Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963)


           Long Title

   1.	   Short title  
   2.	   Imposition of income tax  
   3.	   Income chargeable with tax  
   4.	   Special provisions regarding capital gains and capital losses and regarding the computation of income tax on taxable incomes which include the value of a prize won at a sweep or lottery  
   5.	   Exemptions  
   6.	   Exemption for profits and income of certain corporations and industrial undertakings  
   7.	   Exemption for profits and income from the export trade of approved industrial undertakings  
   8.	   Exemptions from income tax in respect of charitable institutions  
   9.	   Exemption of interest on Government loans  
   10.	   Deductions allowed  
   11.	   Deductions not allowed,  
   12.	   Basis for computing statutory income  
   13.	   Relief from tax in connection with commencement and cessation of profession, vocation or employment. Cap. 242  
   14.	   Apportionment of profits  
   15.	   Deductions from statutory income in arriving at assessable income  
   16.	   Taxable income  
   17.	   Bates of tax for year of assessment 1963-1964 and subsequent years,  
   18.	   Persons to whom this Chapter applies  
   19.	   Individuals who are deemed to be a family  
   20.	   Taxable income and the individual liable to pay income tax on such income. [ 12,18 of 1965.]  
   21.	   Allowances to be deducted from assessable income in arriving at taxable income  
   22.	   Units and fractions of units. [ 3, 12 of 1964]  
   23.	   Computation of income tax payable by individuals to whom this Chapter applies for the year of assessment ending on March 31, 1964. [ 4 (1), 12 of 1964.]  
   23A.	   Computation of income tax payable by individuals to whom this Chapter applies for any year of assessment commencing on or after April 1, 1964. [ 5. 12 of 1964.] [ 14, 18 of 1965.]  
   24.	   Proportionate allowances and proportionate charge of tax. [ 6, 12 of 1964.]  
   25.	   Tax to which resident companies are liable  
   26.	   Tax to which non-resident companies are liable  
   27.	   Resident company entitled to deduct from any dividend tax of 331/3 per centum and if so requested by the Commissioner tax at a higher rate  
   28.	   Persons to whom this Chapter shall not apply  
   29.	   Charge of the wealth tax. [ 7 (1), 12 of 1964.]  
   30.	   Wealth to include certain property  
   31.	   Certain property to be excluded from wealth  
   32.	   Taxable wealth of persons included in a family  
   33.	   Taxable wealth of person other than an Individual included in a family or a charitable institution. [ 9 (1), 12 of 1964.]  
   34.	   Taxable wealth of a charitable institution. [ 10 (1), 12 of 1964.]  
   35.	   Value of property which constitutes wealth  
   36.	   Collection of wealth tax from other members of a family. [ 20 (1), 18 of 1965.]  
   37.	   Recovery of wealth tax from trustees  
   38.	   Wealth tax not to exceed eighty per centum of assessable income  
   39.	   Charge of the gifts tax. [ 56 (1), 11 Of 1963.]  
   40.	   Gifts to include certain transfers  
   41.	   Exemption in respect of certain gifts  
   42.	   Taxable gifts of a person, and computation of amount of contribution in respect of taxable gifts to the gifts tax  
   43.	   Determination of value of gifts  
   44.	   Income of married woman  
   45.	   Separate assessment of husband and wife  
   46.	   Separate assessment of child  
   47.	   Returns to be furnished by receivers and trustees and their chargeability with tax  
   48.	   Chargeability to income tax of trustee of an incapacitated person,  
   49.	   Liability of executor to income tax and wealth tax payable by deceased person  
   50.	   Returns to be furnished by executors and charge-ability of executors and beneficiaries  
   51.	   Joint trustees and executors  
   52.	   Assessment of partnership income  
   53.	   Ascertainment of profits from estates  
   53A.	   Deduction of certain expenses in ascertaining profits from agriculture. [ 23, 18 of 1965.]  
   53B.	   [ 24, 18 of 1965.] Deduction of certain expenses in ascertaining profits from animal husbandry. [ 24, 18 of 1965.]  
   53C.	   Relief from income tax on account of goods manufactured in, and exported from, Ceylon. [ 25, 18 of 1965.]  
   54.	   What constitutes residence  
   55.	   Chargeability of certain profits of non-resident persons  
   56.	   Persons assessable on behalf of a non-resident person  
   57.	   Liability of certain non-resident persons  
   58.	   Profits of certain businesses to be computed on a percentage of the turnover  
   59.	   Profits of non-resident persons from sale of exported produce  
   60.	   Exemption of income of non-resident persons in certain cases  
   61.	   Profits of non-resident shipowners or charterers  
   62.	   Master of ship to be an agent  
   63.	   Refusal of clearance where income tax is in arrear  
   64.	   Application of sections 61 to 63 to profits of non-resident owners of aircrafts  
   65.	   Ascertainment of profits of insurance companies  
   65A.	   Ascertainment of profits of Insurance Corporation of Ceylon from the business of life insurance. [ 27, 18 of 1965.]  
   66.	   Deduction of income tax from interests, &c  
   67.	   Relief on account of donations to the Government of Ceylon or to approved charities  
   68.	   Relief from income tax in respect of premia on life insurance policies and annuities and provident or pensions fund contributions of employees  
   69.	   Relief on account of approved investments  
   69A.	   Deductions from income tax for approved savings. [ 31, 18 of 1965.]  
   70.	   Effect of agreements for double taxation relief  
   71.	   Relief in respect of Commonwealth income tax. [ 32, (1), 18 of 1965.]  
   72.	   Relief in respect of Ceylon wealth tax  
   73.	   Relief in respect of allowances granted to Ministers, Senators and Members of the House of Representatives. [ 34 (1). 18 of 1965.]  
   74.	   Applicability of provisions relating to particular sources of profits or income  
   75.	   Profits of a company from transactions with its shareholders  
   76.	   Income from certain dividends to include tax thereon  
   77.	   How certain receipts from insurance to be treated  
   78.	   Ascertainment of income of clubs, trade associations, &c  
   79.	   Certain undistributed profits to be treated as distributed and certain transactions and dispositions to be disregarded  
   80.	   Indemnification of representative  
   81.	   Duty of persons chargeable with tax to furnish returns if not required to do so under section 82  
   82.	   Returns and information to be furnished. [ 35, 18 of 1965.]  
   83.	   Information to be furnished by officials and employers  
   84.	   Returns to be furnished of income received on account of, or paid to, other persons  
   85.	   Occupiers to furnish returns of rent payable  
   86.	   Return of lodgers and inmates  
   87.	   Who may act for incapacitated or non-resident person  
   88.	   Bankers to render returns of coupons cashed by them  
   89.	   Precedent partner to act on behalf of a partnership  
   90.	   Principal officer to act on behalf of a company or body of persons,  
   91.	   Signature and service of notices  
   92.	   Power of Commissioner to impose penalty for failure to furnish return. [ 36, 18 of 1965.]  
   93.	   Assessor to make assessments  
   94.	   Additional assessments  
   95.	   Notice of assessment  
   96.	   Validity of assessments, &c  
   97.	   Appeals to the Commissioner  
   98.	   Constitution of the Board of Review  
   99.	   Right of appeal to the Board of Review  
   100.	   Commissioner may refer appeals to the Board of Review  
   101.	   Hearing and disposal of appeals to the Board of Review,  
   102.	   Appeal on a question of law to the Supreme Court  
   103.	   Assessments or amended assessments to be final. [ 38 (1), 18 of 1965.]  
   104.	   Penalty for Incorrect return  
   105.	   Reduction of the tax in certain circumstances  
   106.	   Provisions regarding payment of tax. [ 39, 18 of 1965.]  
   107.	   Employer to deduct income tax and wealth tax due from employee from his remuneration and pay to the Commissioner. [ 40, 18 of 1965.]  
   108.	   Take to include fines, &c. [ 41 (1), 18 of 1965.]  
   109.	   Tax to be a first charge  
   110.	   Recovery of tax by seizure and sale  
   111.	   Proceedings for recovery before a Magistrate  
   111A.	   Recovery of tax by vesting immovable property of defaulter in the Crown. [ 45, 18 of 1965]  
   112.	   Recovery of tax out of debts, etc  
   113.	   Recovery of tax from persons leaving Ceylon  
   114.	   Use of more than one means of recovery  
   115.	   Power of Commissioner to obtain information for the recovery of tax  
   116.	   Liability of directors of private company in liquidation. Cap. 145  
   117.	   Tax paid in excess to be refunded  
   118.	   Penalties for failure to make returns, making incorrect returns, &c  
   119.	   Breach of secrecy and other matters to be offences  
   120.	   Penal provisions relating to fraud, &c  
   121.	   Tax to be payable notwithstanding any proceedings for penalties, &c  
   122.	   Prosecutions to be with the sanction of the Commissioner  
   123.	   Officers  
   124.	   Official secrecy  
   125.	   Power to make rules  
   125A.	   Forms.[ 49, 18 of 1965.]  
   126.	   Power to search buildings or places  
   127.	   Admissibility of statements and documents in evidence  
   128.	   Amendment of Schedule to the Act and variation of rates of tax  
   129.	   Interpretation. [ 51 (1), 18 of 1965.]  
   130.	   Amendments to the Income tax Ordinance, the Personal Tax Act, the Land Tax Act and the Companies Tax Act, and repeal of the Double Taxation (Relief) Act  

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