38. The wealth tax payable by any person for any year of assessment shall not exceed eighty per centum of his assessable income for that year of assessment.* ["14
| (1) Notwithstanding anything to the contrary in any law for the time being applicable to the taxable wealth of any person in the capacity of a trustee of a trust which, or any corporation or unincorporate body of persons who or which, is a charitable institution within the meaning of the Income Tax Ordinance, where the net wealth of such person, corporation or unincorporate body of persons, as the case may be, for any year of assessment during the period commencing on April 1, 1959, and ending on March 31, 1963, exceeds one hundred thousand rupees, the entirety of the net wealth of such person, corporation or unincorporate body of persons shall be the taxable wealth of such person, corporation or unincorporate body of persons and such person, corporation or unincorporate body of persons shall be liable to make the contribution in respect of such taxable wealth to the Personal Tax under the Personal Tax Act, No. 14 of 1959, for that year of assessment. |
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| (2) Where, before 18th August, 1964, any person, corporation or unincorporate body of persons mentioned in subsection (1) of this section has, for any year of assessment within the period mentioned in that subsection, made a contribution to the Personal Tax in respect of taxable wealth, such contribution shall be refunded to such person. corporation or unincorporate body of persons if such person corporation or unincorporate body of persons is not liable to make such contribution under the provisions of subsection (1) of this section. "--See section 14 of Act No. 12 of 1964.] |
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Sri Lanka Consolidated Acts