3. Amendment of section 4 of the principal enactment

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

Section 4 of the principal enactment as amended by

Act, No. 37 of 2003, is hereby further amended in subsection (1) of that section as follows :—

(1)

in the proviso to paragraph (d) of subsection (1) of that section, by the substitution for all the words from “Provided that”, to the end of that proviso, and the substitution therefor of the following :—

“Provided that,

(a)

on or before March 31, 2005, any excess of the rental value over one hundred and twenty thousand rupees, where the aggregate of the profits referred to in paragraph (a), does not exceed one hundred and fifty thousand rupees ; and

(b)

for any year of assessment commencing on or after April 1, 2005, any excess of the rental value over one hundred and eighty thousand rupees, where the aggregate of the profits referred to in paragraph (a), exceeds one hundred and fifty thousand rupees, shall be disregarded ; and” ;

(2)

in paragraph (e) of that subsection in the paragraph immediately after the first proviso to that paragraph, by the substitution for the words “profits from the sole taxable income”, of the words “profits form the sole taxable income.” ;

Read on from s 4