Know the right time to declare your Income Tax

If you are a MEI, you have until THIS day to declare your Income Tax! Check out the main rules for this professional category.

The role of the Individual Microentrepreneur (MEI) in the Brazilian economy is undeniable, but with this responsibility comes the need to understand tax obligations, including Income Tax.

This article is a practical guide to clarify when and how the MEI must declare its Income Tax in 2024! Read very carefully.

MEI: know the right time to declare your Income Tax. Credit: Pronatec

Understand Income Tax better

Income Tax is an annual rate applied by the Federal Government on the earnings of individuals and legal entities.

For MEI, the Income Tax declaration has particularities, involving both individual and business aspects, each with its own rules.

Increase in the exemption limit for Income Tax

Recently, a law sanctioned raised the Income Tax exemption limit from R$1,903.98 to R$2,112.00.

Therefore, individuals with income up to this amount are exempt from payment, but still need to file a declaration.

Who needs to declare income tax in 2024?

Declaration of Income Tax in 2024 is mandatory for people who:

Received taxable income in excess of R$ 28,559.70; Had exempt, non-taxable or taxed income at source in excess of R$ 40 thousand; Carried out operations on stock, commodity, futures exchanges, etc., in excess of R$ 40 thousand or with net taxable gains;Had gross income above R$142,798.50 in rural activity;Had, by the end of 2022, assets or rights above R$300,000;Began to reside in Brazil in 2023.

When should MEI declare Income Tax?

Now, we have one of the most important questions Brazilians have: when should individual microentrepreneurs declare Income Tax?

In this regard, there is no secret: MEIs must follow the same calendar as other taxpayers. There is no specific period for declaring MEIs, and in this sense, workers must submit the declaration in accordance with the deadline originally established by the Federal Revenue Service.

This deadline, at least so far, has not yet been announced. Normally, the Income Tax delivery period runs from February to May, with some differences in each year.

The MEI must make its declaration by accessing the entrepreneur portal, entering the company’s CNPJ and choosing the original declaration for the corresponding calendar year. It is crucial to inform the total amount of gross revenue for the year, including all invoices issued and declare whether you have employees.

Don’t waste time making the statement!

Understanding and complying with tax obligations is essential for the financial and legal health of any business. For MEI, being aware of Income Tax rules and deadlines is a crucial step to avoid problems with the Tax Authorities and ensure peace of mind in managing your enterprise.

Stay informed, organized and, if necessary, seek the support of an accounting professional to navigate these often complex waters of Brazilian taxation.

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