Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963) - Sect 132

Power to make rules

125.
(1) The Minister may from time to time make rules generally for carrying out the provisions of this Act.
(2) Without prejudice to the generality of the foregoing power, such rules may-
(a) provide for the ascertainment and determination of any class of income, wealth or gifts;
(b) prescribe the manner in which, and the procedure by which, the income, profits and gains shall be arrived at in the case of-
(i) insurance companies,
(ii) non-resident companies;
(c) Repealed;
(d) prescribe penalties for the contravention of any rules made under this section or the failure to comply therewith not exceeding in each case a sum of five hundred rupees;
(e) prescribe the procedure to be followed in respect of applications for refunds and reliefs; and
(f) provide for any matter which by this Act is to be, or may be, prescribed.
(3) In the case where income, profits and gains liable to tax cannot be definitely ascertained, the rules may prescribe methods by which an estimate of such income, wealth and gifts may be made and the proportion thereof liable to tax.
(4) All rules made under this section, other than a rule prescribing a penalty for the contravention of or failure to comply with a rule, shall come into operation on publication in the Gazette or at such other time as may be stated in such rules.
(5) A rule prescribing a penalty for the contravention of or failure to comply with a rule shall not come into operation until it is approved by the Senate and the House of Representatives and notice of such approval is published in the Gazette.
(6) All rules made under this section other than a rule prescribing a penalty for the contravention of or failure to comply with a rule, shall be laid, as soon as conveniently may be, on the table of the Senate and the House of Representatives at two successive meetings of the Senate and the House of Representatives and shall be brought before the Senate and the House of Representatives at the next subsequent meeting held thereafter by a motion that such rules shall not be disapproved, and if upon the introduction of any such motion, or upon any adjournment thereof, such rules are disapproved by the Senate or the House of Representatives, they shall be deemed to be rescinded as from the date of such disapproval, but without prejudice to anything already done there under; and such rules, if not so disapproved, shall continue to be of full force and effect. Every such disapproval shall be published in the Gazette.


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