Inland Revenue (Amendment) Act 2007 · As enacted
2. Amendment of section 4 of Act…
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 4 of the Inland Revenue Act, No. 10 of 2006
(hereinafter referred to as the “principal enactment”) is hereby amended in subsection (1) of that section, as follows :—
in paragraph (d) of that subsection by the substitution for all the words “(ii) the gross rent paid for such place of residence, whichever is higher,” to the end of that paragraph, of the following—
“(ii)
the gross rent paid for such place of residence, whichever is higher :
Provided that for any year of assessment, any excess of the rental value—
(A)
over one hundred and twenty thousand rupees, where the aggregate of the profits referred to in paragraph (a) does not exceed one million and eight hundred thousand rupees ; and
(B)
over one hundred and eighty thousand rupees, where the aggregate of the profits referred to in paragraph (a) exceeds one million and eight hundred thousand rupees, shall be disregarded ;”; and
in paragraph (e) of that subsection by the substitution for the words “at the time of its disposal, of any share”, of the words and figures “at the time of its disposal, where such disposal takes place prior to April 1, 2007, of any share”.