The Inland Revenue Department has introduced a special financial relief program for senior citizens aged 60 and above. This initiative aims to refund the advance income tax (AIT) deducted at a rate of 5% by banks or financial institutions on interest income. To qualify, senior citizens must be 60 years or older and have an annual income not exceeding Rs.1,200,000 from April 1st to March 31st of the following year.
Eligible seniors can claim a maximum refund of up to Rs.25,000 per quarter. The refund application period covers transactions from April 1st, 2023, to March 31st of the subsequent year. The Inland Revenue Department ensures a swift and secure process, directly depositing the refund amount into the designated bank account of the senior citizen.
To apply for the refund, interested individuals can visit the official website of the Inland Revenue Department (www.ird.gov.lk) to access the simple application form. Alternatively, applicants can visit the nearest city office or regional office for assistance. Along with the application, applicants need to submit necessary documents, including a copy of their identity document, proof of age, bank statements displaying interest income, and documents confirming advance income tax deductions.
Once the application is submitted, the Inland Revenue Department will review the documents to confirm eligibility. The department is dedicated to providing guidance and support throughout the application process. Customers can seek assistance from the available Customer Support Teams at city and regional offices.
For further details, applicants can visit http://www.ird.gov.lk or contact the Inland Revenue Department’s call center at 1944 for inquiries and assistance.