Revenue increases value for those who are required to declare Income Tax 2024

The Federal Revenue published this Wednesday (6) the rules for declaring Income Tax for 2024, base year 2023. Delivery begins on March 15th and runs until May 31st. This year, the government increased the limit for who is required to declare. As a result, taxpayers who received taxable income above R$30,639.90 in 2023 must present documentation. Last year, the value was R$28,559.70.

The taxable income limit includes salary, retirement and pension from the INSS or public bodies. Taxpayers who received up to R$24,511.92 last year are exempt from submitting the declaration. The changes were made due to Law 14,663/2023, which changed the annual progressive table and its ranges, the limits for mandatory annual delivery and the rules for including dependents (parents, grandparents, great-grandparents), informed the Brazil Agency.

The program for completing the declaration will be released on the same day as the delivery deadline. From the first day onwards, it will be possible to use the pre-filled declaration that contains information imported from the Federal Revenue database. This year, 75% of declarants have a Gov.br account at the gold and silver levels and can access the pre-filled document.

“From 2022 to 2023 the use of the pre-filled declaration more than tripled. It jumped from 7% to 24% and we were able to see a reduction in the number of declarations made using the income omission criterion. We also noticed a reduction in the time it took to complete the declaration”, said the Undersecretary of Collection, Registration and Service, auditor-fiscal Mário Dehon, in a note. Revenue estimates that 43 million declarations will be delivered.

Declaration form

The government also changed the declaration forms in specific cases, such as identifying investments in cryptoactives and more data to identify people who receive alimony. In the latter case, in addition to the obligation to include the person’s CPF, the declarant will also need to inform the dates related to the process, for example, the date of drawing up of the public deed or the date of the court decision.

Up to 7% deduction for donations

The IRS also determined to increase the limit on donations that were made in 2023. “Now, taxpayers can deduct up to 7% for donations to sports and sports projects, while contributions to the National Cancer Care Support Program (Pronon) and to the Health Care Support Program for People with Disabilities (Pronas) have a limit of 1%”, said the body, in a note. It is also possible to deduct up to 6% of donations made last year in projects that stimulate the recycling production chain.

Declaration of assets abroad

Due to Law 14,754/2023, the so-called Law of Offshorea declaration regarding assets and rights abroad is also mandatory for those who chose to detail the assets of the controlled entity as if they belonged to an individual and for those who have trust abroad or want to update assets abroad. An ordinance detailing the rules must be published by the Revenue by March 5th.

Changes in the limits for mandatory delivery of IR 2024

• The taxable income limit increased from R$28,559.70 to R$30,639.90;
• The limit for exempt and non-taxable income increased from R$40 thousand to R$200 thousand;
• Gross revenue from rural activity increased from R$ 142,798.50 to R$ 153,199.50;
• Possession or ownership of goods and rights from R$300 thousand to R$800 thousand.

Refund calendar 2024

• First batch: May 31st;
• Second batch: June 28;
• Third batch: July 31;
• Fourth batch: August 30;
• Fifth and final batch: September 30th.

The taxpayer can send the declaration through the My Income Tax application, for tablets and cell phones; through the income tax generating program for computers, which will be available on the 15th, and through the Federal Revenue Virtual Service Center, e-CAC.

According to the government, it is possible to start the declaration on one platform and complete it on another. For those who do not submit the declaration by May 31st, the late fine will be 1% to 20% of the tax due, with a minimum value of R$165.74.