a capital gains tax return not later than one month after that realisation.

(4)

A capital gains tax return of a person shall, subject to any instructions by the Commissioner-General to the

Contrary be in the manner and form specified by the

Commissioner-General setting out the following :–

(i)

the person’s assessable income consisting of the gain from the realisation of the investment asset, including the calculation of that gain;

(ii)

the person’s taxable income with respect to that gain and the tax payable on it under paragraph (a)

of subsection (1) of section 2;

(iii)

any tax paid by the person for the year by instalment attributable to the gain for which a tax credit is available under section 90; and

(iv)

any other information that the Commissioner-General may specify.

Read on from s 94

Part II

Read on from Part II

Schedules