Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963) - Sect 55

Deduction of certain expenses in ascertaining profits from agriculture. [ 23, 18 of 1965.]

53A.
(1) For the purpose of ascertaining the profits from any agricultural land, the succeeding provisions of this section shall apply in addition to, and shall be read with, Chapter II.
(2) There shall be deducted for the purposes of ascertaining the profits or income for any year of assessment commencing on or after April 1, 1965, of any land used for purposes of agriculture all expenses incurred-
(a) in opening up that land for cultivation, and
(b) in cultivating that land with palms, trees, bushes or foodstuffs for the purpose of producing coconut, rubber, tea, cocoa or other produce.

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