Inland Revenue (Amendment) Act 2026 · As enacted
27. Amendment of section 150 of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 150 of the principal enactment is hereby amended as follows: -
by the repeal of the proviso to paragraph (a)
of subsection (2A) of that section and the substitution therefor, of the following proviso: -
“Provided that, if such resident individual is a senior citizen who is not an instalment payer and his refund claim prior to
April 1, 2025 is not exceeding sixty thousand rupees for a year of assessment or fifteen thousand rupees for any quarter ending on the thirtieth day of June, thirtieth day of
September, thirty first day of December and thirty first day of March, such refund claim made prior to June 30, 2025, shall be paid within three months of the date of the refund claim made by such resident individual, prior to a tax audit.”; and
by the addition immediately after subsection (4) of that section, of the following new subsection: -
“(5) Where a person includes an amount in calculating such person’s income under cash basis accounting and any amount thereof is later refunded due to the cancellation or alteration of the original contract, such person is entitled to apply for the refund of the excess income tax paid on the refunded amount as a refund under this section, if such person applies for the refund of such excess income tax within thirty months from the date of refund of the amount included in calculating his income.”.