The launch of a programme to refund the Advance Income Tax (AIT) deducted at the rate of 5% by banks or other financial institutions has been announced by the Inland Revenue Department (IRD).
According to Upul Jayawardhana, acting commissioner general of inland revenue, the programme is being introduced to help the older population of the nation maintain their financial security.
Anyone over the age of 60 who has had AIT deducted from their interest income and has an annual income (from April 1 through March 31 of the following year) under Rs. 1.2 million is entitled to request for the refund.
According to the IRD, senior citizens are only eligible for a maximum refund of Rs. 25,000 every quarter, and their claims must be for the time period between April 1, 2023, and March 31, 2024.
According to the IRD, this clause guarantees that qualified individuals can take advantage of this initiative all year round.
The elderly citizen’s selected bank account will receive a direct deposit of the return amount.
The IRD’s official website (www.ird.gov.lk) offers straightforward application forms that interested parties can fill out online or by visiting the office that is closest to them in person.
The supporting documentation that must be submitted by applicants includes copies of their identification, proof of age, bank statements that show interest income, and records attesting to AIT deductions.
The IRD will examine the supporting documentation and confirm the eligibility requirements after the applications are received.
The IRD promises to offer advice and support all the way through the application procedure. As a result, IRD customer support staff are available to help as needed at metropolitan and regional officers.
For further information, the applicants can go to the IRD’s official website or call its call centre at (844) 1944.
