Will you receive a refund? Check the main details; payment schedule, how to consult and how to receive.
Any extra money in the checking account is always welcome. Mainly, for those who had a salary reduction, lost their jobs, ran out of disposable income, or experienced difficulties as a result of the pandemic.
Therefore, the refund of Income Tax 2023 (referring to the base year 2022) withheld at source can ease the financial lives of many people a little.
The 2023 filing season runs from March 15 to May 31, and taxpayers can now be aware of the refund rules.
What is and who receives the Income Tax refund?
There is tax to be refunded to that taxpayer who, after all the adjustments between revenues and expenses, suffered withholding tax greater than their tax due.
The Federal Revenue program itself is responsible for automatically comparing the amount of tax withheld by paying sources with the information filled in by the taxpayer in the Annual Adjustment Declaration and, at the end, indicating whether the taxpayer had tax to pay or refund.
This calculation is made taking into account the permitted legal deductions , informed by the taxpayer when completing the declaration, or those relating to the simplified discount, when the taxpayer considers it more advantageous to opt for this taxation system.
How to query the refund
On the website of the Federal Revenue, the taxpayer can check if his statement has already been processed. You can also find out in advance which batch the respective refund will be paid on.
Just search the Restitution Consultation, informing CPF, exercise of the declaration, date of birth of the taxpayer and verification code.
It is also possible to obtain information at the Virtual Taxpayer Service Center (e-CAC) , Restitution and Compensation service, IRPF Restitution item, DIRPF Processing Extract option.
Income Tax Refund Calendar 2023
Redemption of the refund follows certain criteria. The elderly, from 60 years old, people with disabilities and teachers, as long as the main source of income has been teaching, have priority and receive the Income Tax Refund withheld at source first.
One of the news this year is that taxpayers who choose to make the pre-filled income tax return 2023 and / or refund via Pix will also have priority in the payment queue.
It is worth remembering that those taxpayers who deliver the Individual Income Tax Declaration (IRPF) in advance can also guarantee the money back sooner.
This year, the IRS maintained the release schedule as it has in the last three years. There will be five batches, with the release of the first on May 31st.
See below the refund schedule in 2023:
- 1st batch: May 31, 2023
- 2nd batch: June 30, 2023
- 3rd batch: July 31, 2023
- 4th batch: August 31, 2023
- 5th batch: September 29, 2023
According to the Revenue, the amount of the refund is corrected by the Selic rate, accumulated from the month of May until the month prior to the payment, plus an additional 1% in the month of deposit.
Once forwarded to the bank, the amount of the refund is not subject to corrections, regardless of when the taxpayer moves the money deposited.
How to receive the refund
Refund payment is made directly into the bank account informed by the taxpayer in the statement, directly or by indication of a Pix key.
The deposit is made according to the priority rules, in this order:
- 1st group – elderly aged 80 years or over;
- 2nd group – seniors aged 60 or over, people with disabilities or serious illnesses;
- 3rd group – taxpayers whose main source of income is teaching;
- 4th group – taxpayers who used the pre-filled form and/or chose to receive the refund per Pix;
- 5th group – other contributors.
The Federal Revenue explained that, within each group of priorities, the refund payment order will follow the criteria for sending the document. Who delivers first, receives first.
The Federal Revenue warns that it is not possible to receive the amount of the refund in the account of third parties, nor in the taxpayer’s salary account. In cases of joint account, both taxpayers can make their indication to receive the refund.
Bank details are provided by the taxpayer before finalizing the income tax return. In the case of Pix, the taxpayer must inform a Pix CPF key to receive the amount in the account linked to the document.
If it is necessary to change the bank account after sending, the taxpayer has three options:
- Make a correction to the declaration
- Access the e-CAC portal
- Wait for the refund to be released and then inform the new account at the Banco do Brasil Call Center or at a branch.
What happens if I don’t cash out?
After a year, if there is no movement, the money returns to the Federal Revenue coffers. If this happens, the taxpayer will need to apply for the refund again.
For this, you must request payment through the electronic form “Request for Refund Payment”. He finds this path on the IRPF Return Inquiry and Status page .
In case it is not possible to use the electronic form, the request may be submitted through the Request for Restitution or Reimbursement.
The refund may be requested by the taxpayer within a period of five years, counting from the date on which the amount was forwarded to the bank originally indicated.
How to resolve if the money has not been properly paid
It never hurts to warn that, before sending the DIRPF, it is necessary to verify that the data of the current or savings account indicated for the deposit of the beneficiary’s refund are filled in correctly.
This measure will avoid unnecessary headaches and, even worse, a delay in releasing the extra money, so expected in this time of financial uncertainty.
Among the main problems when redeeming refund money, according to the Revenue, are errors in filling out the bank account and canceling the account indicated for the refund.
