Check the new values ​​and whether you will benefit

Income Tax Exemption 2024: New amounts and who will benefit. Find out about tax changes and obligations this year.

Income Tax is an annual tax obligation that affects both individuals and legal entities in Brazil. Each year, taxpayers eagerly await updates and rule changes as these can have a significant impact on their finances.

In 2024, the news mainly involves the exemption values ​​and the conditions for mandatory declaration.

Income Tax exemption limit in 2024: Who is free to declare? Find it out. (Credit: @jeanedeoliveirafotografia /

The concept of Income Tax

To begin with, it is essential to understand the concept behind Income Tax. The annual rate, applied by the Federal Government, applies to the gains made by individuals and companies throughout the year. This income includes not only salaries and wages, but also other types of income, making the declaration process complex and relevant for many Brazilians.

Challenges for Individual Microentrepreneurs (MEIs)

For Individual Microentrepreneurs (MEIs), tax declaration is a particularly challenging task. They need to deal with both individual and corporate aspects, each with its own rules and requirements.

As the 2024 Income Tax filing deadline approaches, it is crucial that MEIs are aware of changes and updates that may affect their tax obligations.

Updated exemption limit

One of the most notable changes to Income Tax in 2024 is the increase in the exemption limit. Previously, the value was R$ 1,903.98, but with the sanction of a new law by President Luiz Inácio Lula da Silva, this limit increased to R$ 2,112.00.

This means that people with annual income of up to R$2,112.00 are exempt from paying Income Tax, although they are still required to file a declaration. This update to the exemption has the potential to benefit around 13.7 million Brazilians, according to information provided by the Federal Revenue Service.

Who must declare Income Tax in 2024?

In addition to the exemption, it is important to understand who is subject to the obligation to declare Income Tax in 2024. You need to file if:

Received taxable income in excess of R$ 28,559.70; Had exempt, non-taxable or taxable income at source in excess of R$ 40 thousand; Obtained profit from the sale of goods or carried out operations on stock, commodity, futures exchanges, etc. , above R$40 thousand or with taxable net earnings;In rural activity, had gross income above R$142,798.50;Had, by the end of 2022, assets or rights above R$300,000;He took up residence in Brazil in 2023.

Income Tax Exemption Criteria in 2024

Those who do not meet any of the criteria mentioned above are not required to declare Income Tax in 2024. Furthermore, there are situations in which the person is exempt from declaring, such as dependents whose income was declared by another person or those who had their assets declared by their spouse or partner, as long as they did not exceed R$300,000 in 2023.

How should MEIs make the declaration?

For Individual Microentrepreneurs, declaring Income Tax is relatively simple. They can access the entrepreneur portal, enter the company’s CNPJ and choose the original declaration corresponding to the calendar year. It is mandatory to inform the total amount of gross revenue for the year, including all invoices issued, and declare whether you have employees.

In summary, the changes to Income Tax in 2024 have the potential to significantly impact the financial lives of Brazilians. Pay attention to the exemption values, declaration criteria and tax obligations that apply to your case. Complying with tax rules appropriately is essential to avoid future problems and ensure a stable financial situation.

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