Income Tax has an ALTERED exemption range in 2024; check out the table!

Recently, the government changed the Income Tax exemption range, which will ease the pockets of thousands of Brazilian citizens who will no longer have the obligation.

Have you heard the latest news about Income Tax? The federal government has just announced a measure that promises to ease the pockets of millions of Brazilians.

With a new extended exemption band, this change is one of the most significant in recent times. Understand how this proposal can affect you!

Are you going to declare your Income Tax this year? See if the new exemption also applies to you! / Credit: @jeanedeoliveirafotografia / pronatec.pro.br

What is the Income Tax declaration?

First, let’s understand the importance of the declaration. In short, the Income Tax declaration is an annual process where citizens inform the Federal Revenue Service of their income, expenses and possible deductions for the last tax year.

This procedure is essential to settle accounts with the government, ensuring that the taxpayer pays the correct amount of tax or receives the refund due.

In other words, it is essential to maintain fiscal transparency and comply with legal obligations, applicable to everyone who meets the criteria established by legislation, such as income above a certain limit, ownership of assets, among others.

What happens if I don’t declare IR?

Now, not declaring Income Tax within the stipulated deadline can lead to a series of negative consequences for the taxpayer.

Initially, a fine is imposed for delay, which may vary according to the length of delay in delivery.

Furthermore, the CPF can be placed in the fine mesh, restricting the ability to carry out financial operations, such as loans and financing.

In more serious cases, the taxpayer may face legal proceedings, leading to more severe penalties, including prosecution for the crime of tax evasion.

Find out more: IPVA paid on PIX? Find out how to pay the tax that is not optional

A new exemption band

Furthermore, the news that is causing people to talk is the update to the Income Tax exemption range.

Now, if you earn up to R$2,824 per month, you can breathe a sigh of relief: you are exempt from paying IR! This represents an increase compared to the previous ceiling, which was R$2,640.

This change comes at a good time, especially considering the economic difficulties faced by many in recent years.

The impact of change

After all, what does this really mean for the Brazilian worker? Well, to begin with, 15.8 million people will directly benefit from this measure.

These are people who will feel the difference in their pockets, being able to direct this money towards other needs or even save.

Furthermore, the government implemented a simplified discount of R$564.80, which can be a good option for those who do not have large discounts, such as social security.

What to expect in the future from your Income Tax declaration?

With this change, many are asking: what else is coming? The provisional measure has already been sent to the National Congress and has up to 120 days to be analyzed.

Meanwhile, many are keeping an eye on the impact that this change will have on government revenue, estimated at a reduction of R$3 billion for 2024. Will we have more news like this in the future?

Finally, this update to the Income Tax table is a light at the end of the tunnel for many Brazilians.

In times of economic uncertainty, measures like this are a breath of hope and show a path to much-needed financial relief.

See more: Is anyone earning up to two minimum wages EXEMPT from Income Tax? Find out everything!

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