34.†
| (1) Where the net wealth for any year of assessment of a charitable institution exceeds one hundred thousand rupees, the entirety of such net wealth shall be the taxable wealth of such institution, and such institution shall be liable to the wealth tax in respect of such taxable wealth. |
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| (2) The amount of the wealth tax which a charitable institution is liable to pay in respect of its taxable wealth for any year of assessment shall not be more than the amount by which its taxable wealth exceeds one hundred thousand rupees. [ † The amendment made in section 34 by section 10 (1) of Act No. 12 of 1964, shall be deemed to have come into force on March 33, 1963, and accordingly any sum paid by a charitable institution as wealth tax shall be refunded to such institution if such institution is under section 34 as amended by section 10 (1) of the Act No. 12 of 1964, not required to pay such sum as wealth tax.-See section 10 (2) of Act No. 12 of 1964.] |
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Sri Lanka Consolidated Acts