ForecastingStocks

This lesson rounds out the asset classes with fixed income (and its exemptions) and a brief look at options. As always, the specifics are as of the time of writing — verify them.

Fixed income: the taxable ones

Most fixed income — CDB, RDB, LC, Tesouro Direto (public bonds), and most debentures — is taxed on the regressive table (22.5% down to 15%) covered in Chapter 1, withheld at source, exclusive/definitive. You do nothing but report the net result; no DARF.

Fixed income: the exempt ones

Several instruments are exempt from IR for the individual (verify current status — exemptions are periodically reviewed):

LCI / LCA (real-estate and agribusiness letters of credit)
CRI / CRA (real-estate and agribusiness receivables certificates)
Incentivised debentures (infrastructure)
Poupança (savings account)

The exemption is exactly why these often pay a lower headline rate than a CDB yet can deliver a similar or better net return — always compare on an after-tax basis.

A net-comparison example

CDB at 100% of an annual gross of R$1,000, held >720 days:
    IR (15%)        = R$150  → net R$850
LCI paying R$900 gross, exempt:
    IR              = R$0    → net R$900
The 'lower' LCI wins on net return.

Options (opções)

Options on stocks are taxed broadly like equities:

Gains are netted monthly and taxed at 15% (swing) or 20% (day trade), paid by DARF.
The R$20,000 exemption does NOT apply to options.
Results from exercise, assignment and the various strategies have specific apuração rules — option taxation gets intricate fast, especially for complex structures.

Because options can generate many operations and edge cases, this is exactly the kind of area where a specialised accountant earns their fee. Educational only — confirm every rate and exemption with the current rules and a professional.