The deadline for submitting the 2023 Income Tax declaration is approaching. Taxpayers have until May 31 to submit their returns , so those who haven’t yet filed should hurry to avoid fines and penalties.
Income Tax is a mandatory annual tax levied on the income of individuals and companies. In the case of individuals, it is necessary to declare income tax every year if the taxpayer received taxable income above a certain amount stipulated by the Federal Revenue Service.
In general, every individual who had taxable income above R$28,559.70 in 2022 must declare the Income Tax in 2023. In addition, other situations that make the declaration necessary are:
Had taxable or non-taxable income above BRL 40,000.00 in 2022.
Before knowing what amount should be paid, we need to talk about three points that need to be taken into account. They are: calculation basis, rate and portion to be deducted.
Calculation basis: These are the taxable income of the taxpayer, that is, amounts received such as wages, rent, pension, remuneration for work, investments, etc.
Rate: This is the percentage charged on your earnings. The income tax rate is progressive: the more you earn, the higher the rate.
Portion to be deducted: Amount subtracted from your income for calculating the tax to be proportional to your earning range. Now, we need to understand which monthly income range you fit into!
The table for the 2023 Income Tax declaration has not changed. The rates for individuals vary according to the taxpayer’s income. In 2023, the rates remain as follows:
After that, the taxpayer must access the Federal Revenue program available for download on the agency’s website and fill in the requested information. Remember to have all the necessary documents at hand, such as income statements, bank statements, proof of expenses , among others. Taxpayers can declare their income and expenses for the year 2022 from March 15th. The deadline ends on May 31.
Taxpayers who miss the deadline for submitting the declaration will be subject to fines ranging from R$165.74 to 20% of the tax due, plus interest. In addition, failure to submit the statement can lead to other consequences, such as blocking the CPF, which can prevent various financial activities from being carried out.
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