Sri Lanka’s Inland Revenue Department (lRD) has announced a significant financial relief initiative for senior citizens aged 60 and above.
Issuing a statement, the department stated that the program is being launched in an effort to support the financial well-being of the state’s senior citizens.
The Inland Revenue Department further said that the program provides a refund of Advance Income Tax (AlT) deducted on interest income at 05% by the Banks or Financial institutions.
Key highlights of the program are as follows:
Eligibility:
All senior citizens who are 60 years of age or older and whose annual income (from 1st April to 3lst March of the following year) does not exceed Rs. 1,200,000/- 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. 25,000/- per quarter. The claim must relate to a period commencing from April 1st 2023 and ending on March 31st 2024. 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 the IRD’s website (www.ird.gov.lk) or by visiting the 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, please visit www.ird.gov.lk or contact the IRD’s Call Center by dialling 1944. (NewsWire)