46. Amendment of section 99 of the principal enactment

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

Section 99 of the principal enactment is hereby amended as follows :—

(1)

in subsection (1) of that section, by the substitution, for the words “within the period specified in such notice”, of the words, “within the period specified in such notice, all particulars as may be necessary for the ascertainment of the statutory income in respect of any year of assessment including” ;

(2)

in the proviso to subsection (1) of that section—

(i)

in paragraph (a) of that proviso for the words

“published in the Gazette ;and”, of the words

“Published in the Gazette:”;

(ii)

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

“For any year of assessment commencing on or after April 1, 2003, the provisions of sub-paragraph (a) shall not apply to any company other than a quoted public company, or any other company having a turnover of not less than rupees two hundred and fifty million or net profit of not less than rupees one hundred million for the year.”.

(iii)

by the addition immediately after paragraph (b)

of that proviso to that subsection of the following :—

“For any year of assessment commencing on or after April 1, 2003, the provisions of sub-paragraph (b) shall not apply to any partnership or any person other than a company, having a turnover of less than rupees fifty million or in the case of a partnership a divisible profit of less than rupees twenty-five million or in the case of any other person a net profit of less than rupees twenty-five million for the year.”.

(3)

by the insertion immediately after subsection (2) of that section of the following :–

“For any year of assessment commencing on or after April 1, 2003 the provisions of this subsection shall apply only to a quoted public company or any other person or partnership having a turnover of not less than rupees two hundred and fifty million or a net profit or divisible profit, as the case may be not less than rupees one hundred million for the year.”;

(4)

in subsection (3) of that section —

(a)

in sub-paragraph (ii) of paragraph (a) of that subsection by the substitution for the words

“authorized representative ; or”, of the words

“authorized representative; ” ;

(b)

in sub-paragraph (iii) of paragraph (a) of that subsection by the substitution for the words

“authorized representative ; and” of the words

“authorized representative ; or” ;

(c)

by the insertion immediately after sub-paragraph (iii) of paragraph (a) of that subsection of the following :—

“(iv)

an auditor authorized to carry out audits of co-operative societies registered under the Co-operative Societies Law, No. 5 of 1972, in relation to any such co-operative society where the turnover of such society for the year does not exceed rupees fifty million;”;

(d)

in sub-paragraph (b) of that subsection by the substitution for the words “sale of capital assets)”, of the words “sale of capital assets) ;

and” ;

(e)

by the addition at the end of that subsection of the following paragraph ––

[“(c)

“net profit” in relation to any trade, business, profession or vocation means net profit ascertained in accordance with accepted commercial practices and accounting standards.”.]

Read on from s 47