2023-07-27 02:46:34
When the season for delivering the Individual Income Tax return approaches, it is important to prepare to meet this annual obligation. After all, if you are obliged to deliver the declaration and you miss the deadline, the Federal Revenue will charge a fine for the delay.
Each year, the Federal Revenue makes some changes and updates, so it is essential to stay on top of the news and understand how to make the declaration correctly.
In this article, we are going to address the main information regarding the Income Tax declaration, highlighting the changes that were implemented in 2023, the news related to the pre-filled declaration and the priorities in the refund queue.
What has changed in the Individual Income Tax return?
The Federal Revenue has promoted some important changes in the Income Tax declaration in 2023. Being up to date on these changes is essential to avoid mistakes and correctly fulfill your tax obligations.
Variable income obligation
The first change concerns the obligation to declare transactions carried out on the stock exchange and other variable income transactions. Until last year, the Federal Revenue forced any citizen who invested any amount in the stock market to make the declaration, even if he had not sold any shares.
However, as of 2023, it is mandatory for those who carried out disposal operations (sale) on stock, commodity, futures and similar exchanges, provided that the total value of the operations was greater than BRL 40,000 in the year or that have made a profit subject to sales tax.
It is important to point out that the limit of BRL 40,000 or net gain refers to the set of operations carried out on the stock exchange, and not to an isolated asset. For example, if you sold BDRs worth R$20,000 and other shares worth more than R$25,000, you will be required to file an Income Tax return.
Improvement of pre-populated declaration
Another novelty is the improvement of the pre-populated declaration. This automated template has gained prominence and is available to everyone on the first day of the submission period.
The Federal Revenue has expanded the information it captures and now automatically adds data on the purchase of real estate and the description of crypto-assets to the declaration. In addition, the pre-filled statement already included income, deductions and debts.
The pre-populated statement now automatically includes:
- Real estate acquired and registered with a notary, declared in the DOI (Declaration on Real Estate Operations);
- Donations made in the calendar year, declared by institutions in DBF (Demonstrative of Tax Benefits);
- Cryptoassets declared by exchanges (obligation of normative instruction RFB nº 1888/2019);
- Updating the previous year’s balance of bank and investment accounts, provided that the CNPJ, bank, account, agency is correctly informed;
- New or uninformed bank account or investment fund in the previous year’s statement, if identified by the Revenue;
- Restitution earnings received in the previous calendar year.
It is important to emphasize that the taxpayer is responsible for checking the information included automatically and adjusting it, if necessary. Since, even using the pre-filled model, it is essential to review and ensure the correctness of all data.
New priorities in the restitution queue
An interesting novelty for Income Tax is the priority in the refund queue for those who choose to make the pre-filled statement and choose to receive the refund via Pix. In this way, the option aims to streamline the refund process, ensuring that these taxpayers are served more quickly.
Who should file the Individual Income Tax return?
The income tax declaration is mandatory for some specific situations. Therefore, it is important to check if you fit any of them so as not to fail to comply with your tax obligations. The main situations in which the declaration is necessary are:
- Operations on the stock exchange;
- Having a company incorporated;
- Having received more than BRL 28,559.70 in taxable income in the previous year, which is equivalent to approximately BRL 2,380.00 per month;
- Have received more than BRL 40,000 in non-taxable income, exempt or taxed exclusively at source;
- Be the owner of assets totaling more than BRL 300,000;
- Having received emergency aid in the previous year;
- Having had income from rural activity above R$ 142,798.50;
- Wanting to compensate losses from previous years of rural activities;
- Having obtained, in any month, a capital gain on the sale of assets or rights;
- Have sold property in the previous year;
- Have established residence in Brazil during the previous year.
There are cases of exemption authorized by the Federal Revenue. Some of them are:
- Earnings of up to R$ 1,903.98 per month;
- Persons with serious illnesses on earnings relating to retirement or pension income;
- People aged 65 or over who receive up to BRL 3,807.96 in retirement or pension.
What is the best way to declare income tax?
The income tax declaration process is relatively simple and can be done through the site made available by the IRS.
Therefore, it is important to gather all the necessary documentation in advance, ensuring that you have all the correct data and information to make the declaration efficiently.
In addition, it is recommended to seek professional advice, either from an accountant or an income tax specialist, to ensure that all information is correct and to avoid mistakes that might lead to future problems.
When declaring your Income Tax, remember to report all income, expenses, goods and rights in accordance with the rules established by the Federal Revenue Service. So, be aware of the established deadlines and avoid leaving the declaration for the last minute, so you avoid fines and inconvenience.
In short, the Individual Income Tax Return is an annual obligation that requires attention and care to avoid mistakes and correctly comply with your tax obligations. Therefore, always be up to date on changes and news related to the declaration to ensure that you are in compliance with the rules established by the Federal Revenue.
If necessary, seek professional guidance to carry out the process efficiently and avoid future problems.
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