More refunds and less compensation! There is no need to make an appointment for the 2022 personal tax settlement from now on

The amendments to the "Personal Income Tax Law" that will be implemented from November 1, 2021 will officially take effect from January 1, 2023. The final settlement and settlement of personal income tax in 2022 will begin on December 1, 2022, and end on March 31, 2023. This settlement and settlement work adopts the principle of "more refunds and less compensation". Eligible taxpayers do not need to make an appointment in advance and can directly log in to the "Personal Income Tax" APP to operate. According to PHP editor Youzi, this move aims to simplify the tax processing process for taxpayers and improve service efficiency.

The annual settlement means that after the end of the year, the taxpayer will combine the four comprehensive incomes including wages and salaries, labor remuneration, author remuneration, and royalties obtained throughout the year to calculate the personal income tax payable, and then declare and handle it to the tax authorities. The process of tax refund or tax repayment.

Calculation formula:

The amount of tax that should be refunded or paid = [(Comprehensive income amount - 60,000 yuan - special deductions such as "three insurances and one housing fund" - special additional deductions such as children's education - other deductions determined in accordance with the law - qualified charity donations) x Applicable tax rate - quick calculation deduction] - prepaid tax amount

According to an announcement from the State Administration of Taxation, taxpayers who have prepaid personal income tax in accordance with the law in 2022 and meet one of the following circumstances do not need to handle settlement:

Those who need to pay tax in the final calculation but their comprehensive income does not exceed 120,000 yuan for the whole year;

The amount of tax to be paid in the final calculation does not exceed 400 yuan;

The amount of prepaid tax is consistent with the final tax payable;

Those who meet the conditions for final settlement tax refund but do not apply for tax refund.

For more information, please pay attention to this site.

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