Section No :  
1980 Revised version
INLAND REVENUE
Marginal Notes
1. This Act may be cited as the Inland Revenue Act (No. 28 of 1979).
2. Imposition of income tax.
3. Income chargeable with tax.
4. Profits from employment.
5. Net annual value of land and improvements thereon.
6. Profits or income arising rents of land and improvements thereon.
7. Capital gains.
8. Exemption from income tax of certain persons (other than individuals) on the whole or any part of their profits and income.
9. Exemption from income tax of certain profit and income of certain officers and employees.
10. Exemption from income tax of certain interest received.
11. Exemption from income tax of certain dividends.
12. Exemption from income tax of certain profits and income from lands and improvements thereon.
13. Exemption from income tax of certain subsidies.
14. Exemption from income tax of certain capital gains.
15. Miscellaneous exemptions from income tax.
16. Exemption from income tax of profits and income of certain undertakings related to tourist hotels.
16A. Exemption from income tax of profits and income of certain undertakings related to tourist hotels incorporated after November 15, 1979. [ 10. 24 of 1980.]
16B. Exemption from income tax of profits and income of certain undertakings related to tourist hotels which construct additional rooms after November 15, 1979. [ 10,24 of 1980.]
17. Exemption from income tax of profits and income of certain companies engaged in fishing, animal husbandry, sericulture and agriculture.
18. Exemption from income tax for profits and income of certain small scale undertakings for the production or manufacture of commodities.
19. Exemption from income tax for profits and income of certain undertakings for the milling of paddy.
20. Exemption from income tax for the export profits and income of certain undertakings.
21. Exemption from income tax for profits from the construction
22. Exemption from income tax of profits and income of certain non-resident contractors.
22A. Exemption from income tax of profits and income arising from the performance of certain contracts. [11, 24 of 1980.]
22B. Exemption from income tax of profits and income of undertakings engaged in property development. [ 11, 24 of 1980.]
22C. Exemption from income tax of profits and income of undertakings carried on by quoted public companies. [11,24 of 1980.]
23. Deductions allowed in ascertaining profits and income.
24. Deductions not allowed in ascertaining profits and income.
25. Basis for computing statutory income.
26. Apportionment of profits.
27. Total statutory income.
28. Aggregation of the total statutory income of a child with that of his parent.
29. Deductions from total statutory income in arriving at assessable income.
30. Taxable income.
31. An allowance in respect of qualifying payments.
32. Rates of income tax on persons other than companies. [ 17, 24 of 1980.]
33. Income tax to which resident companies are liable [ 18,24 of 1980.]
34. income tax to which non-resident companies are liable.[ 19,24 of 1980.]
35. Certain dividends not to form part of the assessable income of the receiving company.
36. Profits of a company from transactions with its shareholders,
37. Resident company to deduct tax at five per centum On dividends payable to a non-resident company.
38. Resident company entitled to deduct tax from any dividend. [ 22, 24 of 1980.]
39. Certain undistributed profits to be seated as distributed.
40. Provisions applicable where the profits and income of a company are appropriated by the director, etc., of that company.
41. Charge to wealth tax.
42. Persons to whom this Chapter shall not apply.
43. Definition of wealth.
44. Wealth to include certain property.
45. Certain property to be excluded from wealth.
46. Aggregation of the wealth of a child with that of his parent.
47. Net wealth.
48. Taxable wealth
49. Value of property which constitutes wealth. [ 23, 24 of 1980.]
50. Wealth tax payable not to exceed a certain amount,
51. Charge of the gifts tax
52. Meaning of gift.
53. Gifts to include certain transfers.
54. Gifts not to include certain transfers.
55. Taxable gifts and the computation of the gifts tax payable.
56. Determination of value of gifts.
57. Deduction of stamp duty from gifts tax payable.
58. Donee liable to pay gifts tax in certain circumstances.
59. Assessment of child's income and wealth.
60. Returns to be furnished by receivers and trustees and their liability to tax.
61. Chargeability to tax of trustee of an incapacitated person.
62. Liability of executor to tax payable by deceased person.
63. Return to be furnished by executors and chargeability of executors and beneficiaries.
64. Joint trustees and executors.
65. Assessment of partnership income.
66. Assessment to be made in the name of the partnership in certain circumstances.
67. What constitutes residence.
68. Persons assessable on behalf of a non-resident person.
69. Liability of certain nonresident persons.
70. Profits of certain businesses to be computed on a percentage of the turnover.
71. Profits of non-resident persons from sale of exported produce.
72. Liability to income tax of certain profits of non-resident persons.
73. Exemption of income of non-resident persons in certain cases and liability of certain non-resident persons to income tax at reduced rates.
74. Profits of non-resident ship-owners or characters.
75. Master of ship to be an agent.
76. Refusal of clearance for ship where income tax is in arrear.
77. Profits of non- resident owners or charterers of aircraft.
78. Applications of Sections 74 (2). 75 and 76, to profits of non-resident owners or charterers of aircraft.
79. Ascertainment of profits of insurance companies.
80. Ascertainment of profits of the lnsurance Corporation of Ceylon from the business of life insurance.
81. Deduction of income tax from interest, &c., payable to persons outside Sri Lanka .
82. Effect of agreements for double taxation relief.
83. Relief in respect of Commonwealth income tax.
84. Relief in respect of Sri Lanka wealth tax.
85. Relief from income tax in respect of certain profits and income of companies related to tourist hotels.
86. Reduction of wealth tax when the total of income tax and wealth tax exceeds certain limits
87. Applicability of provisions relating to particular sources of profits or income.
88. Income from certain dividends to include tax thereon.
89. How certain receipts of insurance are to be treated, [ 28, 24 of 1980.]
90. Ascertainment of income of clubs, trade associations, &c.
91. Certain transactions and dispositions to be disregarded,
92. Returns and information to be furnished.
93. Returns to be furnished of income received on account of, or paid to, other persons.
94. Occupiers to furnish returns of rent payable.
95. Return of lodgers and inmates.
96. Power of Commissioner-General to impose penalty for failure to furnish return.
97. Payment of tax by self-assessment.
98. Employers to deduct income tax.
99. Employers to give notice to Commissioner-General.
100. Application of income tax tables.
101. Directions to employers
102. Employers to maintain proper records.
103. Duties of employers following deductions of income tax.
104. Adjustments of amount Of income tax not paid or paid in excess.
105. Employee to give notice when necessary deductions are not made.
106. Income tax deducted not to form part of assets of employers.
107. Default in the deduction or payment of income tax.
108. Issue of assessments on employers.
109. Appeals.
100. Penalty for default.
111. Credit for tax Paid
112. Compliance with the provision of this chapter relating to forms,
113. interpretation.
114. Retention of 15 per centum of moneys lying to the credit of a contributor to a specified provident fund to meet any tax payable.
115. Assessments and additional assessments.
116. Notice of assessment.
117. Appeals to the Commissioner-General.
118. Constitution of the Board of Review.
119. Appeals to the Board of Review.
120. Commissioner-General may refer appeals to the Board of Review.
121. Hearing and determination of appeals by the Board of Review.
122. Appeal on a question of law to the Court of Appeal.
123. Assessments or amended assessments to be final.
124. Penalty for incorrect return.
125. Tax in default and sums added thereto.
126. Tax to include fines, &c.
127. Tax to be a first charge.
128. Notice to defaulter.
129. Recovery of tax by seizure of sale.
130. Proceedings for recovery before a Magistrate.
131. Recovery of tax out of debts. &c.
131A. Transfer of immovable property to Government in lieu of payment of tax in cash. [31, 24 of 1980.]
132. Tax in default to be recovered from remuneration of employee.
133. Tax in default of a partner to be recovered from the assets of a partnership.
134. Recovery of income tax or wealth tax from the income or wealth of a child.
135. Recovery of income tax and wealth tax payable by a beneficiary from the trustee
136. Recovery of income tax and wealth tax payable by a beneficiary from the
137. Gifts tax to be recovered from the donee in certain circumstances.
138. Recovery of tax from persons leaving Sri Lanka
139. Use of more than one means of recovery.
140. Power of Commissioner-General to obtain information for the recovery of tax.
141. Liability of directors of private company in liquidation.
142. Delegation of Commissioner-General's powers and functions.
143. Signature and service of notices.
144. Validity of notices, assessments, &c.
145. Precedent partner to act on behalf of a partnership.
146. Principal officer to act on behalf of company or body of persons.
147. Who may act for incapacitated or non-resident person.
148. Indemnification of representative
149. Tax paid in excess to be refunded.
150. Interest payable on the amount of a refund in certain circumstances,
151. Penalties for failure to make returns, making incorrect returns, &c.
152. Breach of secrecy and other matters to be offences.
153. Penal provisions relating to fraud, &c.
154. Tax to be payable notwithstanding any prosecution or conviction for an offence under this Act.
155. Prosecutions to be with the sanction of the Commissioner- General.
156. Admissibility of statements and documents in evidence.
157. Officers.
158. Official secrecy.
159. Regulations.
160. Forms.
161. Power to search buildings or places.
162. Special provisions relating to income tax payable for the year of assessment commencing on April 1, 1979.
163. Interpretation.
164. Application of the Inland Revenue Act, No. 4 of 1963.