11. The following new section is hereby inserted immediately after section 16E, and shall have effect as section 16F, of the principal enactment :-
| 16F
| | (1) In this section " approved expenditure " means-
| | | (a) a donation made in money or otherwise to the Government of Sri Lanka, to a local authority, to a fund established by the Government of Sri Lanka or to a fund established by a local authority and approved by the Minister, and |
| (b) expenditure incurred by any person on any project included in a development plan of the Government of Sri Lanka if such expenditure was incurred-
|
|
| | (2) For the purposes of this section, the amount of a donation made to the Government of Sri Lanka otherwise than in money shall be the value of such donation, and such value shall-
| | | (i) be the actual cost to the donor of the property |
| (ii) where the actual cost cannot be ascertained ,be the market value of the property donated. |
|
| | (3) where the entirety of the assessable income of a wife or a 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 approved expenditure made by such wife or child shall, for the purposes of this section, be deemed to be an approved expenditure made by the head of the family. | | |
| | (4) The amount of any approved expenditure incurred or deemed to have been incurred by any person in any year of assessment commencing on or after April 1, 1978, shall be deducted as far as possible from the assessable income of that person for the year of assessment immediately succeeding that in which such expenditure was incurred or was deemed to have been incurred and, so far as it cannot be so deducted then from the assessable income of that person for the next year of assessment and so on." | | |
|
|
|
Sri Lanka Consolidated Acts