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Gazette establishes new guidelines for Income Tax payments, excluding cheque option

April 30, Colombo (LNW): A recent gazette notification has outlined specific methods for income tax payments, limiting them to three options: cash deposits, pay orders or bank drafts, and the use of the Online Tax Payment Platform (OTPP).

Notably, the inclusion of cheque payments as a valid method for income tax payments has been omitted from the updated guidelines provided in the gazette notification.

It is noteworthy that that these payment methods, as detailed in the April 4 gazette, pertain specifically to taxes regulated under the Inland Revenue Act No. 24 of 2017.

This encompasses Corporate Income Tax, Personal Income Tax, Withholding Tax, Advance Personal Income Tax, and Capital Gain Tax.

However, it is essential to recognise that other taxes, such as Value Added Tax, Social Security Contribution Levy, Stamp Duty, among others, are not affected by these changes and can continue to be settled using cheque payments.

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