Brazilian tax authority releases rules for 2024 income tax returns; check deadlines and limits.

By Luciano Nascimento, reporter for Agência Brasil - The deadline for filing Individual Income Tax (IRPF) in 2024 starts on March 15 and ends on May 31. The Federal Revenue Service released today (6) the rules for filing the IRPF, with base year 2023.

The tax authority expects to receive 43 million tax returns. In 2023, 41.151.515 returns were received. The income tax return filing program will be released for... download also starting on March 15th, with versions for desktop with and mobile phones (Android and iOS).

Due to Law 14.663/2023, there were changes to the annual progressive tax tables and their ranges, the limits for mandatory annual reporting, and the rules for including dependents (parents, grandparents, great-grandparents).

Under the new rules, taxpayers who earned up to R$ 24.511,92 last year are exempt from filing a tax return.

Filing an income tax return will be mandatory for anyone who received taxable income above R$ 30.639,90 in 2023. Last year, this limit was R$ 28.559,70.

You are also required to declare if you received exempt and non-taxable income taxed exclusively at source that exceeded R$ 200, compared to R$ 40 last year; if you obtained gross revenue from rural activity of R$ 153.199,50, compared to R$ 142.798,50 in 2022; if you had possession or ownership of assets and rights, including bare land, exceeding R$ 800, until December 31, 2023.

Filing a tax return is also mandatory for those who, in any month, obtained capital gains from the sale of assets or rights subject to income tax; carried out sales transactions on stock exchanges, commodities exchanges, futures exchanges and similar markets: whose total exceeded R$ 40 or with net gains subject to income tax; and those who opted for exemption from income tax on capital gains from the sale of residential properties and applied the gain to the acquisition of residential properties located in the country within 180 days.

Due to Law 14.754/2023, the so-called Offshore Law, it is also mandatory to declare assets and rights abroad for those who have chosen to detail assets of the controlled entity as if they were those of the individual; possessing trust You are living abroad or wish to update your assets abroad. A decree detailing the rules should be published by the tax authorities by March 5th.

Those who fail to submit within the established deadline are subject to a minimum fine of R$ 165,74 and a maximum fine corresponding to 20% of the income tax due.

Those who opt for the simplified tax return will receive a "standard" 20% discount on taxable income, capped at R$ 16.754,34, the same amount as last year.

If the taxpayer does not opt ​​for the standard deduction, the deduction amount per dependent remains R$ 2.275,08, the same applies to the annual limit for education expenses (early childhood education, elementary, middle, high school, technical and higher education), which remains at R$ 3.561,50, and the exemption for those over 65 years of age. Regarding medical expenses, deductions remain unlimited.