Senior citizens’ bank interest income below Rs.100,000 exempt from WHT

4 January 2023 06:18 pm - 9 - {{hitsCtrl.values.hits}}

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The Finance Ministry has decided to exempt withholding tax (WHT) from senior citizens who earn below Rs. 100,000 from their bank interests, Finance State Minister Ranjith Siyambalapitiya said.

He said the decision was taken considering the inconvenience caused to them due to the WHT.

"Earlier, monthly interest income received on bank deposits, was subject to the tax. But deduction of WHT caused hardships to people who received a monthly interest income of less than Rs.100,000 " he said.

Therefore, as a relief to senior citizens, the Ministry has decided not to impose the WHT on the interest income of senior citizens whose monthly bank interest income is less than Rs.100,000, the State Minister said. (Chaturanga Pradeep Samarawickrama)

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Comments - 9

Sam Silva Wednesday, 04 January 2023 06:45 PM

The banks sent a notice that 5% will be charged on interest earned due to the government regulations. How could we exist with the current crisis.

Johan Wednesday, 04 January 2023 07:12 PM

Only releief is for people who has millions in their bank account. Not for the daily wagers.. Why dont you tax them and give for welfare system

Guna Wednesday, 04 January 2023 08:21 PM

Is this in addition to the Rs100,000 tax free allowance given to all citizens ? Please explaine .

Sam Silva Wednesday, 04 January 2023 09:21 PM

As per bank, no exceptions given to anyone even to the senior citizens. Very disturbing. The banks should not come under cb umbrella. They should operate independently which can benefit the citizens due to competition.

Sunil Wednesday, 04 January 2023 09:31 PM

That works out to just over Rs 8,333 per month, just peanuts when one considers the enormous amounts senior citizens have to pay for medicines and medical expenses. This wretched regime has absolutely no concern for the elderly. Sooner we get rid of this the better.

Percy Wijenayake Thursday, 05 January 2023 09:14 AM

The Bank is given instructions by the Inland Revenue to remit the account holders WHT. This is not refunded to those whose income is less than the Tax Free Threshold. Please adjust this anomaly.

Man Thursday, 05 January 2023 10:20 AM

Even after getting a loan against a Fixed Deposit, WHT reduced. In fact, Colonials had a better system unlike, now.

Maureen Thursday, 05 January 2023 12:43 PM

Sure ... we cannot exist .. high cost of food and rent and medicines and utility bills .... do something for us senior citizens please

Seqi Thursday, 05 January 2023 10:45 AM

This a way to shepherd the high interest earners into the open arms of the IR tax collectors. Citizens wishing to claim a refund will have to open a tax file.

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Senior citizens’ bank interest income below Rs.100,000 exempt from WHT

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