How to Know if I Should Declare Income: Caps, Deadlines and MORE

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How Do I Know If I Should Declare Income? If you are a Colombian citizen, you are surely asking yourself this question, then you have reached the ideal article to have the answer, we suggest you continue reading.

The income statement is a tax that must be paid by workers whose wages exceed a certain amount of monthly income. They must file income and supplemental tax returns for the tax year.

How Do I Know If I Should Declare Income In Colombia?

The income statement It has a legal deadline, when it comes to knowing if you should declare your income for 2020, it is important to know what information should be considered.

If you cover any of the following requirements then you must do the steps for the 2020 income tax return:

  • Employees other than responsible for the tax Sales-VAT, provided that at least 80% of your total income comes from the employment relationship. As long as they are related to the elapsed fiscal year and meet all the other requirements below:

You heritage gross on the last day of the taxable year does not exceed four my five hundred UVT ($ 154,215,000).
Your income gross are less than 1400 UVT ($ 47,978,000).
That your consumptions with the credit card they do not exceed 1400 UVT ($ 47,978,000).

  • Natural subjects and illiquid successions that do not have charges of the Sales tax settled in the country, as long as, in relation to the year 2019, and they comply with the previous requirements.
  • Natural subjects or foreign legal persons. These foreign natural or legal persons, without being resided or domiciled in the country, when the sum of all your income has been linked to withholding tax.
  • Natural subjects or legal persons that are integrated to the simple tax regime.
  • Statement voluntary of income tax. The income and supplementary tax payable by taxpayers not forced to make the declaration, is the total of adding the withholdings in which it was entity for any reason that they must adhere to the payments or credits in account, if applicable.

How to Know if I Should Declare Income: Caps

All natural persons who meet the following terms must declare income tax:

  • When your gross equity at the end of the taxable year 2019 is equal to or greater than $ 154,215,000.
  • That your total income for the respective taxable year is equal to or greater than $ 47,978,000.

  • When your consumption by credit card is equal to or greater than $ 47,978,000.
  • That the total value of your purchases and consumptions are equal to or greater than $ 47,978,000.
  • That your total accumulated value of bank consignments, deposits or financial investments are equal to or greater than $ 47,978,000.

Based on these data, you will be able to know whether to declare in 2020. At Tributi we help you prepare your income statement in 1 day in a flexible, simple and guaranteed way. More information in this link.

How to Know if I Should Declare Income: Deadlines

This is the date in which income taxes and supplements and advances are declared and paid. The deadline for filing income and supplementary tax returns will expire between April 14 and 27, 2020. Single tax registration-RUT, it is not considered a verification code.

As a Colombian citizen, it is important to know if you have to declare your income for 2020 to declare income tax separately when it is due, because the penalty will gradually increase as you delay.

Regardless of whether they are natural or legal persons, a large proportion of the total debts related With undeclared income tax, they must also assume this responsibility to the state and respect the laws of their country of residence.

How to Know if I Should Declare Income: What happens if I don’t?

Being a duty decreed by law, natural persons who do not declare income or do so outside the established date will have sanctions.

  • If you file your income tax return after the deadline, you will have to pay a late payment penalty, which is a late payment penalty. This fine is equal to 5% of your tax and will increase in fractions of each month or month between the payment deadline date and the date that appears on the income statement.
  • For unsatisfied or defaulted debts, the minimum fine to pay in 2020 is $ 356,000. In other words, even if your tax return shows that the amount due is zero, you should assume that this value is the late filing time, even if your return shows a value of zero.
  • You will receive a warning message informing you that you have up to one month to pay the amount corresponding to the tax. If you do not meet this deadline, 10% is added, which is article 642 of the current law.
  • If you do not declare income tax in any of the above cases, a penalty fee 20% depending on the value of your bank transfer or the person’s total income. The last declared income item is article 643 of the current law. More information in page.

As you have seen with these recommendations, filing your 2020 income tax return on time and complying with your tax obligations is of great importance. With Tributi you can do it easy, agile and with guarantee. If you still don’t know when it’s your turn, check your date for to declare here.


National Tax and Customs Directorate (DIAN)

The Special Administrative Unit Directorate of National Taxes and CustomsDIAN– Its objective is to help guarantee the financial security of the Colombian country, and protect the national economic public order.

Managing and controlling the reasonable fulfillment of taxes, duties, exchange obligations, exploitation rights and administrative expenses made by public entities regarding luck and opportunities at the national level, and promoting equity, transparency and legality in foreign trade under certain conditions. .

It consists of the assets you own and the assets acquired with or subsequently transferred to any property.

What competition does DIAN have?

The Special Administrative Unit, Directorate of Taxes and National Customs, is given the following functions:

  • Tax and complementary taxes, handling of stamps and national sales; customs duties and other internal taxes of the national order whose authority is not attributed to other entities of the country, whether they are internal taxes or foreign trade; and instructions and administrative management of customs management, including benefits.
  • Abandoned goods, they confiscate, confiscate or declare at customs, and they are managed and disposed of.
  • Likewise, he is in charge of the control and monitoring of the import and export of goods and services, related expenses, financing in foreign currency for imports and exports, and compliance with the exchange rate system in matters such as insufficient invoices and excessive invoices for these businesses.
  • Tax management includes the collection, inspection, settlement, discussion, collection, refund, penalties and all other aspects related to the fulfillment of tax obligations.
  • The management Customs duties and other foreign trade taxes include collection, inspection, settlement, discussion, collection, penalties and all other aspects related to compliance with customs obligations.
  • The guidance and management Customs management includes services and support for foreign trade operations, arrest, confiscation or declaration of goods that are beneficial for the country, and management, control and disposition of the country.
  • Has the responsibility to act as a theoretical and statistical body in tax, customs and exchange control matters within its jurisdiction.
  • The Special Administrative Department of the State Administration of Taxes and Customs will formulate all the administrative measures necessary for the performance of their duties. More information in this link.

What is the Income Statement?

Before understanding the meaning of Income Statement, it is important to explain the concept of income tax. Income tax is an expense that individuals (whether employed or self-employed) must pay to the state, taking into account their income, wages, commissions and other income generated in the previous year.

Therefore, the tax declaration Income tax is the information that you must provide to DIAN so that the entity can calculate the amount of income tax, which you must pay based on your financial situation.

The income statement is proposed after taking into account the economic transactions of the previous year, that is, in 2020 its income statement will be prepared based on the changes throughout 2019.

The tax return information on income contains not only information that the DIAN is interested in, but also information that is of interest to taxpayers, since it will be able to find all economic activities such as their income (income), assets (assets), arrears (liabilities) and themselves. Quantity. Your consumption (rates and costs) from January 1, 2019 to December 31, 2019.

Taxpayers tax with the income tax all income earned in the current year, if there is no clear tax exemption and current costs and expenses are considered. Income can generate a net increase in equity upon receipt of equity.

It is also important to know that not all individuals need to declare income.

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