These are the documents required to declare income tax for the first time

Income tax declaration is a mandatory procedure for many Brazilian citizens who have earned in excess of the exemption range set by the Federal Revenue Service.

The deadline is approaching, but some people still don’t know who needs the permit and the documents to do so. Do everything correctly and on time to avoid a series of problems for a person.

Especially people who are going to declare income tax for the first time have many doubts. In this way, check below the documents you need to file your tax return for the first time.

Documents required for income tax return for the first time

Taxpayers should be aware, because the period set by the Federal Revenue Service to file an income tax return begins on March 15th. Therefore, it is imperative that you have the necessary documents on hand.

This year, the tax return deadline will be from March 15 to May 31. Taxpayers who meet the requirements set by the Federal Revenue Service must file the declaration. declaration must be made to avoid problems with the tax authorities,

The statement is calculated according to the total income received by the taxpayer in the previous year, taking into account the profits obtained from the business and also from their other sources of income. Therefore, in the income tax return, it will be necessary to declare the assets, income and expenses to which the rate will be applied.

For some taxpayers, submitting a tax return can cause a lot of hassle, but knowing the right information about the process, fines and other problems can be avoided. Accordingly, it should be noted that the documents required for those who intend to declare income tax for the first time are as follows:

• Income reports
• receipts for medical and educational expenses;
• CPFs from dependents;
• Financial application reports.
• rent receipts paid or received;
• Proof of purchase of real estate or vehicles;
• Proof of debts incurred in excess of R$5,000;
• Documents that record the status of the shareholder in the company.

Also check: The Complete Guide to Filing Income Tax 2023 and Not Falling into the Fine Net; Find out what’s new in Revenue

Who needs an IR 2023 declaration?

Individuals who meet the following criteria must declare income tax:

• who had a taxable income above R$28,559.70 in 2021;
• Those who have earned more than R$40,000 in income;
• Those who have earned a total annual income in excess of the R$142,798.50 limit generated by rural activity;
• Who owns or owns property, on December 31, 2021, with a total value of more than R$300,000;
• who make money selling goods or rights;
• who has conducted operations on stock exchanges, commodities, futures and the like;
• Those who have opted to be exempt from tax on capital gains gained from the sale of residential real estate;
• who became a resident of Brazil, in any month, and had that status on December 31, 2021.

know more: Income Tax Refund Calendar 2023 Not Available: Who declares to receive it for the first time on this date