Individuals Must File their annual Report for the assessment year 2022-2023 by November 30
The Inland Revenue Department (IRD) has reminded individuals that they are required to submit their annual income reports for the assessment year 2022-2023 (from April 1, 2022, to March 31, 2023) by November 30.
Failure to comply with this deadline will result in a fine of Rs. 50,000 and an additional 5% penalty of the tax payable for individuals maintaining tax files.
This information was shared during a workshop held in Parliament on Monday, organized by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis. The workshop focused on completing the annual income report and online submissions to the IRD, with contributions from departmental resources
Due to technical difficulties faced by users during peak traffic, the Inland Revenue Department has opted to prolong the tax return submission deadline by an extra two days.
Officials of the department said, according to the existing Inland Revenue Law, the annual income report for the assessment year 2022-2023, which is from April 01, 2022, to March 31, 2023, must be submitted before the duedate
The officials further pointed out that a fine of 50,000 rupees and 5% of the tax payable will be imposed on those who maintain tax files without submitting the report by the said date.
The Inland Revenue Department (IRD) has reminded individuals that they are required to submit their annual income reports for the assessment year 2022-2023 (from April 1, 2022, to March 31, 2023).