One of the obligations we have as taxpayers, whether we pay taxes as individuals or as legal entities, is to present the Annual Declaration before the Tax Administration Service (SAT).
However, because many people are unaware of the procedure for submitting the Annual Declaration to the tax agency of the Ministry of Finance and Public Credit (SHCP), the Ministry of Finance and Public Credit (SHCP) has taken the decision to extend office hours and, in this way, be able to help taxpayers present the document in a timely manner.
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Thus, according to what was recently reported by the Tax Administration Service (SAT), Starting last Wednesday, April 17, 2024, the offices will be open from 8:30 in the morning to 6 in the afternoon.
Under this understanding, with the extended hours that the Tax Administration Service will have until April 30 of this year, the aim is to provide support to individuals so that they can present, in a timely manner, the Annual Declaration, and, thus, avoiding fines and sanctions.
Sanctions
Now, it is important to be aware that failure to submit the Annual Declaration for the fiscal year before the dates established by the Tax Administration Service (SAT) can lead to different negative consequences, one of them being fines, and they are the following:
*From 1,400 to 17,370 pesos for each of the obligations not declared spontaneously within the corresponding period.
*From 1,400 to 34,730 pesos for each obligation to which one is committed, when submitting a declaration, application, notice or certificate, outside the period indicated in the requirement or for failure to comply with said requirement.
*From 14,230 pesos to 28,490 pesos for not submitting the returns online while being obliged to do so, submitting them after the deadline or not complying with the requirements of the tax authorities to submit or comply with them outside the established periods.
What is the most you can deduct?
Regarding deductions, as established in the Federal Tax Code, personal deductions of taxpayers They cannot go beyond 15% of the total declared income by the person in question, unless they correspond to medical expenses due to incapacity, disability, donations, voluntary contributions, complementary contributions for retirements and tax incentives.
“The total amount of personal deductions must not exceed (except for medical expenses due to incapacity and disability, donations, voluntary contributions and complementary retirement contributions, as well as tax incentives) they cannot exceed Five Measurement and Update Units (UMA) or 15% of your total income, including exempt income. That is, whatever is less,” it is detailed.
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