We are in April and the time is approaching for the presentation of theIncome tax return, a document that is drawn up annually in order to to inform the tax authorities about thecontribution capacity of a company or natural person, calculated on the basis of the income received in the previous year. This is a formal document that must be drawn up on models prepared and approved, year by year, by the Revenue Agency.
What is the purpose of submitting the tax return
It simply serves to allow you to pay the taxes due in a manner commensurate with the income received, also taking into account thedeductions or deductions applicable, i.e. types of expenses incurred by the taxpayer which reduce either the overall income on which to calculate the tax or directly the amount of the tax. This means that based on the tax return presented you will find yourself having to pay a certain amount of taxes, or have a credit towards the tax authorities.
Who is required to submit it
An important distinction in this sense must be made between the subjects who are obliged to keep accounting records and those who are not obliged. Let's understand.
Obliged to keep accounting records are professionals with a VAT number (with the exception of those in the flat-rate regime),companiesof any nature,bodies or associations carrying out commercial activities. These subjects are obliged to present the tax return, even if they did not produce any income in the reference year. Even flat-rate VAT numbers, although not obliged to keep accounting records, are still obliged to complete the tax return.
When we talk about subjects not obliged to keep accounting records, we are referring, first of all, tonatural persons with income from employment or other income assimilated.
For these subjects the tax return is not always mandatory. For example, you may not file when you have not received any income or have received it for amounts below certain thresholds. Or when the income is only that from employment, on which the tax is paid directly by the employer by subtracting the amount from the paycheck. It is the so-calledwithholding tax mechanism.
The right to a refund
It is important to clarify one aspect: the right to have a possible refund, in case more taxes have been paid than necessary, can only be obtained by submitting the tax return .
If, in fact, an employee, thanks to deductions and deductions, establishes a credit towards the State compared to what he paid with the direct withdrawal from the paycheck, he will have to present the tax return to collect this credit.
The tax return forms
We will not deal with the returns submitted by companies and bodies. We deal, however, with natural persons, who have two models available to make their tax return: Thenatural persons income model (which corresponds to the former model Unico) and themodel 730.
The income model for natural persons is reserved for those with income from self-employment, for example professionals with a VAT number , or business income. The 730 model is intended for employees and pensioners. We will dedicate an in-depth analysis to both of these models in a future video.
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The tax return is a mandatory requirement for some and can also be useful for those who are not required to do so. To stay up to date on our services, sign up to the websiteedynburg.info. And of course follow us on our social channels!
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