Your Complete Guide to the November 30th Tax Return Filing Deadline

The November 30th tax deadline is right around the corner, and it’s one you don’t want to miss! This date is important for all taxpayers in Sri Lanka—it’s the final day to submit your tax return. Whether you’re a business owner, self-employed, or an individual with additional income sources, this deadline applies to you.

Filing your taxes on time isn’t just about ticking a box—it’s about avoiding penalties, staying compliant, and ensuring the financial health of your business. So, let’s dive in and learn everything you need to know to meet this deadline stress-free!

Table of contents

• What is the November 30th Deadline?
• Who Must File by November 30th?
• What Happens If You Miss the Deadline?
• Preparing for the November 30th Deadline
  • Documents Needed for Income
  • Documents Needed for Expenses
  • How to Organize Your Documents
• Benefits of Filing Early?
• How Simplebooks Can Help
• FAQs

What is the November 30th Tax Deadline?

In Sri Lanka, the November 30th deadline marks the end of the tax return filing period for both individuals and companies for the previous financial year. (2023/2024) By this date, taxpayers are required to submit their income tax returns, providing a full breakdown of their income, deductions, and tax liabilities. Missing it can result in some serious headaches, but don’t worry—we’ll explain how to stay on top of things!

Who Needs to File a Tax Return by November 30th?

The November 30th tax deadline applies to many types of taxpayers in Sri Lanka. Filing on time helps you avoid penalties and stay compliant. Here’s who needs to file:

• Business Owners: This includes sole proprietors, small business owners, and partners in partnerships—all of whom must file income tax returns.
• Self-Employed Individuals: Freelancers, consultants, and independent professionals are required to submit their tax returns by this date.
• Companies and Corporations: Every incorporated entity, no matter its size, must file corporate tax returns, complete with financial statements and necessary schedules.
• Partnerships: Partnerships must submit tax returns that outline the total income earned and how it is distributed among partners.
• Individuals with Additional Income Sources: Those earning income beyond their regular employment—such as rental income, dividends, or capital gains—are also required to file by this deadline.

If you fall into any of these categories, it’s essential to prepare and file your income tax return by November 30th. Filing on time helps you avoid fines and keeps you in good standing with tax regulations, ensuring a smooth financial year ahead.

What Happens If You Miss the November 30th Tax Deadline?

Missing the November 30th tax deadline can lead to some serious consequences, so it’s important to stay on top of it. Here’s what happens if you miss it:

• Late Filing Penalty: If you don’t file by November 30th, you’ll get charged 5% of the total tax you owe. For every month (or even part of a month) that you’re late, an extra 1% will be added. The longer you wait, the more you’ll owe.
• Fixed Penalty: On top of that, you’ll face a fine of Rs. 50,000. After November 30th, an extra Rs. 10,000 will be added every month (or part of a month) you delay. (Maximum penalty shall be limited to Rs.400, 000) 
• False or Misleading Information: If your tax return includes false or misleading information, you’ll either pay a fine of Rs. 50,000 or more, depending on how much the mistake would’ve reduced your tax bill.
• Severe Penalties: If you fail to file your tax return at all, you could face a fine of up to 1 million Rupees or even jail time for up to a year—and in some cases, both.

So, It’s definitely worth getting your tax return filed on time to avoid all this hassle!

How Can You Prepare for the November 30th Tax Filing Deadline?

Getting ready for the tax deadline doesn’t have to feel overwhelming. By gathering the right documents ahead of time, you can ensure a smooth and hassle-free filing process.

What Documents Do You Need If You Earn an Income?

For individuals

Let’s break down the documents you need based on the type of income or expenses you have:

1. Employment Income

If you earn employment income, your key document is the T-10 certificate from your employer. This certificate summarizes all the income you’ve earned throughout the year and is essential for accurate tax reporting.

2. Business Income

Running a business? Here’s what you’ll need:

• Bank statements: Collect and organize all your business-related financial records.
• Signed financial statements: Make sure your financial statements are signed by an approved accountant.
• Submit to IRD: Once everything is in order, submit these documents to the IRD as proof of your business income.

3. Investment Income

Investment income requires specific documentation depending on the type of investment:

• Fixed deposits: Request a Withholding Tax (WHT) certificate from your bank.
• Dividend income: If you’ve invested in the stock market and earned dividends, obtain a dividend certificate from the issuing company. These serve as proof when you report your investment income.
• Bank Balance Confirmation Request: Request a bank balance confirmation from your bank for the period ending 31 March 2024. Ensure that the confirmation includes the following details:
  • The account balance as of 31 March 2024
  • The interest earned during the period
  • Withholding Tax (WHT) deducted as of 31 March 2024

4. Other Income

Other types of income, such as rental income, also need supporting documentation:

• Rent income: If you’re renting out a property, keep the rent agreement handy, as this will be required to validate the income you receive.

For companies

To finalize the audited financial statements for the relevant period, the business bank account statements along with all supporting documents need to be provided.

What Documents Do You Need for Expenses?

Certain expenses may qualify you for tax reliefs and exemptions, but you’ll need the appropriate documents to claim them:

• Donations to Approved Charities: Made donations? Keep the receipts as proof. These will need to be presented to the IRD to claim any tax relief or exemptions.
• Solar Panel Relief: If you’ve purchased and installed solar panels, you can claim tax relief for this. Just make sure to keep the agreement with the electricity board to present as a supporting document.

By organizing these documents early, you’ll be well-prepared to meet the November 30th tax deadline with confidence.

How Do You Get Your Documents Ready the Right Way?

1. Organize your documents: It’s easier to file when everything is in order.
2. Do your calculations: Double-check your income and expenses to make sure your tax liability is accurate

Why Should You File Your Tax Return Early?

Filing early can save you from last-minute panic and help you spot tax-saving opportunities. When you file ahead of time, you have more room to adjust your finances and take advantage of deductions you might otherwise miss. Plus, it’s a lot less stressful! By filing early, you ensure compliance, avoid penalties, and gain peace of mind knowing everything is taken care of.

How Can Simplebooks Help You File Your Tax Return?

Why wait until the last minute? Start your tax return journey today with Simplebooks. Begin by using the Simplebooks Tax Tool to handle all your tax calculations—it’s fast, easy, and accurate, so you can feel confident in every deduction and detail.

Once your calculations are complete, our team of tax experts will guide you through filing your return on time, helping you avoid penalties and reduce stress. We’re here to make tax season as smooth as possible, ensuring your filings are fully compliant, so you can focus on what matters most—growing your business.

Additional resources for further reading:
Everything you need to know about Income Tax in Sri Lanka

FAQs