Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Tuesday, 24 October 2023 01:14 - - {{hitsCtrl.values.hits}}
The Inland Revenue Department (IRD) has announced a significant financial relief initiative for senior citizens aged 60 and above with refund of Advance Income Tax (AIT) deducted on interest.
IRD said in an effort to support the financial well-being of elder community members, it is launching a program that provides a refund of Advance Income Tax (AIT) deducted on interest income at 05% by the Banks or Financial Institutions.
Key highlights of the program include:
Eligibility: All senior citizens who are 60 years of age or older and the annual income (from 1 April to 31 March of the following year) does not exceed Rs. 1,200,0001- and have had Advance Income Tax deducted on their interest income are eligible to apply for the refund.
Refund limits: Senior citizens can claim a maximum refund of up to Rs. 25,0001- per quarter. The claim must relate to a period commencing from 1 April 2023 and ending on 31 March of the following year. This provision ensures that eligible individuals can benefit from this initiative throughout the year.
Mode of refund: The refund amount will be directly deposited into the designated bank account of the senior citizen. This secure and efficient method ensures that the refund reaches the intended recipient promptly.
Application process: Interested individuals can apply for the refund by completing the simple application forms available on IRD’s website (www.ird.gov.lk) or by visiting nearest metropolitan or regional office.
Documentation: Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the Advance Income Tax deductions.
Review and processing: Once the application is submitted, the IRD will review the documents and verify the eligibility criteria.
Assistance: The IRD is committed to providing guidance and assistance throughout the application process. IRD customer support teams at metropolitan and regional offices are available to provide support as needed. For more information about the Senior Citizens’ Advance Income Tax Refund Program, visit www.ird.gov.lk or contact IRD’s Call Centre by dialling 1944.
