Personal income tax taxation of interest on deposits (accounts) from 2021

2021-05-28 1851

One of the stable sources of replenishment of the country’s budget is the personal income tax, which is paid by residents and non-residents. Essentially, this fee applies to the entire working population of the state, except for certain persons whose income is exempt from personal income tax in 2021.

In this article we will consider the following questions regarding this tax:

• how to determine the rate for calculating personal income tax;
• when is a child deduction provided?
• what are the deadlines for paying personal income tax;
• the amount of the fine for non-payment of personal income tax.

Personal income tax deductions

The latest changes to personal income tax for 2021 were related to the provision of deductions. They are issued in relation to employees of individual entrepreneurs and organizations through managers. An employee can apply for the required monetary compensation if he has dependent minor children and is studying for a child under 24 years of age. The following categories of citizens can count on a standard deduction for withholding tax:

• Parents. This group includes adopted and former (divorced) spouses paying child support.
• Adoptive parents, guardians and trustees.
• Spouses of parents, including adoptive ones. Spouses of trustees and guardians are not deducted.

According to the current Tax Code of the Russian Federation, “children’s” tax deductions can be issued for:

• first and second child (1,400 rubles);
• third and subsequent children (3,000 rubles);
• disabled children (6,000 rubles in favor of guardians, adoptive parents and their spouses, trustees);
• minor children with disabilities (12,000 rubles - in favor of parents and their spouses, including adoptive parents).

When determining the number of children an employee has, adult, adopted and non-adopted children are taken into account. Single parents, guardians, trustees, adoptive parents, as well as persons who have received a written refusal from the second spouse to use the standard deduction at their place of work can count on double deduction amounts. The legislator allows summing up the amount of deductions for unpaid time periods (vacation at your own expense, maternity leave).

Employees undergoing training and advanced training receive social deductions when paying for their studies with personal funds. The maximum amount of returned funds is 12,0000 rubles during one billing period.

Changes in the personal income tax rate

Changes in personal income tax from 2021 have also occurred in relation to the tax rate. Government bodies set out to redistribute the tax burden of citizens. Adjustments are planned according to a progressive scale of tax rates, according to which:

• Individuals with earnings of up to 180,000 rubles per year are exempt from paying personal income tax.
• Citizens with an annual income of up to 2.4 million rubles pay taxes at a rate of 13%.
• Individuals with revenues of up to 100 million rubles per year pay tax at a rate of 30%.
• Citizens with an annual income of 100 million rubles or more pay tax at a rate of 70%.
• Income received from bank deposits is taxed at a rate of 35%.

Let's sum it up

• At the proposal of the President of the Russian Federation, a progressive personal income tax rate of 15% will be applied from 2021 to citizens’ incomes exceeding RUB 5,000,000.
• The tax on the rich will affect those citizens who have a high income, as well as entrepreneurs using OSNO if their annual income is above 5 million rubles. Most citizens, given the average salary in the country, will not be affected by this innovation.
• Additional funds received into the budget from the introduction of an increased personal income tax rate are planned to be used for specific purposes - the treatment of children with rare serious diseases.

Sources

• https://nalog-nalog.ru/ndfl/stavka_ndfl/
• https://nalog-expert.com/oplata-nalogov/skolko-protsentov-sostavlyaet-ndfl.html
• https://www.klerk.ru/buh/articles/501306/
• https://nalog-nalog.ru/ndfl/stavka_ndfl/skol_ko_procentov_sostavlyaet_ndfl/
• https://www.mos.ru/otvet-dengi/kak-uplatit-podohodnyy-nalog/
• https://www.garant.ru/actual/nalog/ndfl/
• https://www.kp.ru/putevoditel/lichnye-finansy/nalog-na-dokhody-dlya-fizicheskikh-lits/
• https://bankiros.ru/wiki/term/podohodnyj-nalog

Changes in personal income tax reporting

Taxpayers continue to be responsible for filling out the 2-NDFL certificate. The composition of the reports that will need to be submitted to the tax authorities depends on the status and direction of the company’s activities and the current tax regime.

Legal entities of different organizational and legal forms provide reporting to the fiscal service in form 2-NDFL and 6-NDFL. Companies on the main taxation system submit 3-NDFL and 4-NDFL. The following features of sending income tax certificates are distinguished:

• 2-NDFL - an annual reporting form with information on the amounts of taxable remuneration paid. Reports the required deductions and the amount of income tax withheld.
• 3-NDFL - annual reporting form for profit amounts. Available until April 30 of the year following the billing year. Required for processing social and property deductions.
• 4-NDFL is compiled in relation to the first income. Informs regarding the revenue of individual entrepreneurs and individuals.
• 6-NDFL - quarterly reporting form. Contains data on accrued and paid income to employees. It is submitted to the Federal Tax Service at the place of registration of the enterprise before the end of the month following the reporting period.

Calculation of income tax from salary

To calculate personal income tax, you must do the following:

1. The necessary payments for a person are calculated: salary, bonus, additional payments. coefficients.
2. An analysis is carried out for the presence of deductions and benefits.
3. The tax rate is determined.
4. Calculation is in progress.

According to Art. 217 of the Tax Code of the Russian Federation, the following payments are not taken into account during the calculation:

• State benefits, payments and compensations that are paid to a citizen in accordance with the legislation of the Russian Federation;
• Pensions (old age, social, long service);
• Rewards for medical care provided, for example, to donors;
• Alimony;
• Grants aimed at developing the scientific and cultural sphere of the state;
• One-time payments in accordance with the Tax Code;
• Scholarships;
• Income that is derived from economic activities, the resources from which were taken exclusively from the personal funds of the taxpayer;
• Inheritance;
• Shareholder payments (dividends are subject to certain taxes);
• Prizes for sporting achievements;
• Charitable help;
• Income received as part of military service.

You can find a complete list of exceptions for income taxation in the full version of the document of the Tax Code of the Russian Federation, Art. 217.

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Changes to personal income tax codes

When issuing 2-NDFL certificates for 2021, it is necessary to enter new codes for children's deductions. Previously, the codes for all categories of applicants were the same. Currently, various combinations are used for parents (adoptive parents) and foster parents (guardians, trustees).

The legislator left the form in an unnamed form, adding the “Sign” field. This section of the document is intended to reflect information about full (code “1”) or partial (code “2”) tax withholding for the reporting period. Also, the specified value is necessary to clarify information when changing the attribute of resident or non-resident. The remaining help fields follow the previous document format.

You can enter code “2” on the form in situations where:

• The status of an employee who is excluded from the number of residents changes.
• The employer accrues gifts in favor of the staff, the value of which exceeds 4,000 rubles.
• Wages are paid in kind.

A certificate of income and withheld taxes must be prepared separately for each individual receiving wages. There has been a change in the codes used in the “Income” and “Deductions” sections. The form will include the following indicators:

• 126-133. Apply to deductions for children of organization employees.
• 2002. Used in relation to performance bonuses. Additional income is accrued based on the results of production activities. May be provided for by collective or individual labor contracts or Russian legislation. An important condition for including this code is that the funds are not paid out of the net profit of the legal entity.
• 2003. Apply to bonuses paid out of net profit. The source of remuneration may be special-purpose funds or targeted revenues.
• 329. Used when designating social deductions for an independent assessment of the qualification level of personnel.

The certificate is drawn up by legal entities and individual entrepreneurs in electronic form if the number of working personnel reaches or exceeds 25 people. If the company has fewer than 25 employees, the employer has the right to generate and send reports on paper forms.

A tax certificate of income with attribute “1” is submitted before April of the following reporting year. A document with sign “2” is sent before March.

“Taxpayer” to track changes in personal income tax

You can find out what changes in personal income tax occurred in 2021 using the specialized software package “Taxpayer PRO”. The system is intended for generating, testing and sending certificates and reports to regulatory government agencies (tax inspectorate, pension and insurance funds, statistical authorities).

The modern service has a wide range of useful functionality. Among the main advantages of the accounting program:

• Protection of business documents from loss and damage . A reliable service stores and organizes data. An employee of the accounting department can always print out the necessary documents or enter new data into the database.
• Protection against document forgery . Financial accounting information is signed with an electronic digital signature of the head of the organization or individual entrepreneur.
• Full compliance with current legislation . The program is updated regularly. That is why users of the Taxpayer PRO PC always use only current document formats.
• Information support . If there are questions about how to use the program, the client can clarify the points of interest in the detailed instructions or contact a professional consultant.
• Availability of reliable control protocols for complete testing of generated reports and elimination of errors.
• Efficiency of performing multi-base operations . The program allows you to perform complex manipulations, fill out reports and send declarations for verification in just a few clicks. This greatly simplifies the work of an accountant and allows you to avoid delays in submitting reports to regulatory authorities.

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Innovation No. 5. Employees have the right to apply for social deductions to the employer

This is an important answer to the question, income tax in 2021: what changes await employees directly. Previously, citizens who paid the cost of education or treatment this year (for themselves or for their immediate relatives) could receive a social deduction for income tax. To do this, they had to wait until the end of the reporting period (year) and submit documents to the Federal Tax Service. After a set time, the fiscal service transferred the money to the citizen’s specified details.

Negative amounts in 6 personal income taxes

In 2021, citizens have the right to apply for a deduction directly to their employer, and they do not need to wait until the start of the new calendar year. They must submit to the accounting department a notice issued by the tax authority. It indicates the amount of social deductions for each type of service (treatment, personal education, education of children, etc.) and the name of the company for which the form was issued. Additionally, a written statement from the employee is required.

Having received the notification, the accountant must reduce taxable income from the current month by the amount of the deduction (down to 0). The balance of the deduction is carried over to the next month, and so on until the debt is completely paid off.

Important: the notification from the Federal Tax Service is valid only until the end of the calendar year. On January 1, to reduce the tax base for personal income tax, a new basis document will be required.