Personal income tax settlement deadline coming up?
Individuals are responsible for declaring tax settlement if they have additional or overpaid tax and request a tax refund. These are some cases where individuals must settle personal income tax, as announced by a representative of the General Department of Taxation on the afternoon of March 20.
Illustration photo. (Source: Vietnam+)
Specifically, according to the tax representative, resident individuals with income from salaries and wages are responsible for declaring tax settlement if there is additional tax payable or if there is excess tax paid and requesting a refund or tax offset in the next tax declaration period.
Of course, personal income tax settlement also excludes cases where individuals have tax payable less than the provisional tax amount without requesting a tax refund or tax offset in the following period.
In addition, another subject that does not have to make tax settlement is an individual who has income from salary, wages, and labor contracts of 3 months or more at a unit, but has additional irregular income from other places with an average monthly income of no more than 10 million VND in the year. This person has had the unit paying the income deducted tax at the source at a rate of 10%. If the individual does not request, he or she does not have to make tax settlement for this income.
Regarding the form of tax settlement, tax industry representatives said that individuals can authorize tax settlement through the income paying organization or directly settle tax.
One of the authorized cases is an individual with income from salary or wages who signs a labor contract for 3 months or more at an income-paying organization and is actually working there at the time of authorizing tax settlement.
On the contrary, individuals settle taxes directly with the tax authority if these people only have irregular income with tax deducted at the rate of 10% (including cases where there is only irregular income at one place). In addition, individuals who have income from salaries and wages signed a labor contract for 3 months or more at a unit and at the same time have irregular income without tax deduction (including cases where it has not reached the deduction level and has reached the deduction level but is not deducted), the individual does not authorize tax settlement.
According to regulations, income-paying organizations and individuals subject to tax finalization must submit tax finalization dossiers no later than the 90th day from the end of the calendar year (March 31). However, because this year March 31 falls on Saturday, the General Department of Taxation said that the finalization deadline will be calculated until April 2.
If the final settlement is submitted late, the penalty will only be applied to settlement records that generate additional tax payable. Records that generate refundable tax will not be subject to late filing penalty./.
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