Sri Lanka Consolidated Acts
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Inland Revenue Act (No. 10 of 2006)
TABLE OF PROVISIONS
Long Title
1. Short title
2. Imposition of income tax
3. Income chargeable with Tax
4. Profits from employment
5. Net annual value of land and improvements thereon or of any place of residence
6. Profits or income arising from rents of land and improvements thereon
7. Exemptions from income tax of certain persons (other than individuals) on the whole or any part of their profits and income
8. Exemption from income tax of certain profits and income of certain officers and employees
9. Exemption from income tax of certain interest received
10. Exemption from income tax of certain dividends
11. Exemption from income tax of certain profits and income from lands and improvements thereon
12. Exemption from income tax of certain subsidies
13. Miscellaneous exemptions from income tax
14. Exemption of certain profits and income of any resident guest
15. Exemptions of profits and income derived from outside Sri Lanka
16. Exemption from income tax of profits and income from agricultural undertaking
17. Exemption from income tax of the profits and income of any company from any specified undertaking
18. Exemption from income tax of certain undertakings for infrastructure development
19. Exemption from income tax of small scale infrastructure undertakings
20. Exemption of the profit and income of any new industrial undertaking
21. Exemption of profits and income of any relocated undertaking
22. Exemption from income tax of any company engaged in research and development
23. Exemption from income tax of any venture capital company
24. Exemption from income tax of any person engaged in the business of providing Manor Houses or Thematic Bungalows to tourists
25. Deductions allowed in ascertaining profits and income
26. Deductions not allowed in ascertaining profits and income
27. Deduction of head office expenses incurred by any non resident company
28. Basis for computing statutory income
29. Apportionment of profits
30. Total statutory income
31. Aggregation of the total statutory income of a child with that of his parent
32. Deductions from total statutory income in arriving at assessable income
33. Taxable Income
34. An allowance in respect of qualifying payments
35. Rates of income tax on persons other than companies
36. Special provision relating to taxation of interest on compensation payable in respect of property vested in the Government, the Land Reform Commission or a public corporation or a local authority
37. Deduction of income tax from interest payable on certain deposit accounts
38. Rates of income tax on the gross interest on loans granted by a company, partnership or other body of persons outside Sri Lanka
39. The rate of income tax on royalty payable to any company partnership or other body of persons outside Sri Lanka
40. The rate of income tax on profits from employment, for a specified period of a non-citizen employed in Sri Lanka
41. Rate of income tax on profits and income of any foreign currency banking unit arising from any off-shore foreign currency transaction
42. Rate of income tax on profits and income arising in Sri Lanka to the consignor or consignee from certain exports
43. Rate of income tax on profits and income arising from certain undertaking approved by Minister
44. Rate of income tax on sale of any share or a warrant
45. Rates of income tax on profits from certain undertakings carried on by a person other than a company
46. Rate of income tax on profits from certain undertakings carried on by a company
47. Rate of income tax applicable to specialized housing banks
48. Rate of income tax applicable to certain companies after the expiry of tax exemption
49. Rate of income tax on dividends paid out of profits taxed in accordance with section 46
50. Rate of income tax on qualified export profits and income of person not being a company, who commenced to carry on any specified undertaking
51. Rate of income tax on qualified export profits and income of a company which commenced to carry on any specified undertaking
52. Rate of income tax on qualified export profits and income of a company which carries on any specified undertaking
53. Rate of income tax on dividends out of exports profits and income
54. Rate of income tax on certain dividends
55. Rate of income tax on dividend received from outside Sri Lanka
56. Rate of income tax on deemed exports of any person or partnership
57. Rate of income tax on profits and income from services rendered outside Sri Lanka by any resident company or partnership
58. Rate of tax on profits and income from the supply of certain services to garment exporters
59. Rate of tax on profits from transshipment agency fees
60. Interpretation
61. Income tax to which any resident company is liable
62. Income tax to which any non-resident company is liable
63. Certain dividends not to form part of the assessable income of the receiving company
64. Profits of a company from transactions with its shareholders
65. Resident company entitled to deduct tax from any dividend
66. Certain undistributed profits to be treated as distributed
67. Provisions applicable where the profits and income of a company are appropriated by the director & c. of that company
68. Provisions of this Chapter not to apply to charitable institutions etc
69. Assessment of child's income
70. Returns to be furnished by receiver and trustee and their liability to tax
71. Chargeability to tax of trustee of an incapacitated person
72. Liability of executor to tax payable by deceased person
73. Return to be furnished by executor and chargeability of an executor and beneficiary
74. Joint trustees and executors
75. Every unit trust deemed to be a company
76. Assessment of partnership income
77. Assessment to be made in the name of the partnership in certain circumstances
78. Tax chargeable on partnerships
79. What constitutes residence
80. Chargeability of certain profits of non resident persons
81. Persons assessable on behalf of a non-resident person
82. Liability of certain non- resident persons
83. Profits of certain businesses to be computed as a percentage of the receipts
84. Profits of non-resident person from sale of exported produce
85. Liability to income tax of certain profits of non-resident person
86. Exemption from income tax of non-resident persons in certain cases and liability of certain non-resident persons to income tax at reduced rates
87. Profits of non-resident shipowners or charterers
88. Master of ship to be an agent
89. Refusal of clearance for ship where income tax is in arrears
90. Profits of non-resident owners or charterers of aircraft
91. Application of subsection (2) of section 87, section 88, and section 89, to profits of non-resident owners or charterers of any aircraft
92. Ascertainment of profits of insurance companies
93. Interest on certain loans deemed to be profits and income
94. Certain royalties deemed to be profits and income
95. Deduction of income tax from interest, & c, payable to persons outside Sri Lanka
96. Deduction of income tax from payment made to any foreign entertainer or artiste
97. Effect of agreements for double taxation relief
98. Relief in respect of Sri Lanka income tax
99. Applicability of provisions relating to particular sources of profits or income
100. How certain receipts of insurance are to be treated
101. Ascertainment of income of clubs, trade associations etc
102. Profits and income of non governmental organisations to be chargeable with income tax
103. Certain transactions and dispositions to be disregarded
104. Profits and income or loss from transactions between associated undertakings to be determined having regard to the arm's lengthprice
105. Ascertainment of profits and income from business of petroleum exploitation under a Petroleum Resources Agreement
106. Returns and information to be furnished
107. Audit reports to be furnished by partners etc
108. Returns and other documents to contain the national identity card number or passport number
109. Returns to be furnished of income received on account of or paid to other persons
110. Occupiers to furnish returns of rent payable
111. Return of lodgers and inmates
112. Power of Commissioner-General to impose penalty for failure to furnish return
113. Payment of tax by self assessment
114. Employers to deduct income tax
115. Employers to give notice to Commissioner - General
116. Application of income tax tables
117. Deduction of tax at special rates
118. Directions to employers
119. Employers to maintain proper records
120. Duties of employer following deduction of income tax
121. Adjustments of amount of income tax not paid or paid in excess
122. Employee to give notice when necessary deductions are not made
123. Income tax deducted not to form part of assets of employers
124. Default in the deduction or payment of income tax
125. Issue of assessments on employers
126. Appeals
127. Penalty for default
128. Penalty on default
129. Credit for tax paid
130. Compliance with the provisions of this Chapter relating to forms
131. Interpretation
132. Payment of income tax by a Government institution of its employees
133. Banks and financial institutions to deduct income tax
134. Deducting tax from interest on securities, treasury bonds etc,
135. Companies issuing corporate debt securities to deduct income tax
136. Credit for tax deducted
137. A notional tax credit on secondary market transactions
138. Refund of income tax paid on interest liable to withholding tax
139. Issue of directions where deductions are made under sections 133 or 136
140. Duties of bank and financial institution following deductions of income tax
141. Penalty for tax avoidance
142. Default in the deduction of income tax
143. Issue of assessments on banks and financial institutions
144. Appeals
145. Penalty for default
146. Penalty and interest on default
147. Interpretation
148. Person or Partnership chargeable with income tax
149. Registred co-operative societies deemed to be companies
150. Registration of banks and financial institutions
151. Registration of specified persons
152. Registration of persons liable to deduct tax from rent, lease rent or other similar payments
153. Specified persons to deduct income tax from specified fees
154. Provisions of Chapter XVI to apply in relation to the deduction under this Chapter of income tax from specified fees
155. Persons paying rent, lease rent etc. to deduct income tax
156. Application of the provisions of Chapter XVI to this Chapter
157. Government institution paying rewards or fines or other person or partnership paying lottery prizes etc. to deduct income tax
158. Provisions of Chapter XVI to apply in relation to any deduction under this Chapter
159. Registration of persons conducting lotteries or betting or gambling activities
160. Persons paying annuity, royalty, management fee or similar payment to deduct income tax
161. Application of the provisions of Chapter XVI to this Chapter
162. Retention of fifteen per centum of moneys lying to the credit of a contributor to a specified provident fund, to meet any tax payable
163. Assessments and additional assessments
164. Notice of Assessment
165. Appeals to the Commissioner-General
166. Constitution of the Board of Review
167. Appeals to the Board of Review
168. Commissioner-General may refer appeals to the Board of Review
169. Hearing and determination of appeals by the Board of Review
170. Appeal on a question of law to the Court of Appeal
171. Assessments or amended assessments to be final
172. Penalty for incorrect return
173. Tax in default and sums added thereto
174. Punishment for tax in default
175. Tax to include fines etc
176. Tax to be a first charge
177. Notice to defaulter
178. Recovery of tax by seizure and sale
179. Proceedings for recovery before Magistrate
180. Recovery of tax out of debts & c
181. Transfer of immovable property to Government in lieu of payment of tax in cash
182. Tax in default to be recovered from remuneration of employee
183. Tax in default of partner to be recovered from the assets of a partnership
184. Recovery of income tax from the income of a child
185. Recovery of income tax payable by a beneficiary from the trustee
186. Recovery of income tax payable by a beneficiary from the executor
187. Gift tax to be recovered from the donee in certain circumstances
188. Recovery of tax from persons leaving Sri Lanka
189. Use of more than one means of recovery
190. Power of Commissioner-General to obtain information for the recovery of tax
191. Liability of directors of private company in liquidation
192. Delegation of Commissioner- General's powers and functions
193. Action not to commence after expiry of five years in certain circumstances
194. Signature and service of notice
195. Validity of notices, assessments etc
196. Precedent partner to act on behalf of a partnership
197. Principal officer to act on behalf of company or body of persons
198. Who may act for incapacitated or non-resident person
199. Indemnification of representative
200. Tax paid in excess to be refunded
201. Interest payable on the amount of a refund in certain circumstances
202. Penalties for failure to make returns making incorrect returns &c
203. Breach of secrecy and other matters to be offences
204. Penal provisions relating to fraud &c
205. Tax to be payable notwithstanding any prosecution or conviction for an offence under this Act
206. Prosecution to be with the sanction of the Commissioner- General
207. Admissibility of statements and documents in evidence
208. Officers
209. Official Secrecy
210. Inland Revenue Incentive Fund
211. Commissioner- General may pay rewards to informants
212. Regulations
213. Forms
214. Power to search buildings or places
215. Power to search business premises
216. Sinhala text to prevail in case of inconsistency
217. Interpretation
218. Application of the Inland Revenue Act, No. 38 of 2000
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