Refund of AlT deducted on interest for senior citizens over 60 years

The lnland Revenue Department (lRD) today announced a significant financial relief initiative for senior citizens aged 60 and above, lnland Revenue (Acting) Commissioner General Upul Jayawardhana said.

While issuing a statement, the Commissioner General said a programme was launched to provide a refund of the Advance Income Tax (AlT) deducted on interest income at 5% by the banks or financial institutions.

Accordingly, all senior citizens who are 60 years of age or older and whose annual income does not exceed Rs. 1,200,000 and have had AIT deducted from their interest income are eligible to apply for the refund.

Senior citizens can claim a maximum refund of up to Rs. 25,000 per quarter.

The claim must relate to a period commencing on April 1, 2023, and ending on March 31 of the following year. This provision ensures that eligible individuals can benefit from this initiative throughout the year.

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.

Interested individuals can apply for the refund by completing the simple application forms available on the IRD website (www.ird.gov.lk) or by visiting the nearest metropolitan or regional office.

Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the AIT deductions. (Chaturanga Pradeep Samarawickrama)