Individual income tax at a rate of 13% is paid by all citizens of the country who have income in the form of wages, received cash bonuses, lottery winnings, inheritance from an indirect relative, etc. But there are cases when a taxpayer can receive an exemption for the payment of this tax or issue a tax deduction when part of the already paid tax amount will be returned to him after the provision of certain documents.
Income tax incentives for citizens in 2014
The list of benefits can be changed annually, it is approved each time together with the adopted new budget of the country. But, naturally, due to objective reasons, these changes are insignificant. For 2014, a list of cases was approved, which will be the basis for providing a citizen with benefits for the payment of personal income tax. These include:
- construction of individual housing;
- purchase of individual home ownership;
- purchase of vehicles;
- own teaching or teaching of children;
- treatment and purchase of medications necessary for this;
- purchase of an insurance policy for voluntary medical insurance;
- transfer of funds for charitable purposes and for donations to religious organizations.
The amount of the provided benefit depends on the type of deduction, in addition, there are restrictions on the amount returned to the taxpayer from the budget.
If you receive a salary from a company, the tax agent in this case is the accounting department of that company. You need to write a statement to the chief accountant with a request to make a tax deduction, attaching supporting documents to it. Within 10 days, the accounting department is obliged to consider your application and take appropriate measures. The amount of personal income tax that was withheld in excess of the due must be returned to you within three months. You can be exempted from subsequent tax payments for the amount of the deduction, or it can be given to you in a lump sum, withholding this amount from the income of other taxpayers.
By purchasing real estate, you can receive a tax deduction of up to 260 thousand rubles by paying a mortgage loan and buying medicines - up to 13% of the interest amount and of the amount paid for medicines.
What documents confirming the eligibility for the benefit do you need?
A refund of part of the amount paid as income tax will be made if you provide, together with the application for social or property deduction:
- tax declaration in the form of 3-NDFL;
- payment documents, bills paid and receipts confirming your expenses.
When preparing documents for a tax deduction, pay attention to the most common mistakes that can lead to the refusal of the tax office to satisfy your request. One of the most common reasons for refusal is an incorrectly drawn up tax return in the form of 3-NDFL.
