How to Claim Withheld Tax on Fixed Deposits Applicable for Individuals Earning Less Than Rs. 1.8 Million Annually
From April 1, 2025, the withholding tax on interest from fixed deposits in Sri Lanka has been increased from 5% to 10%. However, the Inland Revenue Department (IRD) states that individuals whose total annual income is less than Rs. 1.8 million are eligible to claim a refund of the tax deducted on interest. To do…