32.
| (1) Subject as hereinafter provided, income tax shall be charged, for each year of assessment commencing on or after April 1, 1979, on the taxable income for that year of assessment of any person -
| | (a) if he is an individual other than a receiver, trustee, executor or liquidator acting in such capacity, at the appropriate rates specified in the First Schedule to this Act, or | | |
| | (b) if such person is a person other than a company or an individual to whom paragraph (a) applies at the appropriate rates specified in the Third Schedule to this Act. | | |
|
|
| (2) Where in consequence of the inclusion in the statutory income of an individual for any year of assessment of -
| | (a) a sum received in commutation of a pension, or | | |
| | (b) a sum received as a retiring gratuity, or | | |
| | (c) any sum received as compensation for loss of office or employment, or | | |
| | (d) a sum paid to him, at the time of his retirement from any employment, from a provident fund approved by the Commissioner-General other than such part of that sum as represents his contributions to that provident fund made after April 1, 1954, or | | |
| | (e) any sum paid from a regulated provident fund to an employee (other than such part of that sum as represents the contributions made by the employer to that fund prior to April 1, 1968, and the interest which accrued on such contributions made by the employer if, in respect of such contributions made by the employer and the interest which accrued on such contributions made by the employer, tax at the rate of fifteen per centum has been paid by the employer), | | |
|
|
| (3) Where the taxable income of a person includes any capital gain, and the rate of the income tax payable on a part of such income (hereinafter in this subsection referred to as the " relevant part of the income ") exceeds twenty-five per centum, then, in regard to the relevant part of the income, the tax shall be computed as follows: -
| | (a) if the relevant part of the income exceeds the amount of such capital gains-
| | | (i) the tax payable on such portion of the relevant part of the income as is equal to the amount of such capital gain shall be at the rate of twenty-five per centum; and |
| (ii) the tax payable on the balance of the relevant part of the income shall be computed according to such of the rates of the tax above twenty-five per centum as are applicable thereto under this Act; and |
|
| | (b) if the relevant part of the income does not exceed the amount of the net capital gain, the tax payable on the entirety of the relevant part of the income shall be twenty-five per centum notwithstanding anything to the contrary in this Act. | | |
|
|
| (4) Where a body of persons resident in Sri Lanka carries on or operates a provident, building, savings or thrift society or fund, and -
| | (a) where the Commissioner-General is satisfied that the majority of the persons forming such society or of the contributors to such fund have either no taxable income, or taxable income wholly chargeable at rates not exceeding twenty per centum; or | | |
| | (b) where such society or fund has been approved by the Commissioner-General under section 23 (1) (j), | | |
|
|
| (5) The amount of the income tax payable for any year of assessment by any charitable institution shall not exceed the amount of the assessable income of such charitable institution for that year of assessment reduced by twelve thousand rupees. |
|
|
Sri Lanka Consolidated Acts