Sri Lanka, April 1 -- The Inland Revenue Department has announced that individuals earning less than Rs. 1.8 million annually can now claim relief on the advance income tax (AIT) charged on interest or discounts from deposits.

To avail themselves of this tax relief, eligible individuals must submit a self-declaration to their respective banks or financial institutions. The Inland Revenue Department has instructed these institutions to implement a 10 percent reduction in AIT on interest and discounts payable to depositors, effective from today (01).

As per the new directive, banks and financial institutions operating as withholding agents must deduct a 10 percent AIT on interest, discounts, and income derived from Islamic financial trans...