Wrong or Incomplete Income Statement (730 or Income): Don’t Panic | How to fix it and not lose discounts

You can correct an inaccurate or incomplete tax return even after it has been submitted. Let’s find out how.

An income tax return is the way in which taxpayers notify the tax authorities of the income they receive.

In fact, it serves Highlight the entire year’s earnings and calculate any taxes to pay.

In particular, the certificate is sent in the year following the reference year. For example, in 2023, the release should be forwarded for 2022.

After completing the acknowledgment, Two situations can occur: debit or credit. A debt arises when, in respect of income accrued in the reference year, taxes must be paid.

On the other hand, a credit occurs when the tax authorities, based on the income generated, have to pay the taxpayer an amount as refund. The balance can be set aside for later use.

But what happens if the submitted income statement is incorrect? Let’s find out.

Income tax return: how to fill it out?

The income tax return must be completed on the basis of the forms prepared by the Revenue Agency and sent to the entity electronically or at the regional office branches.

For simpler situations, a pre-populated form is the best choice. However, in more complex cases, it is always advisable to consult a professional.

particularly, There are two forms: Form 730 and the Personal Income Form.
The first must be sent by employees, retirees, and all taxpayers who have a withholding agent. However, the second type is used by all those who cannot use the 730, including VAT holders.

What is self-declaration and why is it important?

L’art. 2, Paragraph 8, of Presidential Decree No. 322/1998 prove it The data provided may be supplemented to correct errors and omissions.

Therefore, if the taxpayer realizes that the document is incomplete or inaccurate, he can consolidate or correct it by submitting a new declaration. To this end, the box must be checked “Supplementary statementon the title page.

This certificate is a must Report original ad contentwith additions or corrections added.

Changes can be of two types:

• at the expense of the taxpayer, because they create a higher amount of tax to be paid to the tax authorities or a lower credit. In these hypotheses, the law provides that the college requires the actual repentance, for the balance of additional taxes or secondary appropriations that are encountered;
• in favor of taxpayersWhen the changes generate higher paid taxes not due or a higher credit, it can be used for compensation.

Include sending the supplementary acknowledgment Postponement of the expiration date of the tax authority’s powers in the assessment. For example, if the personal income form was filed by November 30, 2022 and the supplemental form was filed on January 10, 2023, just for information subject to adjustment, the time limit for making the assessment would be December 31, 2028 (instead of December 31, 2027).