3. Section 5 of the principal Act is hereby amended by the insertion, immediately after subsection (3) of that section, of the following new subsection:-
| "(4) Where for any year of assessment commencing on or after April 1, 1971, the profits and income of an individual consist-
the profits and income not exceeding six hundred rupees derived from sources other than a trade, business, profession or vocation, shall be exempt from income tax. ". | | (a) only of profits from employment carried on or exercised by him, or by him and any member of his family (other than occupational income), during that year of assessment, such profits not exceeding twelve thousand rupees; and | | |
| | (b) of profits and income of such individual and any member of his family, such profits and income not exceeding six hundred rupees from any source other than a trade, business, profession or vocation carried on or exercised by him or by any member of his family during the year preceding that year of assessment, | | |
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Sri Lanka Consolidated Acts