The deadline for submitting income tax returns to the National Tax and Customs Directorate (Dian) is just a few days away. To avoid fines, Colombians who meet certain conditions must complete the process.
In the middle of the last stage, Dian’s director Luis Carlos Reyes touched on one of the points that aroused doubts among taxpayers: Transactions between digital wallets such as Nequi and Daviplata. In what cases should income be declared?
(See: Is Dian’s Proposed Income Declaration Actually Required? Director explains).
Note that the income tax return is the information shown to Dian to calculate how much you need to pay in taxes based on your financial situation.
This is the amount that natural persons, whether employed or independent, pay to the State based on profits, salaries, purchases, commissions and other income from the previous year.
(Also: Dian Director explains who must pay the income tax return advance payment).
Economist Reyes responded to a video on the social network TikTok in which an Internet user joked about transactions between digital wallets.
“When Dian asked me for my income tax return because I transferred money from Bancolombia to Nequi,” he commented.
In this context, Dian’s manager reminded Article 594-3 of the Tax Code. According to this standard; Persons “whose total accumulated value of bank deposits, deposits or financial investments during the taxable year does not exceed UVT 1,400” do not need to declare income.. That is, those not exceeding 53,206,000 million pesos.
For those exceeding this amount, the opposite is true. “If you made transactions of more than 53.2 million pesos during the year, you must declare your income,” Reyes said.
Tax expert Jeisson Ramirez also touched on the subject.Explaining that the obligation to declare income depends on the amount of transactions made during the year, Dr.
“In other words, the obligation to declare depends on the amount of transactions you made through any channel during the year, not on whether you made a transaction through a digital wallet. If you have an income exceeding the above-mentioned amount, you must submit your declaration through the channel from which you received them,” he said.
A number of limits need to be taken into account as stated in the transactions. If one of these is met, “the person is already obliged to file an income tax return,” Alexandra Gnecco, managing director of EY Colombia, said in a conversation with EL TIEMPO.
(Continue reading: Watch out for changes to the electronic signature process for tax returns).
The first of these is the income ceiling. If your income exceeds UVT 1,400 ($53,206,000) in 2022, you must declare it. “All the proceeds come here, not just the ones from the business, but also rental income, dividends, when you sell a car or a property,” Gnecco explained.
Other limits are:
– Gross assets exceeding UVT 4,500 ($171,018,000) on the last day of 2022.
– Credit card consumption exceeds 1,400 UVT ($53,206,000).
– Purchase and consumption exceeding UVT 1,400 ($53,206,000).
– Accumulated bank deposits of more than 1,400 UVT ($53,206,000).
“Any of these conditions makes the person a declarant. For example, if he does not have the above-mentioned income but has assets of more than 171 million pesos, that person is already a declarant,” the expert said.
The Dian page has a new interface that is “much friendlier, much closer to the user”It is aimed for taxpayers to carry out their transactions in a simple way.
If you want to declare income in less than a minute, you should go to www.dian.gov.co and access the portal with your username (if you don’t have one, you should create one with your email address and other information) and look. Select ‘Submit Income Declaration’.
(You can read: How to propose to your friend? Dian’s Director gives an unexpected and intriguing answer).
The system will show you Dian’s proposed income tax return, which she has prepared based on information provided by third parties, such as her employer. There it will show the amount of tax to be paid.
“If you agree, click ‘Sign,'” Reyes added.
When you approve the tax return, a security code will be sent to your mobile phone or email address, which you must enter on the page. You will then be able to click the ‘Submit’ button to be automatically redirected to the PSE online payment portal. And ready!
Recommended tax return is an editable tool. “This comes from data that Dian pulls from many sources; for example, when your employer tells us how much they pay, when your bank tells us what’s in your bank accounts, or when your customers tell us about the transactions they make with you,” Reyes pointed out.
(Our advice: Income tax return: Be aware of the penalties you may incur if you do not file).
“We collect all this information, which includes many reports. With this, we make some calculations for the proposed income tax return. But the people who reported the information to Dian may have made mistakes,” he added in an interview with EL TIEMPO.
The economist explained that you can change the data on the proposed income tax return “if it does not fit your economic reality.”
You can fill out the form as usual or with the help of a trusted accountant. Similarly, the agency’s website has a function known as ‘Income Assistance’ where taxpayers can carry out the transaction with available information.
Remember: The income reporting deadline ends on October 19, 2023.
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Source: Exame
