IRD said in an effort to support the financial well-being of elder community members, it is launching a program that provides a refund of Advance Income Tax (AIT) deducted on interest income at 05% by the Banks or Financial Institutions.

All senior citizens who are 60 years of age or older and the annual income (from 1 April to 31 March of the following year) does not exceed Rs. 1,200,0001- and have had Advance Income Tax deducted on their interest income are eligible to apply for the refund.

Senior citizens can claim a maximum refund of up to Rs. 25,0001- per quarter. The claim must relate to a period commencing from 1 April 2023 and ending on 31 March of the following year. This provision ensures that eligible individuals can benefit from this initiative throughout the year.