Income Tax Declaration 2017: Rules, Options and Penalties

 

Imposto de Renda 2017

Income Tax Declaration 2017

Delivery of the Income Tax Declaration 2017 begins on March 2

The deadline for submission of the Income Tax Declaration 2017 begins on March 2 and runs through April 28, 2017.

Anyone who arranges to make the declaration at the beginning of the term has the advantage of having the time to ask questions and verify which documents and information are missing to make due declaration. In addition to increasing the chances of entering the first lots of refund after having the statement processed by the Revenue Service (RS).

 

New rule to include dependents

This year, the Brazilian Internal Revenue Service has issued normative instructions determining that taxpayers who wish to include dependents in the income tax return must register them with the Individual Taxpayer’s Registry (CPF), if they are 12 years of age or older. According to Revenue, this measure aims to reduce fraud and retention of statements in the mesh.

 

Option for taxation

The RS allows the option to make the tax return for legal deductions and for simplified discount.

In the option for legal deductions the taxpayer has to observe the following limits:

  • Dependents:the maximum amount is R $ 2,275.08 per dependent, the same as last year;
  • Education:in education expenses (elementary, middle, technical and higher education, which includes undergraduate and graduate), the limit of deduction remained at R $ 3,561.50 per dependent;
  • Medical Expenses: there is no limit to deductions of this nature;

In the option for the simplified discount is allowed the discount of 20% of the value of taxable income in the declaration, limited to the amount of R $ 16,754.34. It is important to note that for this option it is not possible to use legal deductions, and it is important for the taxpayer to check which option is most advantageous for you.

 

Penalties

The delivery of the declaration after the deadline, or non-delivery, subjects the taxpayer to the payment of a fine of 1% in the calendar month or fraction of delay, calculated on the total tax due and calculated on it, even if fully paid.