The Inland Revenue Department (IRD) has announced the launch of a program to refund the Advance Income Tax (AIT) deducted on interest income at 5% by the banks or financial institutions.
The program is launched in an effort to support the financial well-being of the country’s elderly community, the Acting Commissioner General of Inland Revenue, Upul Jayawardhana said.
Every citizen aged 60 and above with an annual income (from April 01 to March 31 of the following year) not exceeding Rs. 1.2 million and those who have had AIT deducted on their interest income are eligible to apply for the refund.
Senior citizens can claim a maximum refund of up to Rs. 25,000 per quarter, the IRD said adding that the claim must relate to a period commencing from April 01, 2023, and ending on March 31, 2024.
This provision ensures that eligible individuals can benefit from this initiative throughout the year, the IRD explained.
The refund amount will be directly deposited to the designated bank account of the senior citizen.
Interested individuals can apply for the refund by completing the simple application forms available on the IRD’s official website (www.ird.gov.lk) or by visiting the nearest metropolitan or regional office.
Applicants are required to provide supporting documents, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the AIT deductions.
Once the applications are submitted, the IRD will review the documents and verify the eligibility criteria.
The IRD says it will provide guidance and assistance throughout the application process. Accordingly, IRD customer support teams at metropolitan and regional officers are available to provide support as needed.
The applicants can visit the IRD’s official website or contact its call center by dialling 1944 for more details.