15. Section 24 of the principal enactment as last amended by Act, No. 19 of 2003,is hereby further amended as follows:-
| (1) in subsection (1) of that section "
| | (a) by the substitution in paragraph (f) of that subsection for the words "is not treated as income", of the words "is not treated as a receipt from such trade , business, profession or vocation": | | |
| | (b) by the substitution for paragraph (o) of that subsection, of the following paragraph ."
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| | (d) by the insertion immediately after paragraph (p) of that subsection, of the following new paragraph :"
| | | "(pp) such part of the rental paid by him under any finance leasing agreement entered in to by him in any year of assessment commencing on or after April 1, 2004. in respect of"
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| | (e) by the substitution in paragraph (r) of that subsection for the words "from the sale of capital assets," of the words "from the sale of capital assets;"; and | | |
| | (f) by the addition immediately after paragraph (r) of that subsection , the following new paragraphs :"
| | | "(s) any expenditure or outgoing in relation to any asset provided by such person to any employee to be used in the residence of such employee; |
| (t) any expenditure or outgoing in relation to any movable or immovable property given by such person to any employee at a price less than market value at the time of giving such property, |
| (u) any expenditure or outgoing in relation to any loan, other advance or credit granted to any employee which is subsequently written off as a bad debt by such person.". |
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| (2) in subsection (2) by the substitution for the words "under paragraph (b) of, of the words "'under paragraph (b) or paragraph (bb) of. |
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Sri Lanka Consolidated Acts