6. Section 10 of the principal enactment is hereby amended as follows: -
| (1) in subsection (1) of that section,- (a) by the substitution, for paragraph (a) of that subsection, of the following new paragraph: -
| | " (a) such sum as the Commissioner-General in his discretion considers reasonable for the depreciation by wear and tear of plant, machinery and fixtures arising out of their use by such person as the owner thereof in a trade, business, profession, vocation or employment carried on or exercised by him, such sum being calculated normally at a fixed rate per centum per annum on the written-down value : | | |
| | (b) by the insertion, immediately after paragraph (g) of that subsection, of the following paragraph :-
| | | " (gg) any sum expended on or after April 1, 1978, by such person being a person who is professionally qualified, in payment of subscription to any professional association of which he is a member or in the purchase of professional books, journals and reports;"; |
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| | (c) in paragraph (h) of that subsection by the substitution, for the proviso to that paragraph, of the following new proviso: - | | |
| | (d) in paragraph (i) of that subsection, by the substitution, for the proviso to that paragraph, of the following new proviso : - | | |
| | (e) by the substitution, for paragraph (j) of that subsection, of the following paragraph : -
| | | " (j) any sum expended by such person for the repair (not renewal) of plant, machinery or fixtures employed for producing the income, or the cost of renewal of any plant, machinery or fixtures, if no deduction for depreciation thereof or allowance thereof has been allowed under paragraph (a) or paragraph (h) or paragraph (I) or paragraph (m) or paragraph (n) of this subsection, or under paragraph (a) of subsection (1) of section 11 of the Income Tax Ordinance, or any sum expended for the renewal of any building, implement, utensil or articles so employed, if no deduction for depreciation thereof or allowance therefor has been granted under paragraph (i) or paragraph (1) or paragraph (m) or paragraph (o) or paragraph (p) of this subsection, or any sum expended for the repair of any building, implement, utensil or articles so employed;"; |
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| | (f) by the insertion, immediately after paragraph (k) of that subsection, of the following new paragraph : -
| | | " (kk) in respect of any year of assessment commencing on or after April 1, 1978-
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| | (g) by the substitution, for paragraph (l) of that subsection, of the following new paragraph : -
| | | "(l) any sum expended by such person in the purchase and installation, or in the purchase, as the case may be of-
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| | (h) by the insertion, immediately after ' paragraph (m) of that subsection, of the following new paragraphs: -
| | | " (n) an allowance in respect of any plant, machinery or fixtures acquired by him in the year preceding the year of assessment and used by him in any trade, business, profession, vocation or employment carried on or exercised by him, such allowance being an amount equal to-
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| | (o) an allowance equal to the sum expended by him in the year preceding the year of assessment in the construction of a building for the purpose of any undertaking carried on by him for occupation as a dwelling house by any member of the staff employed by such person in such undertaking other than an executive officer: | | |
| | (p) an allowance equal to fifty per centum of any sum expended by him in the construction, in the year preceding the year of assessment, of any building-
| | | (i) for the purpose of any agricultural or industrial undertaking or any approved project within the meaning of subsection (5) carried on by such person-
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| (ii) for use solely as a warehouse for the purpose of a trade or business carried on by such person ; |
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| (2) by the repeal of subsection (5) of that section and the substitution therefor of the following new subsection: -
| | '(5) There shall be deducted for the purpose of ascertaining the profits and income of any person-
| | | (a) a sum equal to twenty per centum of the expenditure actually incurred by him in the purchase and installation of any new plant, machinery or fixtures to be used by him in the commencement by him of a trade or business (other than an agricultural project) which is not an approved project; |
| (b) a sum equal to forty per centum of the expenditure actually incurred by him in the purchase and installation of any new plant, machinery or fixtures to be used by him in an agricultural under-taking or in the commencement by him of a trade or business which is an approved project; |
| (c) a sum equal to twenty per centum of the expenditure actually incurred by him in constructing or renewing any building, for the purposes of any industrial undertaking other than an approved project, to be used as a staff welfare building or as a dwelling house by any member of the subordinate staff employed by him in, or for the purposes of, or in connection with, such undertaking or as a building to be occupied for the purposes of such undertaking other than as a dwelling house; |
| (d) a sum equal to forty per centum of the expenditure actually incurred by him in constructing or renewing any building, for the purposes of any approved project or agricultural undertaking, to be used as a staff welfare building, or as a dwelling house by any member of the subordinate staff employed by him in, or for the purposes of, or in connection with, such project or undertaking, or as a building to be occupied for the purposes of such project or undertaking other than as a dwelling house; |
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| (3) in subsection (9) of that section-
| | (a) by the substitution, for all the words and figures commencing from " No deduction " to " acquired by him if- ", of the following:- | | |
| | (b) by the substitution, for all the words, and figures commencing from " the profits and income of which " to " section 7A; ", of the following: | | |
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Sri Lanka Consolidated Acts