Ceiling on Income and Compulsory Savings (Amendment) Law

Ceiling on Income and Compulsory Savings (Amendment) Law A LAW TO AMEND THE CEILING ON INCOME AND COMPULSORY SAVINGS LAW, NO. 15 OF 1972. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows:- Short title 1. This Law may be cited as the ceiling on Income and Compulsory Savings (Amendment) Law. No. 52 of 1973. Amendment of section 9 of Law No. 15 of 1972. 2. Section 9 of the Ceiling on Income and Compulsory Savings Law, No. 15 of 1972 is hereby amended in subsection (6) thereof by the substitution for the words. ‘ “contributable income” ‘ ,of the words and figures ‘ ” contributable income”: Provided, however that no person shall be entitled to make any deduction under paragraph (a) for the year of assessment commencing on April i. 1974 in respect of an approved investment within the meaning of section 16cc of the principal Act made by that person at any time during the period commencing on April 1 1973 and ending on June 30, I973. if in respect of that investment that person bad deducted for the year of assessment commencing on April 1. 1973 any such allowance as he is entitled to deduct under any order made under Paragraph (b).