We recently discussed the importance of filing the annual return in order to properly comply with obligations and tax payments. This year there were some changes in the established dates due to the covid-19 pandemic that is still going through our country and the world. As part of the support provided, the annual declaration for natural persons was postponed from April to June 2020 and another point that surrounds this topic and that we would like to share in this entry, is the return of the balance in favor, but, ¿ What is it and how it works? Below we will provide you with all the information you need to know.
You may be interested in our entry: Everything you need to know about the 2019 annual declaration for individuals.
What is the refund in favor and who can request it?
The refund of the balance in favor is made when the taxpayers can recover amounts that they paid incorrectly to the SAT or their returns. It can be requested by both individuals and companies who have previously filed their return and have a favorable balance due to taxes or amounts paid incorrectly.
It is important to comply with all the requested elements so that the return can be made successfully.
The request for the return can be submitted in person or online. The latter is done through an electronic return format provided by the SAT.
Returns can be automatically. It is important to have a password if the balance in favor is equal to or less than $ 10,000 pesos or up to $ 150,000 but using the CLABE account.
There are some cases in which the refund cannot be applied automatically, for example, if the amount is greater than $ 150,000 pesos or if it does not correspond to the current year.
The return period by law is 40 business days.
After the return is requested, it can be followed up through the SAT portal.
We hope this information is of great help to you. We recommend always consulting with professionals
At QuAdrans law and finance we provide tax and accounting advice so that you can stay up-to-date and in order on issues of interest to you. Our experts provide you with an efficient service that allows you to duly fulfill all your obligations.
Contact us and request your advice.
Tax and accounting advice in Playa del Carmen
