Lanka Tax Club

Sutherland v Commissioner of Income Tax (CTC Volume I) - Lanka Tax Club Case Overview 1. The Facts (The Story) Mr. R.W. Sutherland was the Managing Director of the Colombo Apothecaries Company Limited. 2. The Dispute The core disagreement was about how to classify this Rs. 15,750. 3. The Judgment (Held) The Court ruled in favor of Mrs. Sutherland. The payment was NOT ta...

What is Employment Income | How to calculate Assessable Income from Employment for the Y/A 2023/2024 & Y/A 2024/2025 - Lanka Tax Club %What is Employment Income | How to calculate Assessable Income from Employment for the Y/A 2023/2024 & Y/A 2024/2025

Understanding the 5% Advance Income Tax on Interest in Sri Lanka - Lanka Tax Club In Sri Lanka, the taxation landscape has been evolving, and one of the significant changes that have garnered attention is the imposition of a 5% Advance Income Tax (AIT) on interest and discount on deposits. This article delves into the critical aspects of this tax, as outlined in the Inland Revenu...