Young taxpayers experience a sense of joy and responsibility when they file their taxes for the first time. Every year, the majority of taxpayers who file their annual returns for the first time are young taxpayers. Many of them do not file their returns correctly the first time. They are not strategic. Those who are filing their annual income tax returns for the first time should be a little careful. Be strategic while filling out the forms. Remember, this year you will be filing an income and expense report from July 2024 to June 2025. You may also have to file an asset statement.
Now let’s see 10 tips for filing your first income tax return
1. Remember the deadline:
Like every year, the last date for filing returns this year is November 30. However, for new taxpayers, the filing can be done throughout the year. However, this time, the returns will have to be filed online.
2. Don’t hide wealth:
Don’t hide assets in your first return. Show everything in your return, including land, cash, furniture, electronic goods, jewelry, etc.
3. Don’t skip wedding gifts:
You received gold jewelry as a wedding gift. Show it on your return.
4. It is wise to show off your wealth:
Show off your assets the first time you have them. Because if you suddenly show off your assets later, tax officials may ask about the source. You may get into trouble for this.
5. show off wealth by being clever:
Strategically, additional assets can be shown. For example, if you have 20 bahris of gold, show 50 bahris. It is easy to adjust if new assets are added in the future. Remember, there is no tax on assets up to 4 crore taka.
6. Use stinginess to show expenses:
Be careful to show your expenses. Make sure your expenses match your income. Because, if you show more expenses than your income, you may get into trouble. Tax officials may question you about the source of your expenses.
7. Refrain from luxury spending:
Your income is low. For example, you have a small job and regularly travel abroad to cover living expenses. You send your children to prestigious schools. Then the tax officer may be suspicious.
8. Show step-by-step lifestyle changes:
Your lifestyle has suddenly changed, you have started living a luxurious life. It is risky to show these living expenses on your return.
9. Tax officials are kind the first time:
Tax officials do not scrutinize the returns for the first time. They may accept whatever they show and pay taxes. They may think that new taxpayers are future taxpayers. They will pay taxes for a long time.
10. Give honest returns:
Fill out the form honestly and keep your expenses in line with your income. There is no chance of getting into trouble if you file your return honestly.
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