Inland Revenue (Amendment) Act (No. 37 of 2003)

Sri Lanka Consolidated Acts

Amendment of section 98 of the principal enactment

45. Section 98 of the principal enactment is hereby amended as follows :"

(1) in subsection (1) of that section, by the substitution for the words "the income of such child." of the words "the income of such child : ".

(2) by the insertion immediately after subsection (1) of that section of the following proviso :"

(3) in subsection (2) of that section by the substitution for the words "an assessor" of the words "a Deputy Commissioner''.;

(4) by the Insertion immediately after subsection (4) of that section, of the following subsection :"

	"(4A) Where any person receives an intimation under subsection (4). such person may within thirty days of receipt of such intimation furnish necessary particulars required to make such return a proper return and the provisions of subsection (3) shall, thereafter not apply in respect of such return.".

(5) by the repeal of subsection (5) of that section and substitution therefor of the following subsection :"

	"(5) Where any person carries on or exercises more than one business, trade, profession or vocation and the profits and income from such business, trade, profession or vocation are chargeable with tax at different rates, such person shall maintain and prepare statements of accounts in a manner that the profits and income from each such activity may be separately identified.".;

(6) in subsection (6) of that section"

	(a) in paragraph (b) of that subsection by the substitution for the words "by such person.'" of the words "by such person :":

	(b) by the insertion immediately after paragraph (b), of that subsection of the following :

(7) in subsection (7) of that section"

	(a) in paragraph (b) of that subsection by the substitution for the words "regarding his income.", of the words "regarding his income : ";

	(b) by the insertion immediately after paragraph (b) of that subsection of the following proviso :"

(8) in subsection (8) of that section"

	(a) in paragraph (c) of that subsection by the substitution for the words "class of persons.", of the words "class of persons : '';

	(b) by the insertion immediately after paragraph (c) of that subsection of the following proviso :"

(9) in subsection (10) of that section-

	(a) by the substitution for the words "his possession.'', of the words "his possession :";

	(b) by the insertion immediately after that subsection , of the following proviso "