Reply to thread

Message: <blockquote data-quote="eranga_rama" data-source="post: 18885076" data-attributes="member: 85571">according to this chart current rate of withholding tax on interest is 2.50% (provided your assessable income for a year is more than Rs. 500,000)<a href="http://www.ird.gov.lk/en/publications/SitePages/Tax%20Chart.aspx?menuid=1404" target="_blank">http://www.ird.gov.lk/en/publications/SitePages/Tax Chart.aspx?menuid=1404</a>"If any interest is paid or credited to an individual for any year of assessment (period of 12 months commencing from April 1) and such individual makes in writing a declaration (format annexed) to the respective branch of the Bank or Financial Institution certifying that:His/her assessable income ( ie total income excluding exempt income) for that Year of Assessment does not exceed Rs. 500,000, then tax deduction should not be made from such interest for that Year of Assessment;His/her assessable income for that Year of Assessment exceeds Rs. 500,000 but does not exceed Rs. 1,500,000, then tax should be deducted at 2.5% from such interest for that Year of Assessment; or If the assessable income of any individual is more than Rs. 1,500,000/=, then tax deduction should be made at 8% (irrespective of whether a declaration is made or not)"</blockquote>

Top Bottom