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With the arrival of the 2024 tax year, the Federal Revenue announced the rules for income tax declaration 2024 (GO).
Therefore, the period for submitting the 2024 Income Tax declaration It will begin on March 15th and last until May 31st.
Furthermore, this is the deadline established by IRS for the delivery of declarations, and this standard will be maintained in subsequent years.
In this article, we will explore the main changes and relevant information so that you can comply with your tax obligations smoothly.
Certainly one of the significant changes is the increase in Income Tax exemption range for R$30,639.90.
This change covers salaries, retirement and pensions from the INSS or public bodies. Previously the limit was R$28,559.70.
As a result, the progressive mandatory table was also adjusted, impacting dependents, who now cannot have income above this new range.
The need to make a declaration covers several circumstances, such as:
The law approved the previous year also imposes the obligation to declare for those who have assets abroad.
A positive development is the expectation that 40% of returns will be pre-filled, providing convenience to taxpayers.
Obtaining the completed form in advance is available through e-CAC (Federal Revenue Virtual Service Center) or the “My Income Tax” application.
This feature speeds up the process, making it a viable option for 75% declarants.
The IRS released the refund deadlines, with the first batch scheduled for May 31st.
It is important to highlight that the elderly, those with a serious illness, those with physical or mental disabilities, and those who opt for a pre-filled declaration to be received via Pix will have priority.
Several changes were implemented to the IR 2024, including the identification of cryptoactives, the need to detail the shares and gains of those who have trusts abroad, and the periodic collection of taxes for closed-end funds in Brazil.
In addition, a new portal was opened by the Federal Revenue Service, with the purpose of consolidating and improving users' digital interaction with the agency, seeking to provide a more efficient experience.
Despite the gradual implementation of the new portal, it will replace the current Virtual Service Center, the e-CAC Portal, in the final phase of the process.
To ensure an efficient declaration, it is essential to organize all the necessary documents, such as ID, CPF, proof of residence, proof of medical expenses and education expenses, among others.
The taxpayer can take advantage of the standard discount of 20% on the tax base, limited to R$16,754.34, by opting for the simplified declaration.
Another important point is the fine for those who do not file the declaration or submit it after the deadline, which varies from R$165.74 to 20% of the tax due.
Furthermore, the Federal Revenue emphasizes the possibility of making the declaration on various devices, including on a cell phone, through the Federal Revenue application, accessing the My Income Tax platform.
Certainly in the midst of so many rules and nuances of Income tax, investing in financial education is essential.
Understanding how financial decisions impact your declaration can result in tax savings and more efficient management of resources.
Furthermore, planning investments and expenses throughout the year can contribute to a smoother declaration and, often, with tax benefits.
Therefore, consulting a professional specialized in tax planning can be a smart strategy to optimize your tax situation.
In summary, the income tax declaration in 2024 brings some significant changes, but with proper organization, you can face this process in a simplified way.
Then use the available tools such as the app My Income Tax, such as the pre-filled declaration, to optimize time and ensure the accuracy of information.
Keep in mind that the IRS expects to receive 43 million returns this year, an increase from 41.1 million the previous year.
Furthermore, be aware of deadlines and news to avoid setbacks.
Consult the official IRS website for additional details on the 2024 Income Tax.
Therefore, we hope that this article has clarified your doubts and made it easier to understand the Income Tax rules and procedures this year.
