Personal pension tax deduction declaration process

Individuals who pay pensions can enjoy tax incentives. When applying for pension tax credit, you need to fill in relevant forms and submit them to the tax authorities for approval. The specific process needs to be operated in accordance with the provisions of the local taxation bureau.

Personal pension payment refers to the voluntary payment of old-age insurance premiums or the purchase of commercial old-age insurance products by individuals during their employment as a source of funds after retirement. At the same time, individuals can also enjoy tax incentives when paying pensions, that is, pension tax deduction can be made when paying personal income tax. When applying for the old-age tax credit, you need to fill in the item of "old-age insurance premium" in the annual personal income tax settlement declaration form, and attach the corresponding supporting materials, such as social security payment records and insurance policies for purchasing commercial old-age insurance products. When filling in the declaration form, it is also necessary to calculate the pension tax credit according to the regulations and fill it in the corresponding items in the declaration form. After completing the form, submit the declaration form and supporting materials to the local tax authorities for examination and approval, and examine and approve the pension tax credit in the declaration form. Upon approval, individuals can enjoy pension tax credit when paying personal income tax.

What is the personal pension tax deduction limit? The limit of individual pension tax credit varies from region to region. At present, there is no uniform standard for specific pension tax credits in different regions. Generally speaking, the amount of "endowment insurance premium" should not exceed 12% of the average monthly salary in the current year when the individual income tax is settled annually. The specific quota standards shall be implemented according to the relevant regulations of the local tax authorities.

Individuals can enjoy tax incentives when paying pensions. When applying for pension tax credit, they must fill in relevant forms and submit them to the tax authorities for examination and approval. The specific process should be operated in accordance with the provisions of the local taxation bureau. At the same time, the personal income tax law stipulates the relevant provisions of pension tax deduction, and it is necessary to abide by the corresponding provisions.

Legal basis:

Article 42 of the Individual Income Tax Law of People's Republic of China (PRC) stipulates that the old-age insurance premiums and commercial old-age insurance premiums paid by individuals shall be deducted from the calculated tax revenue in accordance with regulations.