What does the special tax deduction mean? What's the impact?

1, special additional deductions refer to six special additional deductions, such as children's education, continuing education, serious illness medical care, housing loan interest or housing rent, and support for the elderly, in addition to the 5000 threshold and other special additional deductions.

2. The special deduction of expenses is an important part of this tax reform, which reduces the personal tax burden, helps the tax to better reflect the burden of different families and give full play to the function of regulating income distribution.

3. The establishment of special additional deduction is actually based on the basic expense deduction standard of 5,000 yuan/month+five insurances and one gold tax exemption+other deductions determined according to law, and then the tax exemption is increased for individual residents. In other words, every month's income is deducted from social security, then these special deductions are deducted, and then the rest is taxed.

4. The expenses specially deducted mainly include children's education expenses, continuing education expenses, medical expenses for serious illness, housing loan interest, housing rent and expenses for supporting the elderly.

According to the relevant provisions of the Interim Measures for Special Additional Deduction of Individual Income Tax:

Children's education expenses can be deducted according to the standard of 1000 yuan per child per month.

Taxpayers can make a fixed monthly deduction according to 400 yuan during their continuing education.

If the taxpayer is an only child, it can be deducted according to the standard of 2000 yuan per month; If you are a non-only child, you need to share the deduction of 2000 yuan with your brothers and sisters, and the amount shared by each person per month cannot exceed 1000 yuan.

Housing loan interest is deducted according to the monthly fixed amount 1000 yuan.

When is the legal filing period of individual income tax?

Individual industrial and commercial households, sole proprietorship enterprises and partnership enterprises shall pay taxes in advance on the income from production and operation on a monthly basis, and taxpayers shall file tax returns within 7 days after the end of each month; In case of quarterly advance payment, the taxpayer shall file a tax return within 7 days after the end of the quarter. After the end of the tax year, the taxpayer shall make final settlement within 3 months.

Legal basis: Article 2 of the Interim Measures for Special Additional Deduction of Individual Income Tax.

The term "special additional deduction for individual income tax" as mentioned in these Measures refers to six special additional deductions for children's education, continuing education, serious illness medical treatment, housing loan interest or housing rent, and support for the elderly as stipulated in the individual income tax law.