When the taxpayer completes his declaration Income tax, He actually finds out whether or not he is entitled to a refund. If the outcome reported by the program is “tax to be recovered”, then the amount will be returned to the designated IRS bank account. The deadline for submitting the declaration is May 31.
This year, this year’s income tax recovery calendar will begin at the end of May. The first batch was scheduled for May 31, with the last 5 payments scheduled for September 30.
However, according to the rules, the refund amount is updated at the Selic accrued rate from the month following the ad deadline until the month preceding the payment, plus 1% in the month of the deposit. The base interest rate is currently 2.75% per annum. As per the financial market forecast, the base rate will close in 2021 at 4.5% annually.
See recovery calendar
- The first draw: May 31
- The second batch: 30th June
- The third batch: 30th July
- Fourth batch: August 31
- Fifth batch: 30th September
Priority will be given to receiving elderly, disabled and critically ill persons and teachers.
Examples of tax calculation and refund amount
Income tax is calculated based on the total taxable income and taxpayer income range. Final refund is the return of the amount in excess or withheld in the source before the announcement of the annual amendment.
It is important to know that the amounts of tax payable and the final refund are not always based on total income and rates, but also on the number of sources of payment, the number of dependents, and the total expenses that can be deducted.
According to the applicable schedule which has not been corrected since 2015, the monthly premium retained through revenue is computed based on rates of 7.5%, 15%, 22.5%, or 27.5% on the income value, discounted by the deductible portion (flat deduction) for each income range .
Check out below some examples of an IR account, prepared by consulting firm BDO:
An example of a refund account for a worker with an official contract and a salary of R $ 4,000 – Photo: G1 Economy
Example of a refund account for a worker with an official contract and a salary of R $ 5,000 – Photo: G1 Economy
For taxpayers with more than one payment source, an annual adjustment statement may pay more taxes rather than a refund. This is because when collecting all of the annual income, a person can fall into a wider tax range than those applied in the monthly deductions for each job.
An example of a recovery account for a worker with a salary of 6,000 Rials from two sources of payment – Photo: G1 Economy
Care time announcement
The IRS states that refunds are only paid on conventional contracts if there are no inconsistencies in the declaration. In the event of a pending error or problem, the statement is kept in a fine grid for verification and is only released after correction (by way of a correction statement), or documentation submitted by the taxpayer.
The IRS recalls that a taxpayer can receive notification of a refund payment on a cell phone. Therefore, it is necessary to install the Individual application And choose a service. In this way, when the refunded amount is sent to the account reported in the announcement, the device will receive the alert: “The refund has been sent to the bank.”
Videos: Learn all about income tax for 2021
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