25.
| (1) The statutory income of every person for each year of assessment from every source of his profits and income in respect of which tax is chargeable shall be the full amount of the profits or income which was derived by him or arose or accrued to his benefit from such source during that year of assessment notwithstanding that he may have ceased to possess such source or that such source may have ceased to produce income. |
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| (2) Every person who carries on or exercises any trade, business, profession or vocation shall, subject to the provisions of subsection (3), make up the accounts of that trade, business, profession or vocation for each successive period of twelve months ending on the thirty-first day of March each year: |
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| (3) Where any person is unable to comply with the provisions of subsection (2) in relation to any trade, business, profession or vocation carried on or exercised by him, he shall give notice in writing to the Commissioner- General setting out the reasons for his inability to comply with those provisions. The Commissioner-General may, if satisfied with the reasons set out in such notice, direct such person to make up the accounts of that trade, business, profession or vocation for such periods as may be specified in that direction and it shall be the duty of such person to comply with the direction : |
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Sri Lanka Consolidated Acts