5. Where the aggregate of -
| (a) the income tax payable for the relevant year; |
|
| (b) the wealth tax payable for the relevant year ; and |
|
| (c) the surcharge on income tax payable under this Act, |
|
by any person, exceeds eighty per centum of the aggregate of the assessable income of that person for that year and any profits and income (other than the net annual value of a residence and any subsidy exempt from income tax under the Inland Revenue Act), being profits and income exempt from income tax under that Act, or any other enactment and which but for that exemption would have been taken into account in computing the assessable income of that person for the relevant year, the amount of such excess shall be set off against such surcharge on income tax. |
Sri Lanka Consolidated Acts