Who needs to declare income tax in 2024? 

You know Who needs to declare income tax 2024? The traditional income tax declaration marathon has begun.

To help you through this process with peace of mind and avoid mistakes that could lead to fines and inconvenience, follow the complete step-by-step instructions.

With the main information about who needs to declare income tax in 2024.

1. Who needs to declare?

The Federal Revenue establishes specific criteria that define who is required to declare income tax. 

In 2024, the obligation falls on the following taxpayers:

Individuals who received taxable income above R$ 28,559.70 in 2023.

 This includes salaries, pensions, rent, etc.

In addition, those who received exempt, non-taxable or taxable income exclusively at source above R$ 40,000.00 in 2023.

This also includes FGTS, workers' compensation, scholarships, etc.

Therefore, if you had assets or rights worth more than R$ 300,000.00 on December 31, 2023: Properties, cars, investments, among others.

If you carried out share purchase and sale operations on the stock exchange in 2023.

However, residents of Brazil who moved abroad in 2023 and remained outside the country for more than 12 months.

Finally, alimony holders received amounts as alimony.

Individuals who made deductible donations in the previous year.

2. Situations that require special attention

Even if you do not meet any of the criteria above, it is important to check whether you are in any of the following situations that may require you to file an income tax return:

Sold a property: If you sold a property in 2023, even if it was your only property, you must declare income tax on the capital gain.

Received inheritance: If you received an inheritance in 2023, you must declare income tax on the amount received.

Did you spend on health or education: You can deduct health and education expenses from your income tax, as long as you have proof of the expenses.

Contributed to private pension plans: Contributions to private pension plans may be tax deductible.

3. Benefits of declaring income tax

Declaring income tax is not only a legal obligation, but it can also bring benefits to the taxpayer.

Tax refund: If you paid more tax than was due, you may receive a refund of the excess amount.

Access to credit: The income tax declaration can facilitate access to credit, as it serves as proof of income.

Participation in sweepstakes: The Federal Revenue Service carries out prize draws among taxpayers who declare their income tax on time.

4. How to avoid declaration errors

First of all, to avoid errors when declaring your income tax, it is important to follow some tips.

Organize your documents: Have all the necessary documents on hand before starting to fill out the declaration.

Fill out the declaration carefully: Read the instructions carefully and answer all questions carefully.

Review the statement before submitting: Check that all data is correct before transmitting the declaration to the IRS.

If you have any doubts, consult a specialized professional: An accountant or other specialized professional can help you with your income tax declaration.

5. Important deadlines

Delivery of the declaration: March 15 to May 31, 2024.

Tax payment: In up to 8 monthly installments, due on the last day of each month.

Access: Federal Revenue website: https://www.gov.br/receitafederal/pt-br