Course Code :


Title :


Type/Status :


aaaaaaaaaaaa Aims :
This course module is designed to provide knowledge related to the frame work of the tax system and to use the knowledge in the individual taxation.
Learning Outcome : aaaaaaaaaaaaaaaa
By the end of this course unit students should be able to:
  • understand the income tax law.
  • apply the income tax law to individual tax.
  • understand the individual tax administration.

Course Content : Introduction of Sri Lanka tax system; Overview of Sri Lankan income tax system, Principles of taxation, Sources of income tax.

Statutory income; Computation of total statutory income, Income not form part of Assessable income, Aggregate of a child’s income. Assessable income; Deductibility of special expenses (interest, ground rent, royalty, annuity) Carrying forward of losses. Taxable income; Qualifying payments, Tax free allowance, Computation of taxable income (individuals), Tax credits and Final taxes. Tax administration; Payment of taxes, Assessments, Penalties   and Appeals.

Method of Teaching & Learning:

Lectures, Tutorials, Assignments

Scheme of Evaluation:

End semester examination, Mid semester exam and Class room tests.

The weights given to each component of the evaluation method is announced at the commencement of the module.

Recommended Readings:

Gazette notifications, Department of Inland Revenue, Sri Lanka

ICASL guides to Income Tax Law, Institute of Chartered Accountants of Sri Lanka, Sri Lanka.

Income tax Act No 10 of 2006 and amendments there to, Department of Inland Revenue, Sri Lanka