33. Amendment of section 163 of the principal enactment

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

Section 163 of the principal enactment, as last amended by Act, No.22 of 2011 is hereby further amended as follows:-

(1)

in subsection (1) of that section:-

(a)

by the substitution in the proviso to that subsection, for the word “September”, of the word “November”;

(b)

by the substitution in the further proviso to that subsection for the words and figures

“paragraph (b) of subsection (1) of section 65 or paragraph (c) of subsection (2) of section 62”, of the words and figures “sub-paragraph (i) of paragraph (b) of subsection (1) of section 61 or paragraph (c) of subsection (1) of section 61 or paragraph (b) of subsection (1)

of section 62 ”;

(2)

in paragraph (b) of subsection (3), of that section by the substitution for the word “assemble income”, of the words “assessable income”;

(3)

by the substitution for paragraph (a) of subsection (5) of that section, of the following paragraph:-

“(a) who or which has made a return of his or its income on or before the thirtieth day of

November of the year of assessment immediately succeeding that year of assessment,

(i)

where such year of assessment is any year of assessment commencing prior to April 1, 2013, shall be made after the expiry of a period of two years from the thirtieth day of November of the immediately succeeding year of assessment; and

(ii)

where such year of assessment is any year of assessment commencing on or after

April 1, 2013, shall be made after the expiry of a period of eighteen months from the thirtieth day of November of the immediately succeeding year of assessment:”; and

(4)

by the addition immediately after subsection (9) of that section, of the following new subsection:-

“(10) Notwithstanding anything to the contrary in any other provisions of this Act, where the annual total turnover of any person other than a company for any year of assessment commencing prior to

April 1, 2011 from every trade or business did not exceed rupees three hundred million and such person has not complied with the provisions of any tax law administered by the Commissioner -

General, invests earnings so made by such person prior to April 1, 2011, in any trade or business, on or before March 31, 2014, and furnishes the return of income for any year of assessment commencing prior to April 1, 2014 together with an undertaking in writing that he shall comply with the requirements of this Act for any subsequent period, such return shall be accepted and no assessment or additional assessment shall be made on such person in respect of such year of assessment for which a return of income is so furnished and for five years of assessment immediately succeeding that year of assessment.”.

Read on from s 34