Income Tax: Everything you need to know to file your tax return for the first time

The deadline for issuing the Annual Affidavit of Income Tax 2022 expires this April 11. Thus, people who have their own business and receive income through it, must comply with presenting the third category income.

It should be noted that, according to the National Institute of Statistics and Informatics (INEI), there are 3 million 91,325 active companies until September 2022, which are responsible for submitting taxes for the income received annually.

“This is a tax that is levied on the income obtained by natural and legal persons due to business activities,” said Lola Hurtado, academic coordinator of Accounting and Taxation at the Certus Institute.

What should I take into account when filing my tax return for the first time?

According to the specialist, it is important that you take into account various factors, such as verifying your income and deadlines. In addition to calculating your tax and choosing the correct form.

• Check what kind of income you have had. Citizens who have generated income from business activities between January and December 2022 are responsible for submitting their third category sworn statement.
• Calculate your tax. It is recommended to carefully calculate how much income you obtained in 2022, before entering the system. Thus, you will be able to deduct the amount that you must pay through the SUNAT page. To do this, you will need your RUC or DNI number and your Sol password.
• Check deadline dates. Depending on the last digit of your RUC or DNI, the expiration dates to declare Income Tax range from March 24 to April 11. Review the schedule and fulfill your obligation in a timely manner to avoid inconvenience.
• Choose the correct form. Enter the SUNAT portal and complete the form that corresponds to you. There are two forms: Complete and Simplified, depending on the level of income you obtained in 2022. For example, if you generated profits of more than 1700 Tax Units (UIT), you should fill out the complete form.
• Stay updated. Hurtado recommends businessmen and accounting professionals to be up-to-date on tax regulations and changes that may arise year after year. Likewise, if an error is made in their declarations, they must notify the Sunat in a timely manner to avoid charges, fines or interest that do not correspond.

New Sunat schedule for those affected by Cyclone Yaku

Given the situation, the Sunat announced a new schedule to present the 2022 annual income statement in various areas that were affected by the heavy rains and landslides recorded in recent days. “These extensions apply to taxpayers in emergency areas due to the impact of damages,” the entity said. These are the dates: