Don’t forget about personal income tax – Picture of the day
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The tax authorities of the Russian Federation issue millions of rubles in fines for failure to file declarations and non-payment of taxes. To avoid becoming one of these taxpayers, you need to annually check the structure of your income for tax purposes, and also remember the obligation to file a declaration and pay personal income tax.
Who needs to think about the need to file a declaration?
To avoid unpleasant surprises and consequences, it is better to check in advance whether you fall into the group of people who need to file personal income tax. There are quite a lot of such groups.
Firstly, taxpayers who sold real estate, vehicles or shares in the authorized capital of companies last year must file personal income tax. It is necessary to check the period of ownership of such objects. If they owned transport for less than three years, real estate or shares in the authorized capital of a company for less than five years, such income is subject to personal income tax, and it is necessary to submit a declaration indicating this income. If the holding period is longer, then the income is exempt from taxation and there is no need to submit a declaration. There are exceptions for real estate when three years of ownership of the property is enough: the sale of real estate inherited or donated by close relatives, as well as the sale of privatized real estate, etc. There is also an acute point that few people know about: a non-resident cannot receive a tax deduction when selling real estate. This means that in the event of loss of tax resident status in the year in which real estate or transport was sold, such tax non-resident is required to declare income from the sale in full of the amount received from the transaction. Tax non-residents cannot take into account the cost of purchasing property; they only have the opportunity to use the minimum property ownership period.
Secondly, taxpayers who rent out real estate or vehicles need to file a declaration and pay personal income tax on their own.
Thirdly, all tax residents of the Russian Federation who receive any income from foreign sources should remember about tax declaration and payment. This can be either investment income credited to a foreign account or a salary from a foreign company. This year is also the last time taxpayers will independently declare and pay tax on income in the form of dividends from foreign securities – starting next year, tax agents will do this without the participation of taxpayers.
In addition, the obligation to independently file a declaration and pay personal income tax falls on taxpayers whose tax status has changed. That is, these are cases when tax agents withheld personal income tax from the taxpayer’s income at a tax resident rate of 13–15%, but at the end of the year the taxpayer is recognized as a tax non-resident of the Russian Federation. In this case, you need to recalculate personal income tax up to 30% yourself through a declaration.
In addition, the declaration must be submitted to taxpayers whose tax agents for some reason did not withhold personal income tax when paying income, or in situations where income was paid by an individual. For example, if you provided an interest-bearing loan to another individual and he paid not only the return of funds, but also interest.
Also, the declaration must be submitted to the controlling persons of a foreign company if the retained earnings of such a company exceeded 10 million rubles. in year.
And another case when you need to submit a declaration is a situation where over the past year there was a loss on investment income on transactions with securities. To carry forward such a loss against income generated in another broker’s account, or to record such a loss for possible application within the next ten years, the taxpayer must also file a return.
Deadlines for taxpayers
If you do find yourself among those who will need to file personal income tax, another difficulty arises – not to miss the deadline. The first deadline to remember is April 30 of the year following the year of income. Before this day, you need to prepare and submit a tax return in form 3-NDFL to the tax authority. This year, April 30 falls on a public holiday, so the deadline is shifted to May 2.
Those who fail to meet the deadline may be fined 5% of the amount of tax due for each full or partial month of non-payment. The minimum fine is 1 thousand rubles, but even in the worst case, the fine will not exceed 30% of the non-payment amount.
The taxpayer may face another problem: the deadline is approaching, but income documents have not yet arrived. In this case, in order to avoid receiving a fine for late filing of the declaration, you can submit it before the deadline with an approximate amount of income. As soon as documents with accurate information arrive, you will need to submit a clarifying tax return with adjustments. Then the penalty for failure to submit will not be assessed, since you submitted the initial declaration on time. Also, since you identify inaccurate information in the submitted primary declaration and submit a clarifying declaration yourself, and not at the request of the inspectorate, there will also be no fine for incorrect reflection of information. However, it is recommended to submit the adjusted declaration by July 15: this date is another important deadline.
By July 15 of the year following the year of receipt of income, you must pay the personal income tax calculated for payment according to the declaration.
If you violate the tax payment deadline or do not pay personal income tax in full, a fine of 20% of the amount of tax payable may be imposed. And if the inspector can prove that the tax base is deliberately underestimated, the fine will be 40%.
In addition, for each day of delay in personal income tax payment, penalties will be charged in the amount of 1/300 of the Central Bank refinancing rate. But their amount is limited by the amount of debt.
The second way out of the situation when it is impossible to send a declaration on time is to submit the document in violation of the deadline while simultaneously meeting the deadline for paying personal income tax. That is, even if you do not have time to submit your return on time, the main thing is to pay the tax before July 15. In this case, the fine for late submission of the declaration will be 1 thousand rubles.
You can fill out a tax return through the taxpayer’s personal account in a special program developed by the tax authorities, or on paper. You can also submit documents through the taxpayer’s personal account, by personally visiting the inspectorate at the place of registration or by Russian Post by registered mail with a list of attachments.
Remember that in most cases, the actual income received must be reflected in the declaration, and expenses must be indicated in separate columns. Each expense must be documented. Otherwise, the tax inspector may not take it into account and charge additional personal income tax on the entire amount of income.
Also, do not forget about the opportunity for tax residents to take advantage of tax deductions – investment, social, property. This can help reduce the tax base, and therefore the tax.
Therefore, do not forget to prepare, collect and attach all the necessary supporting documents to the declaration to avoid fines and requests from the tax authorities.
If you have questions or clarifications while filling out the declaration, remember that you can always turn to open sources of information or tax consultants.
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