3. The following new section is hereby inserted immediately after section 12, and shall have effect as section 12a, of the principal enactment:-
| 12A.
| | (1) Every person who carries on or exercises any trade, business, profession or vocation commenced prior to April 1, 1972, shall subject to the provisions of subsection (4) make up the accounts of that trade, business, profession or vocation in accordance with the following provisions:-
| | | (a) where his statutory income from that trade, business, profession or vocation, for the year of assessment commencing on April 1,1973,has been computed by reference to an account made up to March 31, 1973, or would have been so computed had there been a profit, he shall make up the accounts of that trade, business, profession or vocation for the successive periods of twelve months ending on March 31, 1974, and March 31, 1975, respectively and for the period of nine months ending on December 31, 1975; |
| (b) where his statutory income from that trade, business, profession or vocation for the year of assessment commencing on April 1, 1973, has been computed by reference to an account made up to December 31, 1972, or would have been so computed had there been a profit, he shall make up the accounts of that trade, business, profession or vocation for the successive periods of twelve months ending on December 31, 1974, and December 31, 1975, respectively; and |
| (c) where his statutory income from that trade, business, profession or vocation for the year of assessment commencing on April 1, 1973, has been computed by reference to an account made up to a date other than the thirty-first day of December or thirty-first day of March in the year preceding that year of assessment, or would have been so computed had there been a profit, he shall make up the accounts of that trade, business, profession or vocation-
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| | (2) Every person who carries on or exercises any trade, business, profession or vocation commenced on or after April 1, 1972, but before April 1, 1975, shall, subject to the provisions of subsection (4), make up the accounts of that trade, business, profession or vocation in accordance with the following provisions: -
| | | (a) where he makes up or has made up the first account of that trade, business, profession or vocation for a period ending on March 31 of any year, he shall make up the accounts of that trade, business, profession or vocation for each successive period of twelve months up to March 31, 1975, and for the period of nine months commencing on April 1, 1975, and ending on December 31, 1975; |
| (b) where he makes up or has made up the first account of that trade, business, profession or vocation for a period ending on December 31 of any year, he shall make up the accounts of that trade, business, profession or vocation for each successive period of twelve months up to December 31,1975; and |
| (c) where he makes up or has made up the first account of that trade, business, profession or vocation for a period ending on a date other than March 31, or December 31, of any year he shall make up the accounts of that trade, business, profession or vocation-
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| | (3) Every person who commences on or after April 1, 1975, to carry on or exercise any trade, business, profession or vocation shall, subject to the provisions of subsection (4), make up the first account of that trade, business, profession or vocation up to December 31, 1975. | | |
| | (4) Where any person is unable to comply with the preceding provisions of this section in relation to any trade, business, profession or vocation carried on or exercised by him, he shall give notice in writing to the Commissioner setting out the reasons for his inability to comply with those provisions. The Commissioner may, if satisfied with the reasons set out, direct such person to makeup the accounts of that trade, business, profession or vocation for such periods as may be specified in that direction and it shall be the duty of such person to comply with the direction: | | |
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Sri Lanka Consolidated Acts