IRD introduces initiative to refund advance income tax of senior citizens

The Inland Revenue Department (IRD) this week announced a programme to refund advance income tax that has been deducted from the interest income of senior citizens.
A statement from the Department of Government Information said, “In an effort to support the financial well-being of our elder community members, we are introducing a programme that offers a refund of AIT deducted on interest income at a rate of 5 percent by banks or financial institutions.”

To be eligible for the refund, senior citizens aged 60 or older, with an annual income that does not exceed Rs.1.2 million (from April 1 to March 31 the following year) and who have had AIT deducted from their interest income, can apply.
Senior citizens have the opportunity to claim a maximum refund of up to Rs.25,000  per quarter, with the refunded amount being deposited into their designated bank account. 
Interested individuals can apply for the refund by completing an application form available on the IRD website.