29. Amendment of section 106 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 106 of the principal enactment as last amended by Act, No. 19 of 2009, is hereby further amended as follows:-

(1)

in subsection (1) of that section, by the substitution in sub-paragraph (c) of the proviso, for the words and figures “deducted under section 133, section 134 or section 135, as the case may be.”, of the words and figures “deducted under section 133, section 134 or section 135, as the case may be:

Provided further, that for any year of assessment commencing on or after April 1, 2011, the preceding provisions shall not apply to an individual being an employee who has no any other income chargeable with income tax other than any income referred to in sub-paragraph (b) or sub-paragraph (c).”;

(2)

by the repeal of subsection (11) of that section and substitution therefor, of the following subsection:-

“(11) Where any person or partnership carries on or exercises any trade, business, profession or vocation in several units or undertakings as one trade, business, profession or vacation, as the case may be, or where such person or partnership carries on or exercises more than one trade, business, profession or vocation and the profits and income from any such unit or undertaking or from such trade, business, profession or vocation is exempted from or chargeable with income tax at different rates, such person or partnership shall maintain and prepare statements of account in a manner that the profits and income from each such unit or undertaking or such trade, business, profession or vocation as the case may be, may be separately identified.”; and

(3)

by the addition at the end of subsection (18) of that section, of the following new subsection:-

“(19) The Commissioner-General may close any record maintained by him of any individual subsisting on or after April 1, 2011 if he is satisfied on application made by such individual, that all profits and income of such individual are derived only from sources from which whose taxes are paid at sources and such taxes are treated as final.”.

Read on from s 30