Refund of Advance Income Tax deducted on interest for Senior Citizens 60 years and above

A significant financial relief programme for Senior Citizens (SC) aged 60 and above, has been launched by the Inland Revenue Department (IRD), in an effort to support the financial well-being of the SCs, It is to provide a refund of Advance Income Tax (AIT) deducted on interest income at 5% by the Banks or Financial Institutions.

All SCs who are 60 years and above, and their annual income (from 1st April to 31st March of the following year) does not exceed Rs. 1,200,000/- and have had AIT deducted on their interest income, are eligible to apply for the refund.

SCs can claim a maximum refund of Rs. 25,000 per quarter. The claim must relate to a period commencing from April 1, 2023 and ending on March 31, 2024. This provision ensures that eligible individuals can benefit from this initiative throughout the year.

The refund will be directly deposited into the designated bank account of the SC. This secure and efficient method ensures that the refund reaches the intended recipient promptly.

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.

Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the AITs deductions.

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 required.

For more information about the SCs’ AIT Refund Programme, visit IRD’s official website www.ird.gov.lk or contact IRD’s Call Centre on 1944.

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