20. Section 125 of the principal enactment is hereby amended in subsection (2) of that section by the substitution, in paragraph (ii) of the proviso to that subsection, for all the words and figures from '" For the - purposes of this paragraph " to the end of that paragraph, of the following words and figures :" 'for the purposes of this paragraph "income tax"
| (a) in relation to a company for any year of assessment commencing on or after April 1, 1985, shall not include, tax payable by that company, under paragraph (b) or paragraph, (c) of subsection (1) of section 33, for that year of assessment; and |
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| (b) in relation to any person, for any year of assessment commencing on or after April 1. 1990, means, the income tax which would have been payable by such person for the year preceding that year of assessment '(hereinafter referred to as " the preceding year) had any profits and income (other than the net annual value of a residence and any subsidy exempt from income tax under this Act) which were exempt from income tax, under this Act, or any other law and in respect of which such exemption ceased in such preceding year, been taken in account in computing the assessable income of that person for that year of assessment.'. |
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Sri Lanka Consolidated Acts