SEC/2023/E/06 from the Inland Revenue Department of Sri Lanka is about senior citizens’ quarterly income tax refunds for advance income tax (AIT/WHT) deducted on interest. It sets out the manner and the procedure of refund payments to senior citizens in terms of Section 150(2A) of the Inland Revenue Act, No. 24 of 2017 (IRA) as amended by the Inland Revenue (Amendment) Act, No. 4 of 2023.
To be eligible for a refund, a senior citizen must:
- Be a resident individual and citizen of Sri Lanka who is 60 years old or above at any time during the year of assessment.
- Have a refund claim for a quarter that is not more than Rs. 25,000/- subject to the condition that the total of the refund claims for a year of assessment should not exceed Rs. 60,000/-.
- Not have any payable amounts (to make as quarterly instalment payments or as final Income Tax payment) for the relevant year of assessment.
The maximum refund amount permitted by the IRA for a quarter is for AIT deducted on interest by the withholding agents (banks and financial institutions).
Senior citizens who seek refunds are required to get registered with the Inland Revenue Department (IRD) by obtaining Taxpayer Identification Number (TIN) prior to claiming the refund unless the person has already been registered with IRD. TIN can be obtained Online, through IRD web portal e-Services.
Download:
Download
facebook, youtube, amazon, weather, google maps, news, gmail, sports, movies, music, games, translate, dictionary, shopping, flights, hotels, jobs, health, travel, recipes
