As enacted

Contents

45. Amendment of section 98 of the principal enactment

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

Section 98 of the principal enactment is hereby amended as follows :—

(1)

in subsection (1) of that section, by the substitution for the words “the income of such child.”, of the words “the income of such child : ”.

(2)

by the insertion immediately after subsection (1) of that section of the following proviso :—

“Provided however, the preceding provisions shall not apply to an individual whose income for any year of assessment comprises solely of one or a combination of the following—

(a)

profits from employment as specified in section 4 and chargeable with income tax does not exceed rupees four hundred and twenty thousand and income tax under Chapter XIV has been deducted by the employer on the gross amount of such profit and income ;

(b)

dividends chargeable with tax on which tax at ten per centum has been deducted under subsection (1A) of section 61 ;

(c)

income from interest chargeable with tax on which income tax at the rate of ten per centum has been deducted under section 122A or 122B.” ;

(3)

in subsection (2) of that section by the substitution for the words “an assessor” of the words “a Deputy

Commissioner”.;

(4)

by the insertion immediately after subsection (4) of that section, of the following subsection :—

“(4A)

Where any person receives an intimation under subsection (4), such person may within thirty days of receipt of such intimation furnish necessary particulars required to make such return a proper return and the provisions of subsection (3) shall, thereafter not apply in respect of such return.”.

(5)

by the repeal of subsection (5) of that section and substitution therefor of the following subsection :—

“(5) Where any person carries on or exercises more than one business, trade, profession or vocation and the profits and income from such business, trade, profession or vocation are chargeable with tax at different rates, such person shall maintain and prepare statements of accounts in a manner that the profits and income from each such activity may be separately identified.”.;

(6)

in subsection (6) of that section—

(a)

in paragraph (b) of that subsection by the substitution for the words “by such person.”

of the words “by such person :”:

(b)

by the insertion immediately after paragraph (b), of that subsection of the following :

“Provided however, no such returns or information shall be called by an Assessor from such person after the expiry of five years from the end of the relevant year of assessment.”;

(7)

in subsection (7) of that section—

(a)

in paragraph (b) of that subsection by the substitution for the words “regarding his income.”, of the words “regarding his income : ” ;

(b)

by the insertion immediately after paragraph (b) of that subsection of the following proviso :—

“Provided however, such notice shall not be issued by an Assessor after the expiry of five years from the end of the relevant year of assessment. ”;

(8)

in subsection (8) of that section—

(a)

in paragraph (c) of that subsection by the substitution for the words “class of persons.”, of the words “class of persons : ”;

(b)

by the insertion immediately after paragraph (c) of that subsection of the following proviso :—

“Provided however, such notice shall not be issued by an Assessor after the expiry of five years from the end of the relevant year of assessment.”;

(9)

in subsection (10) of that section—

(a)

by the substitution for the words “his posession.”, of the words “his possession :”;

(b)

by the insertion immediately after that subsection, of the following proviso —

“Provided however, such retention by an Assessor shall not be valid after the expiry of a period of five years from the end of the relevant year of assessment”.

Read on from s 46