Income tax reimbursement for senior citizens: IRD

The Inland Revenue Department (IRD) has put forward a special financial assistance programme aiming at senior citizens aged 60 and above in an attempt to be part of the financial prosperity of the country’s elderly generation, the Acting Commissioner General of Inland Revenue at the Inland Revenue Department Mr. Upul Jayawardhana said.

Reimbursement of the Advance Income Tax (AIT) deducted at a rate of 5% by banks or financial institutions on interest income would serve the purpose of this initiative. To be eligible, senior citizens are required to be 60 years old and hold an annual income of not exceeding Rs. 1,200,000 (Rs. 1.2 Mn) from April 1, 2023 to March 31, 2024.

Seniors eligible can redeem a maximum refund up to Rs. 25,000 per quarter. The period of rebate application covers transactions from April 1, 2023 to March 31, 2024.

Adding that, by directly depositing the refund amount into the designated bank account of relevant senior citizens, the IRD further vouches for a convenient procedure whilst ensuring safety.

To sign up for the reimbursement, senior citizens may head on over to the official website of the IRD, www.ird.gov.lk or by visiting the nearest metropolitan or regional office.

Applicants are compelled to present documents to support their identification, proof of age, bank statements showing their interest income, and related documents verifying the AIT deductions.

Document review will be conducted by the IRD upon application submission to secure eligibility.

In this context, the IRD stands committed to issuance of guidance and assistance in each of the steps during the check-in process.

With this in view, applicants can request assistance from the IRD customer support teams at service in each metropolitan and regional offices.

For additional information, applicants are encouraged to click through http://www.ird.gov.lk or contact the IRD’s call center on 1944.