Starting from March each year, many people can receive a sum of money. Is this true?

Absolutely true! Yesterday, I followed the procedure and indeed received a sum of money very quickly. Don't be too happy!

Let's understand who can receive this money and how to claim it.

In fact, this policy of receiving money annually has been in effect since 2019 and has been implemented for many years. Many friends are not unfamiliar with it; it is the individual income tax refund declaration. Recently, quite a few friends around me have received tax refunds ranging from a few hundred to thousands or even tens of thousands, while some people have to pay a lot more.

Speaking of the individual income tax refund, although everyone does it every year, many people do not know that there are also many skills involved that need to be studied by myself. Friends who see this program today are fortunate, as I have already researched it for everyone, and we will start immediately.

First, let's mention that not everyone can get a tax refund. The premise is that you must have paid individual income tax in the previous year. Only these people may be able to successfully apply for a tax refund.

With this premise, let's continue. According to the current system requirements, the tax threshold for residents in our country is 60,000 yuan/year. As long as the annual income does not exceed 60,000 yuan, there is no need to pay tax, which means that all the income tax you have paid will be fully refunded.

If it exceeds the number of 60,000 yuan, then it is necessary to deduct the corresponding individual income tax according to the relevant requirements, and only the excess part will be refunded to us.The specific calculation formula is: Tax payable = Annual income - 60,000 yuan - Special deductions (pension, medical care, etc.) - Additional special deductions.

At this point, a problem arises. When the annual comprehensive income and special deductions are relatively fixed, or not within the scope of this discussion, the additional special deductions become particularly important. We can understand that the more additional special deductions we apply for, the more tax refund we will receive.

So, what are the additional special deductions?

According to the current policy, there are currently six major items that can be deducted and declared, which are children's education, continuing education, housing loans, rent, and support for the elderly. I believe that each of us more or less meets several of these items. For specific deductions and conditions, you can check on related websites or apps, which have very detailed introductions. Today, we will not go into details. In short, everyone should follow the principle of reporting as much as possible and register and report the items they should report in order to enjoy the tax refund policy.

After calculating the taxable income, we can use the tax rate formula in this table to calculate how much tax we should pay for the previous year.

Of course, all the above calculation processes have already been calculated for us in the "Individual Income Tax" APP. What we need to do is log in to this APP at the beginning of each year, complete the declaration of additional special deductions for this year, and from March 1st to June 30th, handle the tax refund and payment for the previous year's individual income tax.

Anyway, tax policy is a major matter of our country and a basic national policy. We all have the obligation and responsibility to pay taxes according to the law. However, in this process, we can calculate our tax payable reasonably based on the national policies and our actual situation, fulfill our obligations, and enjoy the relevant national policies, so that our interests are not damaged, which is the most perfect.So, have you finished calculating your personal income tax? Did you get a substantial refund? Or do you need to make an additional payment?

Everyone is welcome to leave a comment, let's discuss together.