107.
| (1) An Assessor may give notice in writing to a partner of a partnership or to any other person, who carries on or exercises any trade, business, profession or vocation, requiring such person to furnish 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 a statement of accounts and any schedules containing such particulars as may be specified in the notice of such trade, business, profession or vocation, for that year of assessment or for any period in respect of which the statutory income for that year of assessment is computed: |
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| (2)Where a statement of accounts in support of a return of income furnished by any person for the purposes of this Act, is prepared by an approved accountant, such statement shall be accompanied by -
| | (a) a certificate of an approved accountant in such form and containing such particulars, as may be specified by the Commissioner-General; and | | |
| | (b) schedules containing such particulars relating to the statement of accounts, as may be specified by the Commissioner-General: | | |
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| (3)For the purposes of this section -
| | (a) "approved accountant" means -
| | | (i) an accountant who is a member of the Institute of Chartered Accountants of Sri Lanka; |
| (ii) an accountant who is approved by the Commissioner-General for the purpose of the definition of authorized representative; |
| (iii) any individual who is registered as an auditor under the Companies (Auditors) Regulations and approved by the Commissioner-General for the purpose of the definition of "authorized representative"; or |
| (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 fifty million rupees; |
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| | (b) "net profit" in relation to any trade, business, profession or vocation, means net profit ascertained in accordance with accepted commercial practices and accounting standards; | | |
| | (c) "turnover" in relation to any trade, business, profession or vocation and to any period, means the total amount received or receivable from transactions entered into, or, for services performed, during that period in carrying on or exercising such trade, business, profession or vocation (excluding any amount received or receivable from the sale of capital assets). | | |
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Sri Lanka Consolidated Acts