Deadline extended for filing income tax returns

The Inland Revenue Department (IRD) has extended the deadline for filing Income Tax Returns for the Year of Assessment 2023/2024, offering relief to taxpayers and approved accountants affected by recent severe weather events.  

Under the Inland Revenue Act, No. 24 of 2017, taxpayers are required to file their returns within eight months following the end of each assessment year. This year’s deadline, November 30, 2024, fell on a Saturday. 

Accordingly, the IRD had made arrangements to remain open on the weekend, providing technical assistance for online filings and additional support for senior citizens, the Commissioner General of the IRD said in a statement.

However, heavy rains, floods, landslides, and strong winds since November 23 have disrupted normal life across many parts of Sri Lanka, creating significant challenges for taxpayers and accountants in meeting the deadline, the statement mentioned.

Acknowledging these difficulties, the IRD announced that penalties for late filing, criminal proceedings under Chapter XVIII of the Inland Revenue Act, and default assessments will not be imposed for returns submitted on or before December 7, 2024.  

This extension aims to ensure fair compliance and provide an opportunity for those affected to complete their filings without undue stress. Taxpayers are encouraged to make use of this extension period and submit their returns promptly, according to the department.