Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963) - Sect 48

Returns to be furnished by receivers and trustees and their chargeability with tax

47.*
(1) An Assessor may give notice in writing to a receiver or trustee requiring him to furnish within the period specified in the notice-
(a) in the case of a receiver-
(i) a return of the income from the properties under his control, for the purposes of income tax, or
(ii) a return of such properties and, where any properties are distributed by him among any persons, a description of those properties and the names and addresses of those persons, for the purposes of the wealth tax;
(b) in the case of a trustee-
(i) a return of the income from the properties subject to the trust for the purposes of income tax, or
(ii) a return of such properties and the names and addresses of the beneficiaries under the trust and the benefits to which they are entitled under the trust,
(2) Where there are any beneficiaries to a trust the income of which is liable to income tax under subsection (1), then the share of the income to which such beneficiaries are entitled may be deducted from the amount of the income which is liable to tax under subsection (1) and may be considered for the purposes of this Act as the income of such beneficiaries and accordingly each such beneficiary shall be chargeable with income tax in respect of his share of such income.
(3) The income tax or wealth tax or any part thereof with which a beneficiary to a trust is charge able in respect of his income or net wealth to which he is entitled from the trust may be recovered from the trustee of the trust, notwithstanding that no assessment has been made upon such trustee, and the provisions of this Act relating to collection and recovery of tax shall apply to such trustee. Such trustee shall be entitled to deduct the amount of such tax or part thereof from the income which will be payable to such beneficiary from the trust.
* The amendments made in section 47 by subsection (1) of section 22 of Act No. 18 of 1965 shall be deemed to have come into force on March 30, 1963.-See section 22 (2) of Act No. 18 of 1965.


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