Sri Lanka Consolidated Acts

Inland Revenue Act (No. 28 of 1979)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title  
   2.	   Imposition income tax  
   3.	   Income chargeable with tax  
   4.	   Profits from employment  
   5.	   Net annual value of land and improvements thereon  
   6.	   Profits or income arising from rents of land and improvements thereon  
   7.	   Capital gains  
   8.	   Exemption from income tax of certain persons (other than individuals) on the whole or any part of their profits and income  
   9.	   Exemption from income tax of certain profits and income of certain officers and employees  
   10.	   Exemption from income tax of certain interest received  
   11.	   Exemption from income tax of certain dividends  
   12.	   Exemption from income tax of certain profits and income from lands and improvements thereon  
   13.	   Exemption from income tax of certain subsidies  
   14.	   Exemption from income tax of certain capital gains  
   15.	   Miscellaneous exemptions from income tax  
   16.	   Exemption from income tax of profits and income of certain under- takings related to tourist hotels  
   17.	   Exemption from income tax of profits and income of certain companies engaged in fishing, animal husbandry. sericulture and agriculture  
   18.	   Exemption from income tax for profits and income of certain small scale under- takings for the production or manufacture of commodities  
   19.	   Exemption from income tax for profits and income of certain undertakings for the milling of paddy  
   20.	   Exemption from income tax for the export profits and income of certain undertakings  
   21.	   Exemption from income tax for profits from the construction and first sale of certain houses  
   22.	   Exemption from income tax of profits and income of certain non resident contractors  
   23.	   Ascertainment of profits or income  
   24.	   Deductions not allowed in ascertaining profits and income  
   25.	   Basis for computing statutory income  
   26.	   Apportionment of profits  
   27.	   Total statutory income  
   28.	   Aggregation of the total statutory income of a child with that of his parent  
   29.	   Deductions from total statutory income in arriving at assessable income  
   30.	   Taxable income  
   31.	   An allowance in respect of qualifying payments  
   32.	   Rates of income tax on persons other than companies  
   33.	   Income tax to which resident companies are liable  
   34.	   Income tax to which non-resident companies are liable  
   35.	   Certain dividends not to form part of the assessable income of the receiving company  
   36.	   Profits of a company from transactions with its share-holders  
   37.	   Resident company to deduct tax at five per centum on dividends payable to a non-resident company  
   38.	   Resident company entitled to deduct tax of 33 1/3 per centum from. any dividend  
   39.	   Certain undistributed profits to be treated as distributed  
   40.	   Provisions applicable where the profits and income of a company are appropriated by the director etc. of that company  
   41.	   Charge to wealth tax  
   42.	   Persons to whom this Chapter shall not apply  
   43.	   Definition of wealth  
   44.	   Wealth to include certain property  
   45.	   Certain property to be excluded from wealth  
   46.	   Aggregation of the wealth of a child with that of his parent  
   47.	   Net wealth  
   48.	   Taxable wealth  
   49.	   value of property which constitutes wealth  
   50.	   Wealth tax payable not to exceed a certain amount  
   51.	   Charge of the gifts tax  
   52.	   Meaning of gift  
   53.	   Gifts to include certain transfers  
   54.	   Gifts not to include certain transfers  
   55.	   Taxable gifts and the computation of the gifts tax payable  
   56.	   Determination of value of gifts  
   57.	   Deduction of stamp duty from gifts tax payable  
   58.	   Donee liable to pay gifts tax in certain circumstances  
   59.	   Assessment of child's income and wealth  
   60.	   Returns to be furnished by receivers and trustees and their liability to tax  
   61.	   Chargeability to tax of trustee of an incapacitated person  
   62.	   Liability of executor to tax payable by deceased person  
   63.	   Return to be furnished by executors and chargeability of executors and beneficiaries  
   64.	   Joint trustees and executors  
   65.	   Assessment of partner ship income  
   66.	   Assessment to be made in the name of the partnership in certain circumstances  
   67.	   What constitutes residence  
   68.	   Persons assessable on behalf of a non resident person  
   69.	   Liability of certain non resident persons  
   70.	   Profits of certain businesses to be computed on a percentage of the turn- over  
   71.	   Profits of non-resident persons from sale of exported produce  
   72.	   Liability to income tax of certain profits of non-resident persons  
   73.	   Exemption of income of non-resident persons in certain cases and liability of certain non-resident persons to income tax at reduced rates  
   74.	   Profits of non residentship owners or chatterers  
   75.	   Master of ship to be an agent  
   76.	   Refusal of clearance for ship where income tax is in arrear  
   77.	   Profits of non-resident owners or chatterers of aircraft  
   78.	   Applications of sections 74 (2), 75 and 76. to profits of non-resident owners or chatterers of aircraft  
   79.	   Ascertainment of profits of insurance companies  
   80.	   Ascertainment of profits of the Insurance Corporation of Ceylon from the business of life insurance  
   81.	   Deduction of income tax from interest &c. payable to persons out side Sri Lanka  
   82.	   Effect of agreements for double taxation relief  
   83.	   Relief in respect of Common- wealth income tax  
   84.	   Relief in respect of Sri Lanka wealth tax  
   85.	   Relief from income tax in respect of certain profits and income of companies related to tourist hotels  
   86.	   Reduction of wealth tax when the total of income tax and wealth tax exceeds certain limits  
   87.	   Applicability of provisions. relating to particular sources of profits or income  
   88.	   Income from certain dividends to include tax thereon  
   89.	   How certain receipts from insurance are to be treated  
   90.	   Ascertainment of income of clubs, trade, associations &c  
   91.	   Certain transactions and dispositions to be disregarded  
   92.	   Returns and information be furnished  
   93.	   Returns to be furnished of income received on account of, or paid to, other persona  
   94.	   Occupiers to furnish returns of rent payable  
   95.	   Return of lodgers and inmates  
   96.	   Power of Commissioner-General to impose penalty for failure to furnish return  
   97.	   Payment of tax by self- assessment  
   98.	   Employers to deduct income tax  
   99.	   Employers to give notice to Commissioner- General  
   100.	   Application of income tax tablet  
   101.	   Directions to employers  
   102.	   Employers to maintain proper records  
   103.	   Duties of employers following deductions of income tax  
   104.	   Adjustments of amount of income tax not paid or paid in excess  
   105.	   Employee to give notice when necessary deductions are not made  
   106.	   Income tax deducted not to form part of assets of employers  
   107.	   Default in the deduction or payment of income tax  
   108.	   Issue of assessments on employers  
   109.	   Appeals  
   110.	   Penalty for default  
   111.	   Credit for tax paid  
   112.	   Compliance the provision of this Chapter A. relating to forms  
   113.	   Interpretation  
   114.	   Retention of 15 per centum of moneys lying to the credit of a contributor to a specified provident fund to meet any tax payable  
   115.	   Assessments and additional assessments  
   116.	   Notice of assessment  
   117.	   Appeals to the Commissioner General  
   118.	   Constitution of the Board of Review  
   119.	   Appeals to the Board of Review  
   120.	   Commissioner General may refer appeals to the Board of Review  
   121.	   Hearing and determination of appeals by the Board of Review  
   122.	   Appeal on a question of law to the Court of Appeal  
   123.	   Assessments or amended assessments to be final  
   124.	   Penalty incorrect return  
   125.	   Tax in default and sums added thereto  
   126.	   Tax to be include fines, &c  
   127.	   Tax to be first charge  
   128.	   Notice to defaulter  
   129.	   Recovery of tax by seizure and sale  
   130.	   Proceedings for recovery before a Magistrate  
   131.	   Recovery of tax out of debts &c  
   132.	   Tax in default to be recovered from remuneration of employee  
   133.	   Tax in default of a partner to be recovered from the assets of a partnership  
   134.	   Recovery of income tax of wealth tax from the income or wealth of a child  
   135.	   Recovery of income tax and wealth tax payable by a beneficiary from the trustee  
   136.	   Recovery of income tax and wealth tax payable by a beneficiary from the executor  
   137.	   Gifts tax to be recovered from the donee in certain circumstances  
   138.	   Recovery of tax from person leaving Sri Lanka  
   139.	   Use of more than one means of recovery  
   140.	   Power of Commissioner-General to obtain information for the recovery of tax  
   141.	   Liability of directors of private company in liquidation  
   142.	   Delegation of Commissioner- General's powers and functions  
   143.	   Signature and service of notices  
   144.	   Validity of notices, assessments &c  
   145.	   Precedent partner to act on behalf of a partner ship  
   146.	   Principal officer to action behalf of company or body of persons  
   147.	   Who may act for incapacitated or non resident person  
   148.	   Indemnification of representative  
   149.	   Tax paid in excess to be refunded  
   150.	   Interest payable on the amount of a refund in certain circumstances  
   151.	   Penalties for failure to make returns, making incorrect returns &c  
   152.	   Breach of secrecy and other matters to be offences  
   153.	   Penal provisions relating to fraud &c  
   154.	   Tax to be payable notwithstanding any prosecution or conviction for an offence under this Act  
   155.	   Prosecutions to be with the sanction of the Commissioner- General  
   156.	   Admissibility of statements and documents in evidence  
   157.	   Officers  
   158.	   Official secrecy  
   159.	   Regulations  
   160.	   Forms  
   161.	   Power to search buildings or places  
   150.	   Special provisions relating to income tax pay able for the year of assessment commencing on April 1. 1979  
   163.	   Interpretation  
   150.	   Application of the Inland Revenue Act, No. 4 of 1963