Requirements for Tax Refund: How to do it

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You ask yourself Which are the Requirements for tax refund? Well, here you can find all the information you need to do so.

If you want to know more about how to know what the Tax Refund Requirements are, just keep reading!

What is a tax refund?

The refund, refund or reduction of taxes are a type of remuneration on each of the taxes.

This is something that usually happens when the tax liability is at least less than each of the taxes that are paid.

For their part, taxpayers are those who are fully available to receive a refund of each of the taxes.

These taxes are those that are characterized by being income taxes. This means that if the tax owed is less than one of the amounts of the withholding tax.

Estimated taxes are those that people must pay based on tax credits, as long as each of them can be refundable.

It should be noted that each tax refund or refund can only be granted at the end of the year, or what is known as fiscal year.

Tax issuance titles

The issuance titles are those documents that are normally issued by some of the entities of the Ministry of Finance.

Commonly this is a “Procedure”, which is known as TIDIS. It serves as one of the mechanisms to be able to return the tax balances.

These balances are those that must be originated by some type of tax payment. Each of them must manage to constitute the debts of the internal public.

IMPORTANT: Each of the returns can be freely negotiable in case the person so decides.

It should be noted that these same titles are those known as dematerialized titles. Which means that they cannot be issued physically.

In addition, each of them can be used to manage to cancel each of the taxes or duties in an administrative way. On the part of each of the DIAN.

Within the same year it can be said that there is a kind of calendar where people can establish different dates for their expeditions.

Negotiable Title

A negotiable title can be understood as all those TIDIS documents, which are subject to change, and thanks to it, negotiations can be carried out in the market,

It doesn’t matter that these negotiations take place in a secondary market, as with securities, people have the freedom to get stuck in:

  • To be able to freely negotiate each of the securities held by TIDIS, as long as they are issued.

This is one of the negotiations that people normally do to obtain liquidity, on the part of the seller, or on the contrary, they seek to save their payment, in case they are a buyer.

In order to better understand its operation based on TIDIS, it is recommended to read the following example:

One of the yellow companies has managed to clearly receive each one of the documents issued by TIDIS, which has a value of approximately 1 million.

However, thanks to this, it can be said that people have an expansion process, where each of the phases requires immediate liquidation.

That is why people sell it as one of the commissions of the exchange. Those individuals who can get to pay their net worth of 95%, with respect to the value of 950 million, can have benefits. On the contrary, it can be said that the blue company has an excess of liquidity based on about 980 million. Well, the financial coordinator decides to buy the TIDIS, through some of the commissions of the exchange, to buy a 98% security based on its value to cover tax payments

Within this it can be said that with the TIDIS acquired on behalf of the 980 million a company that helps to pay each one of the taxes saving almost 20 million.

  • On the other hand, the TIDIS credit can be denoted in the same way as some endorsement title to get to request a credit.

Requirements for tax refund

Once people usually file each of their tax returns, they must take into account the balances that are in their favor. Since that will depend on what time later they will demand as a return, because that is money that does not correspond to any individual.

Most of all who are in this process wonder What are the means to request a refund? o What are the Requirements for Tax Refund?

That is why, first of all, people must take into account that in order to process the request for the tax refund they must comply with the obligations.

These obligations are those of the taxpayers, who if they have determined their balance in favor, may be able to obtain a refund.

Some of the most common returns that people tend to process are:
  1. The various balances in favor that are related to income taxes (ISR).
  2. Each one of the returns by part of the taxes based on the added values, (VAT).
  3. Finally, each of the balances that are in favor of business taxes for some of the single rates (IETU).

On the other hand, people should keep in mind that there are two types of returns, among these is the automatic and the manual.

Regarding the first case of the automatic refund, it can be said that this occurs when each of the natural persons determines a balance in favor.

These balances can be equal to or greater than 50 thousand pesos, which must be able to be sent to some of the signed statements.

Return of taxes

For those who want to obtain a tax refund, they must comply with the following phases:

  1. Each of the users must take into account that it is convenient to present the Standardized Bank Key (Clabe)
  2. Place each of the Taxpayer’s Names on a letter-size sheet
  3. It is mandatory for each of the individuals to send the statement with their electronic signature, if the balance in favor is greater than 50,000 pesos, if not.
  4. In the same way, people must be able to correctly capture the different data and amounts of personal deductions

Important aspects

Based on the above, it can be said that people should be able to use each of the declaration systems, preferably the DeclareSAT.

This same program can become traditional or linear, in order to be able to prepare each of your annual returns, as long as it is a natural person.

As for the DEM system, better known as multiple electronic documents, it will only be used by people who are moral.

In the same way, it is important that the manual returns, people can request it as one of the 32 formats.

Where the same users are those who must know the different Requirements for tax refund, respectively.

Each of the Tax Refund Requirements is found in a document called Annex 1-A.

Who can request a refund

Once each and every one of the people has been able to deliver all their documentation, they must bear in mind that they will receive some requests.

These requests are intertwined with the acknowledgments of the document for their return of control. After this, they must wait for the resolutions of their application.

In the same way, this is a procedure that is within 40 business days, which are following one of the deliveries of your documents.

In the event that the request has been accepted, it can be said that each of the individuals can receive the amount of their refund within the aforementioned period.

This occurs through any type of bank deposit that is within some of the accounts that have been previously provided.

Although each of the users can check the registered tax addresses.

The tax authorities can verify if the same Returns can proceed, that is why sometimes additional documents are requested to those presented.

They must also comply with each of the requirements that are within a period of almost 20 business days.

How to do it

There are two methods to carry out the tax refund, these are:

Automatic Refund

In the event that the person is going to process an automatic return, he must mark each of the options on his return in order to have it by right.

In addition, you must be able to capture each of your CLABES, with respect to the different phases that you have to classify.

On the other hand, the SAT will be part of some of the conditions that users have to handle to make the corresponding deposit.

Manual return

The difference between the automatic refund and the manual refund is that in the latter you have to go to the Local Taxpayer Services Administration that corresponds to you.

Thanks for reading!

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