WHO GOVERN THE INCOME TAX ?.
Inland Revenue Department under the Inland Revenue Act, No. 24 of 2017
WHO SHOULD PAY THE TAXES?
- Individuals
- Partnerships
- Companies
- Public Corporations
- Charitable Institutions
- Trust
- Non-Government Organizations (NGO)
- Government Organizations & Etc
WHAT SHOULD CONCERN WHEN YOU PAY TAXES?
- Tax Type
- Payment Code
HOW YOU CAN RECOGNIZE TAX TYPE & PAYMENT CODE?
When you pay taxes it is most important to fill the tax type code and payment period code correctly.
HOW TO SUBMIT INCOME TAX RETURN?.
- Online Basis (Using IRD Portal e-Services facility (RAMIS))
- Charitable Institutions
Link for Online Submission
WHAT WILL HAPPEN IF YOU ARE NOT SUBMIT TAX RETURN ON DUE DATE?
Furnishing Incorrect Return OR Fail to furnish a Return on or before the due date will be subjected to PENALTIES OR IMPRISONMENT.Furnishing Incorrect Return OR Fail to furnish a Return on or before the due date will be subjected to PENALTIES OR IMPRISONMENT.
HOW TO PAY INCOME TAX?
- Using an online tax payment platform OR
- Using a BOC Bank counter through IRD Payment Slip.
WHEN TO PAY THE TAXES?
Income Tax should be paid in Quarterly basis, based on the Self-Assessment & make the final balance payment 30th Sep of each year.
WHAT WILL HAPPEN IF YOU ARE NOT PAY TAXES ON DUE DATE?
- If you delay installment payment (Payments not on due date)
- 10% Penalty of non-paid amount
- If you delay installment payment (Payments not on due date)
- 20% Penalty of non-paid amount
- 1.5% interest per each month OR a part of a month delayed
- If you delay installment payment (Payments not on due date)
- 5% of the tax liability,
- 1% of the tax liability for each month or Part of a month which is delay,
- Rs. 50, 000/- for non-submission on time,
- Rs. 10,000/- for each month or Part of a month delayed
- If you delay installment payment (Payments not on due date)
- You will liable to a fine of LKR 10,000,000/- or
- Imprisonment for a term not exceeding Two Years or
- Both above mentioned