This year, depositors will pay tax on deposit interest for the first time

This year depositors will for the first time pay tax on interest on deposits

In the current year 2024, bank customers will for the first time have to pay SDLT on the money they earned on deposits in 2023. The Federal Tax Service has received from banks all information about the income of each depositor on all his deposits.

Individuals whose amount of interest on deposits for the year will exceed a certain limit will have to pay SDLT. The limit depends on the key rate of the Bank of Russia in the year in which the depositor received income. To calculate the limit, it is necessary to choose the highest rate of all the key rates that were on the first day of each month of the year and multiply by 1 million rubles. This amount will not be taxable.

In 2023, on the first day of the month, the maximum rate was December 1, when it amounted to 15%. That is, the non-taxable amount of income on interest received from banks for 2023 is 1 million rubles × 15% = 150 thousand rubles. This means that if citizens at the end of 2023 earned on interest on deposits no more than 150 thousand rubles, they will not have to pay tax for this year. If depositors earned more than 150 thousand rubles on deposits, then in this case the tax will have to be paid not from the entire amount of income, but from the difference between the amount of received interest on deposits in banks and the authorized limit. For example, following the results of 2023, deposits brought 170 thousand rubles of income, only 20 thousand rubles will be taxed.  = 170 thousand rubles.  - 150 thousand rubles.

In addition, the amount of the tax rate to be withheld from income on deposits depends on the sum of all income for the year - including salary, renting out an apartment, profits from investments and interest on deposits. If the total income is within 5 million rubles, tax will be calculated at the rate of 13%. From the amount of income that exceeds 5 million rubles. - 15%.

If an obligation to pay personal income tax arises, the tax authorities will calculate the amount of personal income tax and send a tax notice. The calculated amount of personal income tax payable for 2023 will be included in the tax notice together with property taxes. Those citizens who are registered in the Personal Cabinet of the taxpayer on the website of the Federal Tax Service of Russia will receive the tax notice electronically, others will be sent by mail. The tax must be paid no later than December 1, 2024.