Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 10 of 2006) - Sect 3

Income chargeable with Tax

3. For the purpose of this Act, "profits and income" or "profits" or "income" means-
(a) the profits from any trade, business, profession or vocation for however short a period carried on or exercised;
(b) the profits from any employment;
(c) the net annual value of any land and improvements thereon occupied by or on behalf of the owner, in so far as it is not so occupied for the purposes of a trade, business, profession or vocation;
(d) the net annual value of any land and improvements thereon used rent-free by the occupier, if such net annual value is not taken into account in ascertaining profits and income under paragraphs (a), (b) or (c) of this section, or where the rent paid for such land and improvements is less than the net annual value, the excess of such net annual value over the rent to be deemed in each case the income of the occupier;
(e) dividends, interest or discounts;
(f) charges or annuities;
(g) rents, royalties or premiums;
(h) winnings from a lottery, betting or gambling ;
(i) in the case of a non governmental organisation, any sum received by such organisation by way of grant, donation or contribution or any other manner ; and
(j) income from any other source whatsoever, not including profits of a casual and non-recurring nature.


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