28. Section 98 of the principal enactment as last amended by Act, No.12 of 2004 is hereby further amended as follows :-
| (1) in paragraph (b) of subsection (1C) of that section, by the substitution for the words "Where there were no remittances declared during" of the words "Where there were ho remittances made during"; and |
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| (2) by the insertion immediately after subsection (1C) of that section of the following new subsections :-
| | "(ID)
| | | (a) Any individual who satisfies any four requirements out of the five requirements specified in paragraph (b) of this subsection, during any year of assessment commencing on or after April 1,2005, shall submit a return of income to the Commissioner - General not later than one month after the fulfillment of such requirements. |
| (b) For the purpose of paragraph (a) of this subsection, the requirements shall be as follows:-
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| | (1E) Every person chargeable to pay income tax under any provisions of this Act, shall be required to declare -
| | | (a) the value of every asset and liability, as at the last day of any year; of assessment commencing on of after April 1,2005 ;and |
| (b) any profits or income exempted from the payment of income tax under this Act, for any year of assessment commencing on or after April 1,2005". |
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Sri Lanka Consolidated Acts