Simple mistakes can withhold income tax and turn a headache for taxpayers

Whether due to inexperience or inattention, many people can make mistakes when filling out the IRPF (Individual Income Tax) declaration and fall into the fine mesh. Many of them even do not prevent recording for delivery of the statement to the Federal Revenue.

The CRC-MS (Conselho Regional de Contabilidade de Mato Grosso do Sul) listed the most frequent mistakes made by taxpayers — especially those who fill in on their own, without professional assistance.

Check out what they are and how not to commit them.

Entering values ​​incorrectly

Some people may type values ​​incorrectly or with more than two decimal places. According to the CRC, the IRPF program does not consider the period as a cent separator. For example, if the value entered is 1234.56, the system will consider R$ 123,456.00.

However, if nothing is entered after the period, the software considers it as a comma, ie ‘789.’ will be transformed into ‘R$ 789.00’.

Not informing CNPJ of the paying sources

This information must be placed in the correct field and cannot be left out when declaring the Income Tax. If this data is not informed or the CNPJ of the paying source is invalid, the declaration will not be recorded.

Not listing all taxable income

In this case, the taxpayer is subject to falling into the fine mesh, so a lot of attention is needed. Many fail to report income such as retirement benefits and those received in labor claims, which must also be reported in the Income Tax.

Receive income from multiple payers without declaring all amounts

Also at risk of being withheld in the fine mesh, the taxpayer must inform all taxable income, even if they have not been withheld by the paying source.

Declare different values

The amounts reported in the Income Tax return must be the same as those reported by the paying sources. The CRC emphasizes that exempt income should not be subtracted from taxable income.

For example, the withholding tax on the 13th salary should not be added to the withholding tax on taxable income.

The agency recommends that, if the taxpayer is convinced that the information contained in the proof of income is incorrect, a request for a new proof of income should be made to the paying source, with the correction of the information provided to the Federal Revenue.

Inform exempt income above the limit

This case is specific to taxpayers over 65 years of age who file income tax. For this group, the monthly exempt installment is limited to R$1,903.98, regardless of one or more retirements, pensions and/or retirement. Any excess amount must be reported as taxable income.

The limit of the exempt portion of the “Value” field is calculated by the program and the excess amounts will be transferred to the “Taxable Income Received from Legal Entity” form, if you answer “Yes” to the form transfer question.

Declaring lottery prizes in wrong fields

These prizes are subject to exclusive taxation, and must be informed in the “Income Subject to Exclusive/Definitive Taxation” form. However, the tax withheld at source on such income is not refundable.

Incorrectly inform Fapi and Private Pension income

The amounts received from Fapi (Individual Programmed Retirement Funds) must be reported in the Income Tax for their full amount, as taxable income, without the right to the exempt portion.

Those received from private pensions must be reported for their full amount, as taxable income, but observing the exemption cases provided for in the legislation.

Claiming improper deduction of donations

In this item, donations made directly to funds for the rights of children and adolescents or the elderly, controlled by national, state or municipal councils, are deductible. Also included in the list are donations or sponsorships made to programs to encourage culture, audiovisual activity and sport.

Income tax is not a seven-headed bug

The Income Tax still generates many doubts in people, since there are several details and new rules are implemented every year. This fact makes many seek professional help.

“There are also declarations that are very easy to make, people sometimes have a single income, have few expenses, have few assets to declare, so it becomes less complex”, explains the president of the CRC-MS, Otacílio Nunes.

“On the other hand, people who make investments in stock exchanges, who have transactions of goods and values, such as the purchase and sale of movable and immovable assets, financial investments, more than one source of income, this is already starting to generate a certain complexity”, exemplifies the professional.

The sale of assets with capital gain calculation, purchase and sale of shares on the stock exchange (Day Trade Swing Trade), having cryptoassets, joint or separate declaration of spouses, for example, also make the IRPF declaration more complicated.

“Reforms of real estate change the value of the real estate that is declared by the historical value of purchase”, quoted Otacílio.

If you fit this last profile, the CRC-MS provides a tool for consulting MS accountants who have the. With this, it is possible to verify that the professional is performing the function legally and not having problems with his Income Tax.