38. Calculation of income tax payable for the year of assessment commencing on April 1, 2022
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
(1)
The income tax payable by a person for the year of assessment commencing on April 1, 2022, shall be calculated separately for two periods of the year of assessment as first nine months and second three months by individuals and first six months and second six months by persons other than individuals. For the purpose of such calculation of business income, the person may use pro-rata basis
(as 75% for first nine months and balance 25% for second three months by individuals and 50% for first six months and balance 50% for second six months by persons other than individuals) to arrive the taxable income for such two periods.
(2)
Subject to the provisions of this Act, a person may submit a revised estimate for the purpose of tax payable by instalments.