The Federal Revenue announced that the delivery of the Personal Income Tax Declaration (IRPF) for 2024, referring to the base year 2023, will be between March 15th and May 31st. The software necessary to make the declaration will be available for download from March 15th, with versions compatible for both computers and mobile devices with Android and iOS systems.
This year, there were important changes due to Law 14,663/2023, which changed the annual progressive tax table and its respective income ranges, the criteria for mandatory submission of the annual declaration and the rules relating to the inclusion of dependents, such as parents, grandparents and great-grandparents. According to the new guidelines, those taxpayers whose annual income in 2023 was up to R$24,511.92 are exempt from declaring IRPF.
Submission of the IRPF declaration 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.
Mandatory declaration
You are also required to declare who received exempt and non-taxable income taxed exclusively at source that exceeded R$200,000, compared to R$40,000 last year; who obtained gross revenue from rural activity of R$ 153,199.50, against R$ 142,798.50 in 2022; who had possession or ownership of assets and rights, including bare land, in excess of R$800 thousand, until December 31, 2023.
Completing the declaration is also mandatory for anyone who obtained, in any month, a capital gain on the sale of assets or rights subject to tax; carried out sale operations on stock, commodity, futures and similar exchanges: the sum of which was greater than R$40 thousand or with calculation of net gains subject to tax; whoever opted for exemption from Income Tax levied on capital gains from the sale of residential properties and has applied the gain to the acquisition of residential properties located in the country, within 180 days.
Offshore Law
Due to Law 14,754/2023, the Offshores Law, a declaration regarding assets and rights abroad is also mandatory for those who choose to detail the assets of the controlled entity as if they belonged to an individual; have a trust abroad or wish to update assets abroad. An ordinance detailing the rules must be published by the Revenue by March 5th.
Fine and discount
Anyone who does not deliver within the set deadline is subject to a minimum fine of R$ 165.74 and a maximum amount corresponding to 20% of the Income Tax due.
Those who opt for the simplified declaration will have a “standard” discount of 20% on their taxable income, limited to R$16,754.34, the same amount as last year.
If the taxpayer does not opt for the standard discount, the value of the deduction per dependent remains R$ 2,275.08, the same occurs with the annual limit on educational expenses (childhood, elementary, secondary, technical and higher education), which remained at R$ $3,561.50 and exemption for those over 65 years old. In relation to medical expenses, deductions remain without limit.