According to the Federal Revenue, anyone who received taxable income above R$ 28,559.70 in 2019 needs to declare income tax in 2020.
The Federal Revenue Service announced this Wednesday (19) that the deadline for submitting the 2020 income tax return, base year 2019, starts on March 2 and extends until April 30.
The taxpayer who does not make the declaration or delivers it after the deadline, will receive a fine of at least R$ 165.74. The maximum amount corresponding to 20% of the tax due.
The amount is the same as last year's income tax return. Need to file income tax this year who received taxable income above R$ 28,559.70 in 2019.
They also need to declare:
- Taxpayers who received exempt, non-taxable or taxed exclusively at source income, the sum of which was greater than R$ 40 thousand last year;
- Whoever obtained, in any month of 2019, capital gain on the disposal of assets or rights, subject to the incidence of tax, or carried out operations on stock, commodity, futures and similar exchanges;
- One that, in 2019, had gross revenue in excess of R$ 142,798.50 in rural activity;
- The person who had, until December 31, 2019, possession or ownership of goods or rights, including bare land, with a total value greater than R$ 300 thousand;
- Who became a resident in Brazil in any month of the last year and was in that condition on December 31, 2019;
- Someone who opted for the exemption from the tax levied on the value obtained from the sale of residential properties whose sale proceeds are applied to the acquisition of residential properties located in the country, within 180 days, counted from the conclusion of the sales contract.
Those who choose the simplified declaration are giving up all deductions allowed in the tax legislation, such as those referring to education and health expenses. But you are entitled to a deduction of 20% from the amount of taxable income, limited to R$ 16,754.34, same value as last year.
IR table
The Income Tax table was not corrected last year. According to information released by the government, there is no forecast that it will be updated this year either. When the table is not corrected, more workers pay tax if their wages are adjusted for inflation.
According to the National Union of Tax Auditors of the Federal Revenue (Sindifisco Nacional), from 1996 to 2019, the lag is 103%.
The Individual Income Tax table defines the income brackets on which the levied rates apply.
- Whoever wins up to R$ 1,903.98 is exempt from the charge.
- Income between R$ 1,903.99 and R$ 2,826.65 is rated at 7.5%.
- Values between R$ 2,826.66 and R$ 3,751.05 have a charge of 15%.
- And values between R$ 3,751.06 and R$ 4,664.68 have a tax rate of 22.5%.
- Income above R$ 4,664.68 is taxed at a tax rate of 27.5%.
If the table correction were implemented, this would decrease the withholding of the IR by the federal government and would mainly benefit the middle and upper classes. Because they are those who have income subject to taxation.
