Every year, Brazilian taxpayers must declare their Income Tax, and they must also send their IR income report. This way, the IRS can identify whether everything is in order, that is, whether the data matches what was declared.

In both cases, it is necessary to comply with the deadlines, at risk of fines and restrictions on the CPF. Therefore, taxpayers need to pay attention to deadlines and how the procedures must be carried out.

This year, the income report must be submitted by the last day of February. Therefore, check below how to complete the report correctly and don't miss the deadline.

The deadline for companies and employers to submit their Income Tax report is coming to an end. The Declaration of Income Tax Withheld at Source must be submitted to the Federal Revenue by 11:59:59 pm on the 28th of this month.

The information is necessary to complete this year's Personal Income Tax declaration. In this way, the information that is granted will be used by the Federal Revenue Service with the aim of cross-referencing the data and determining how much each taxpayer paid in the previous year's tax, to find out whether tax evasion occurred or not.

Documents can be sent by post or can be made available through internet banking applications. Those who do not provide the data within the prescribed period may face a fine. Furthermore, the employer's report must include all salaries for 2022, the 13th salary and also other income received from time to time, such as profit sharing.

Retirees and pensioners of the National Social Security Institute (INSS) can obtain proof through the website (meu.inss.gov.br) or the Meu INSS application, which is available for iOS and Android (bit.ly/ 3Y10ruZ).

Also check out: Income Tax 2023: Lula's change will mean that MORE THAN 13 MILLION Brazilians do not pay tax

After reporting your income, the next step is to declare your Income Tax. This year, the tax declaration period will be from March 15th to May 31st. According to the Federal Revenue, the change aims to allow taxpayers to use the pre-filled declaration from the beginning of the term.

This way, if you have already made the declaration in the last year, the procedure will be easier, since the data will already be pre-filled. It is extremely important that citizens pay attention to the deadline for submitting their 2023 Income Tax declaration.

This is because those who do not complete the declaration within the requested period must pay a fine of 1% per month, with a minimum value of R$ 165.47 and a maximum of 20% of the tax due. Failure to submit and pay tax can also cause the taxpayer's CPF to be restricted.

Know more: Income Tax Declaration is now available through INSS: be sure to stay up to date with the Federal Revenue Service

With information from PronaTEC.

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