How to know if you must declare income as a natural person this year | Taxation

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Start from the next August 21st – October 24th According to this year’s Yunnan tax calendar, these will be the dates on which natural persons in the country will file their income tax returns.

This process is mandatory and allows an entity to understand the income, education, and assets acquired in a given year. The state uses it to find out whether the person has to pay taxes.

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If a person is required to file an income tax return and fails to do so, it may result in fines and sanctions. Therefore, we must pay close attention to relevant information. Dean.

Income Tax Return

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This year’s limit for natural persons

Hats are divided into five categories: Total assets, total income, credit card spending, shopping spending and bank deposits.

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If you complied with at least one of these in 2023, you must file a return this year.

– Total assets: If your total assets exceed $190,854,000 as of December 31, 2023, you must file

– Total revenue: You must report if your gross income for 2023 is $59,376,800 or more

– Credit card purchases: If you spent more than $59,376,800 on your credit card in 2023, you must report

– Purchase and consumption: If your purchases and expenses in 2023 exceed $59,376,800, you must report it.

– Bank savings: If you had more than $59,376,800 in your bank or financial accounts in 2023, you must report it.

Income Tax Return

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2024 Tax Calendar

Please note that the calendar for natural persons is different from that for legal entities. The last two digits of the NIT determine the deadline for declaration: