The anticipation of Income Tax Refund it is a procedure that can happen.
However, for customers to request this advance payment, it is important to be aware of the rules of the institutions. There are several banks and financial institutions that carry out this procedure.
What is Income Tax Refund?
This Refund is a common procedure among Brazilians, however, we have to be careful, since the credit line to anticipate the refund has interest of 1.78% per month.
At Banco do Brasil, Bradesco, Itaú and Santander, customers can refund up to 100% of the amount, at Caixa this ceiling drops to 75%.
There is also the issue of maximum and minimum value, customers must respect the deadline for hiring.
The refund money is the equivalent of a deduction in income tax collection for individuals.
In other words, it is important to pay attention because the refund amount follows the Selic rate interest.
Payment is made in batches, which always start in May and the Selic rate correction can vary from 0% to 3.14%.
What does the law say about Restitution?
The Tax Law validates the National Tax System, we can consult in LAW Nº 5.172, OF OCTOBER 25, 1966, with law 9.779.
Brazilians who receive amounts of R$ 2,244, R$ 2,076 and R$ 2,152, can “cut” the line for their income tax refund.
How does anticipation happen?
The taxpayer must make the request at an authorized banking institution. At Banco do Brasil, Bradesco, Itaú Unibanco and Santander, just access the digital channels. For Caixa Econômica Federal customers, it is necessary to go in person.
Customers are required to undergo a credit assessment. If the loan is approved, the amount will be deposited into the account on the same day.
At Banco do Brasil, the payment limit occurs in January 2023, for Itaú and Santander in December 2022, at Bradesco in September 2022.
Understand the payment schedule for income tax refunds, for individuals:
- 1st batch: May 31st;
- 2nd batch: June 30th;
- 3rd batch: July 29th;
- 4th batch: August 31st;
- 5th batch: September 30th.
How can we receive the amount?
After 2022, income tax refunds can be made via PIX, if necessary, we can change the refund account.
To avoid conflicts, you must rectify your tax return. To do this, simply access the “Consult and change account for refund credit” service within the My Income Tax system, in e-CAC.
If the bank details are not correct, the amount will be returned to Banco do Brasil and withdrawn within a period of one year.
After one year, the refund is returned to the Federal Revenue Service.
Conclusion
Therefore, if you intend to receive your Income Tax refund in advance, pay attention to the rules of each financial institution.
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Mainly regarding the percentages released to taxpayers, we also have to compare the loan rates of each institution.