16. Section 29 of the principal enactment as last amended by Act, No. 37 of 2003. is hereby further amended as follows:-
| (1) by the insertion immediately after subsection (1B) of that section of the following :" |
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| (2) by the repeal of subsection (1C) of that section , and the substitution therefore of the following subsection . -
| | "(1C) The assessable income of any person shall not include "
| | | (b) the receipt of any lottery prize or winnings from gambling or betting from which tax has been deducted under section 132A ; and |
| (c) interest received on the compensation payable in respect of any immovable or movable property vested in the Government or in the Land Reform Commission or in a Public Corporation from which the income tax has been deducted under section 33."'; |
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| (3) in subsection (2) of that section-
| | (a) by the substitution in paragraph (aa) of that subsection, for the words "on or after April 1, 2002", of the words "on or after April 1, 2002 but prior to April 1, 2004" | | |
| | (b) by the insertion immediately after paragraph (aa) of that subsection, of the following new paragraph :"
| | | "(aaa) sums paid by such person for any year of assessment commencing on or after April 1, 2004 by way of annuity, ground rent, loyalty or interest not deductible under section 23, which amount has not previously been allowed as a deduction under this section on the basis of amount payable or paid : |
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| | (c) by the omission of all the words from "which if it had been a profit" to "as the case may be;", appearing immediately after paragraph (c) of that subsection; | | |
| | (d) by "the substitution in paragraph (d) of that section, for the words "income of a previous year of assessment;", of the words - | | |
| | (e) the proviso to paragraph (d), and the proviso to subsection (2) as inserted by Act No. 37 of 2003, are hereby repealed ; | | |
| | (f) by the insertion immediately after paragraph (e) of that subsection, the following new paragraph
| | | (f) The amount of a loss (other than any capital loss) incurred by such person in any year of assessment commencing on or after April 1, 2004, in any trade, business, profession or vocation which if it had been a profit would have been assessable under this Act, including any such loss brought forward from a previous year which has not been deducted under this section previously, and any deemed loss under paragraph (ii) of proviso to paragraph (aaa) of subsection (2), and where such amount of the loss has been ascertained in the manner provided in this Act for ascertainment of profits from a trade, business, profession or vocation and claimed in the return of income furnished by such person and supported by a statement of account certified by an approved accountant, up to a maximum limit of thirty five per centum of the total statutory income for that year, and any loss which cannot be deducted may be carried forward to the next year of assessment, and so on : |
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| (4) by the insertion immediately after subsection (2) of that section, the following new subsection :- |
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| (2A) The provisions of paragraphs (b), (c), (d) and (e) of subsection (2)- shall have no application with effect from April 1, 2004."; and |
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| (5) by the substitution in paragraph (b) of subsection (3) of that section, for the words and figures "provided in paragraph (b), (c) or (d), of subsection (2)", of the words and figures "provided in paragraphs (b), (c), (d) or (f) of subsection (2).". |
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Sri Lanka Consolidated Acts