When preparing for retirement, many people will pay great attention to the necessary materials to ensure the smooth distribution of pensions, such as ID cards, household registration books, work permits, retirement certificates, etc. However, many people may overlook an equally important piece of material – the personal income tax return. If you do not submit this document, you may receive 720 yuan less pension per month. Therefore, when it comes to retirement, it is important to remember to submit all the necessary documents, especially the personal income tax return.
Why do I need to file a personal income tax return?What's the benefit of handing it in?What are the consequences of not handing it in?Individual income tax return is a tax payment method in which taxpayers calculate the amount of tax payable according to their own income, under the prescribed tax rate and deduction standards, and declare it to the tax authorities. Retirement metal is withheld and prepaid, and the monthly payment unit will deduct a certain amount of tax from the retiree's pension and pay it to the tax authority on behalf of the tax authority. However, each person's actual income and expenses may be different, such as other income**, exemptions or preferential policies, additional deductions, etc., which will affect the amount of tax payable for personal income tax. In order to ensure the fairness and reasonableness of individual income tax, retirees need to submit individual income tax returns from March 1 to June 30 of each year to make final settlement of pension income and tax payable for the whole year. If you find that the amount of tax withheld and withheld is more than the amount of tax due, you can apply for a refund;If it is found that the withholding tax is less than the tax due, the tax is paid retroactively.
Having paid your personal income tax return has the following benefits for retirees. First of all, you can enjoy preferential tax policies. According to the provisions of the Individual Income Tax Law, retirees' pensions can enjoy certain preferential tax policies. For example, the threshold for exemption from personal income tax has been raised from 5,000 yuan to 6,000 yuan per month, which means that as long as the monthly pension income does not exceed 6,000 yuan, there is no need to pay personal income tax. In addition, there are some other preferential policies, such as special additional deductions for the elderly, children's education, continuing education, housing loan interest, housing rent, support for the elderly, etc., which can be deducted at the time of declaration to reduce the tax payable. These preferential policies need to be declared at the time of filing the individual income tax return, and if they are not paid, they cannot be enjoyed.
Secondly, it is possible to apply for a tax refund. If you find that the amount of tax withheld and withheld is more than the tax payable when filing your individual income tax return, you can apply for a tax refund. The amount of the tax refund depends on the individual's specific situation, but it is usually not less than 60 yuan per month, which means that you can receive an additional 720 yuan per year for your pension. This is a significant amount of income for retirees who can be used to improve their lives or cope with unexpected expenses. If you don't file your personal income tax return, you won't be eligible for a tax refund.
Third, comply with legal obligations. Filing a personal income tax return is not only a right, but also an obligation. According to the law, retirees are taxpayers of comprehensive income and are obliged to submit individual income tax returns to the tax authorities from March 1 to June 30 of each year for annual final settlement. If you do not pay it, you may be held liable by the tax authorities and even be fined or other administrative penalties. Therefore, filing a personal income tax return can not only enjoy tax benefits, but also comply with legal obligations.
To sum up, when handling retirement, you must pay attention to all kinds of important materials, including personal income tax returns. After submitting this material, you can enjoy preferential tax policies, apply for tax refunds, comply with legal obligations, increase the actual income of your pension, and avoid unnecessary troubles and losses. If you do not submit this material, you will not be able to enjoy preferential tax policies, you will not be able to apply for tax refunds, you will be held accountable by the tax authorities, which will affect social credit, reduce the actual income of your pension, and bring unnecessary troubles and losses to yourself. Therefore, when handling retirement, you must not forget to submit this important material, know it as early as possible, and add a security and happiness to your retirement life. Click to follow and receive more exciting content every day.