Tax

  • May 12, 2019
    Tax

    Learn To Declare A Loan On Income Tax

    The deadline for the declaration of Personal Income Tax (IRPF) for 2018, base year 2017, began on March 1 and runs until April 30. The taxpayer who took out loan above $ 5,000.00 (individual or added) last year must include in the Income Tax return. Anyone who fails to file the Income Tax statement within the period established by the Federal Revenue Service must pay a fine of at least R $ 165.74, deducted from the amount of the refund.   Why loans are declared in the Income Tax? The loan taken may justify the acquisition of assets. For this reason, the minimum loan amount that needs to be included is $ 5,000.00. It is important to note that it is mandatory to include in the Income Tax loans borrowed (in banks, financial, with people) and also granted (for friends, relatives), when they exceed the amount of R $ 5,000.00. In the case of loans granted, the information must be completed in “Assets and Rights”.   Types of loans that must be declared in the Income Tax Personal Loan: amount equal or superior to R $ 5,000.00; Payroll loans : amount equal to or higher than R $ 5,000.00; Special Check : when the outstanding balance exceeded R $ 5,000.00 in the period.   Loan in Income Tax: code To populate the “Code” field, click “New” and choose one of the options. In the case of loans made to the bank, the option is ( commercial banking establishment. If you have contracted one or more loans in the amount equal to or greater than R $ 5,000.00 in a financial company, choose option , credit, financing and investment company. Did you borrow money from a friend? If the amount is equal to or above R $ 5,000.00, you must also...