24. Deductions not allowed in ascertaining profits and income

domestic or private expenses, including the cost of travelling between the residence of such person and his place of business or employment ;

expenses incurred in connection with his employment other than the expenses referred to in paragraph (g)

any expenditure incurred in travelling outside Sri

promotion of the export trade of any article or goods ; or

provision of any services for payment in foreign currency ; or

training referred to in paragraph (t) of subsection (1) of section 23, where such expenditure is deductible in accordance with such paragraph ;

any expenditure incurred in travelling outside Sri

the expenditure incurred in travelling outside Sri

the expenditure incurred in travelling outside Sri

entertainment expenes incurred by such person or his employee or on his behalf in connection with any trade, business, profession or vocation carried on or exercised by him ;

entertainment allowances paid by such person to his executive officer ;

any disbursements or expenses of such person, not being money expended for the purpose of producing such profits or income ;

any expenditure of a capital nature or any loss of capital incurred by such person ;

the cost of any improvements effected by such person ;

any sum recoverable under a contract of insurance or indemnity, if the amount received under such contract is not treated as income under section 89 of the Inland

rent of, or expenses in connection with, any premises or part of a premises not occupied or used for the purposes of producing such profits and income ;

any amount paid or payable by such person by way of —

income tax, or super tax or surtax or any other tax of a similar character in any country with which an agreement made by the Government of Sri Lanka for the avoidance of double taxation is in force (other than the excess of any such income tax, or super tax or surtax or any other tax of a similar character over such maximum amount of the credit in respect of Sri Lanka income tax as is allowed by paragraph (c) of subsection (1) of section 92) ; or

Sri Lanka income tax ; or

any prescribed tax or levy ; and

input tax under the Goods and Services Tax Act,

any annuity, ground rent, or royalty paid by such person ;

any payment by such person to any pension, provident, savings, widows’ and orphans’ pension, or other society or fund, except such payments as are allowed under paragraph (c) of subsection (1) of section 23 ;

one-half of the excess of any expenditure incurred by such person in providing any place of residence to any employee of such person or to the spouse, child or parent of such employee over the rental value of such place of residence which is included in the profits from employment of such employee within the meaning of section 4 ;

such part of the rental paid by him under any agreement entered into by him in any year of assessment in respect of—

any plant, machinery, fixtures or equipment other than plant, machinery or fixtures or equipment referred to in paragraph (b), as is in excess of an amount equal to one-half of the total rental payable under such agreement ; and

any motor vehicle, lorry, bus, tractor, trailer and office furniture, as is in excess of an amount equal to one-fourth of the total rental payable under such agreement ;

any sum transferred to any reserve or provision (other than any annual payment referred to in paragraph (q)

such part of any sum paid or payable by such person, not being any venture capital company, any unit trust or any mutual fund, as consideration for the management of any trade, business, profession or vocation carried on or exercised by him, as exceeds—

one million rupees or one per centum of the turnover of such trade, business, profession or vocation during the period in which profits and income are being ascertained whichever is lower

such amount as may be determined by the

for any year of assessment, in respect of any vehicle used for travelling for the purpose of his trade, business, profession or vocation, except in respect of—

a motor cycle or bicycle used for such purpose by an officer, who is not an executive officer, in the employment of such person ; and

a motor coach used for transporting employees of such person to, or from their place of work ;

in respect of any plant, machinery, fixtures, equipment or articles provided for the use of any officer or employee of such person in the place of residence of such officer or employee, or for any deduction for any rental or annual payment in respect of any such vehicle, plant, machinery, fixtures, equipment or articles as are referred to in paragraphs (a) and (b).