How to file an income tax return: simple step by step

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How to file an income tax return: simple step by step

Table of Contents

Every beginning of the year, the UK residents population has the mission of declare income tax. And just from the constant question about how to file the Income Tax return, anyone can file their own return.

However, even for the most experienced, doubts regarding the rules of this taxation arise to make the process more difficult.

Declaring your expenses correctly is essential for avoid fines and problems with the authorities.. So stay tuned.

To make an efficient Income Tax Return, you must:

  1. gather documents and proofs;
  2. download the IRPF program;
  3. identify the service sought;
  4. report your income;
  5. list your assets and rights;
  6. post the payments made;
  7. opt for the taxation model.

If you need to include dependents in your declaration, some steps are different. In these cases, we recommend reading the article, “Learn how to make your dependents declaration on Income Tax“.

Follow the post and check it out what is income tax and how to do it.

We have separated a step by step for you to follow and make an Income Tax Declaration with quality and without errors. Good reading!

What is Income Tax?

Roughly speaking, the Income Tax or IR is a tax collected annually, between March and April, by the Federal Revenue (RF), an agency linked to the Ministry of Economy, on the earnings of people and companies.

The amount charged is defined by a calculation that considers the income declared by each citizen (Individual Income Tax or IRPF) or organization (Corporate Income Tax or IRPJ).

In fairness, those who have more expressive income pay higher taxes and vice versa.

We can then classify the Income Tax Return as a amount discounted on the annual income of the population.

In the list of taxable income of RF enter:

What types of IR?

As we said, the Income Tax Declaration can be made in two categories. Check out its particulars below.

Personal Income Tax (IRPF)

The IRPF declaration focuses on the citizens' earnings and earnings residents in the country or abroad, who receive income from UK residents sources.

The rates are defined according to an Income Tax table fixed by the Treasury Revenue:

  • those who earn up to R$1,903.98 are exempt from the charge;
  • values ​​between R$1,903.99 and R$2,826.65 are taxed at 7.5%;
  • between R$2,826.66 and R$3,751.05 has a 15% charge;
  • values ​​between R$3,751.06 and R$4664.68 have a rate of 22.5%;
  • income above R$ 4,664.68 is taxed at 27.5%.

Corporate Income Tax (IRPJ)

The IRPJ is charged from UK residents organizations. In this case, the rates apply to tax regimes such as real, presumed or arbitrated profit of the business.

Therefore, 15% is charged on this amount, with an additional 10% for profit installments above R$20,000 per month. In this calculation, the size and activities carried out by the company are also considered.

How to make the Income Tax Declaration?

First of all, go back to the income tax table and check if you must file an Income Tax Return. Through it you find out who does income tax.

For affirmative cases, check out the step-by-step instructions on how to make an efficient and error-free income tax return.

1. Gather documents and vouchers

Documentation is the most labor-intensive part of the process, so do this data gathering with time and attention. You should look for documents such as:

  • income reports received from the company where you work;
  • financial institution reports;
  • descriptions of applications and investments;
  • receipts for other extra income;
  • proof of payment for health plans, among others.

2. Download the IRPF program

If it is your first income tax return, you will need to go to the IRS website and download the IRPF program.

O generator of the Income Tax Declaration is an intuitive program, easy to access and also has ample support for the user.

3. Identify the service you are looking for

When you open the Personal Income Tax (DIRPF) generator, you will have access to two service options:

  • declaration;
  • rectification.

The correct option is the declaration, since rectification is for cases of correction of values. That is, the person already has the statement ready, but needs to change some value presented to RF.

4. Report your income

The report step requires extra attention, as incorrectly filling in the values ​​can put you in the dreaded thin mesh.

in session “Taxable income received from legal entities by the Holder”, you must inform the paying sources of amounts received last year, such as the company that pays your salary.

already in the session “Profits subjected to exclusive taxation”, you must include investments made in other financial applications.

If you have income exempt from income tax, such as scholarships or profits in savings accounts, the reports must be made in the exemption section.

Read too: Withholding at source: how the withholding of taxes is made on the services invoice

5. List your assets and rights

Now is the time to declare assets and rights. Included in this session are:

  • current account balances;
  • properties;
  • cars;
  • ongoing investments and so on.

It is noteworthy that the reporting of goods must be made considering the amount spent at the time of purchase or sale, without monetary restatement.

6. Post the payments made

In the “Payments Made” section, you must prove your expenses and deduct them from the income tax.

It is important to be aware of the need to verify the data of the receiving institutions.

The CNPJs of the institutions or the CPFs of the professionals who received some amount paid by you must be in the declaration.

7. Choose the taxation model

The last step of the Income Tax Declaration is select the taxation model. There are two different modes available:

  • the Simplified Income Tax return;
  • the Complete IR statement.

The program itself suggests, as the fields are filled in, which option is best for you. But it's interesting to choose the professional guidance from an experienced accountant.

Ready! Now, just click on “Deliver Statement” to finish the process.

See how it's not a seven-headed beast?

Making the Income Tax Declaration is a legal obligation.

Failure to comply with the process corresponds to the crime of tax evasion, so it is important to be aware of the dates and deadlines for sending these documents.

If you still have any questions about how to file your income tax return, we suggest you to watch the video below!

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