68.
| (1) Where a person-
| | (a) during the year preceding any year of assessment pays any premia on a life insurance policy, or for the purchase of an annuity, or | | |
| | (b) during any period of employment the profits from which are included in the total statutory income of any year of assessment makes any contributions to a provident fund or to a pension fund approved by the Commissioner, | | |
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| (1A) Subsection (1) of this section shall, for each year of assessment commencing on or after April 1, 1965, have effect-
| | (a) as though, in the first proviso to that subsection, there were substituted-
| | | (i) for the words "fifteen per centum ", the words " twenty-five per centum "; |
| (ii) for the words " one-sixth of his " the words "one-fourth of his "; and |
| (iii) for the words "four thousand rupees", the words " ten thousand rupees "; and |
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| | (b) as though, in the second proviso to that subsection, there were substituted, for the words " further that, ", of the following: - | | |
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| (2) Where the entirety of the assessable income of a wife or child for any year of assessment is aggregated with the assessable income of the head of the family of which such wife or child is a member, any premia on a life insurance policy or an annuity paid by the wife or child shall, for the purposes of the preceding provisions of this section, be deemed to be premia paid by the head of the family. |
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| (3) For the purposes of this section, the effective rate of tax shall be determined as provided in subsection (3) of section 17. |
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Sri Lanka Consolidated Acts