40. Section 105 of the principal enactment is hereby amended as follows: -
| (a) by the renumbering of that section as subsection (1) of that section; and |
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| (b) by the insertion, immediately after subsection (1) of that section of the following new subsection: -
| | "(2) Where the aggregate of -
| | | (a) the wealth tax to which a person is liable for any year of assessment commencing on or after April 1, 1978, and |
| (b) the income tax to which such person is liable for that year of assessment, |
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exceeds eighty per centum of the aggregate of the assessable income of that person for that year of assessment and of any profits and income (other than the net annual value of a residence and any subsidy exempt from income tax under this Act), being profits and income exempt from income tax under this Act or under any other enactment, and which but for that exemption would have been taken into account in computing the assessable income of that person for such year of assessment, such excess shall be set off against the wealth tax to which he is liable for that year of assessment. |
Sri Lanka Consolidated Acts