IRD to impose Rs 50,000 fine against taxpayers failing to file returns before Nov. 30

The Inland Revenue Department (IRD) is to impose a stringent punishment against tax payers who failed to submit their annual income report (tax returns) before tomorrow November 30.

According to the existing Inland Revenue Law, the annual income report for the assessment year 2022/2023 (i.e. from April1, 2022 to March 31, 2023), must be submitted to the IRD before November 30, IRD sources  announced.

A fine of Rs. 50,000 and 5 per cent of the tax payable will be imposed on those who maintain tax files without submitting the report by the relevant date, a senior official of the IRD said.

According to the current income tax law, the provision of income reports and the situations that may arise due to non-provision of those reports were also taken up for consideration in arriving at this decision, he added.  

It has been revealed that income tax files have been opened for all Members of Parliament and practical explanations were given on completing the income report through the website of the IRD and submitting it online to the department’s computer system.

This was highlighted when a workshop on the completion of the annual income report and online submissions to the IRD, organised by the Sectoral Oversight Committee (SOC) on Alleviating the Impact of the Economic Crisis, was held in Parliament with the contribution of resources from the IRD recently.

The workshop was presided over by the chair of the SOC on Alleviating the Impact of the Economic Crisis, MP Gamini Waleboda, and was held with the attendance of State Ministers, a number of Members of Parliament and officials of Parliament. (Bandula)