Many people desire to own a home, and in Bangladesh, doing so represents an important financial achievement. In addition to the security and satisfaction that come with homeownership, there are also definite tax advantages. Filing tax returns as a homeowner in Bangladesh requires careful preparation and accurate documentation. To ensure a smooth and stress-free tax season, it’s essential to gather the necessary paperwork. In this blog, we will go through the important list of documents needed for homeowners to file their tax returns. Visit here to file your tax return with Shapla in a few taps.
The List of Documents Needed for Homeowners for Tax Return:
- Property Ownership and Rental Agreements: You must keep your ownership and rental agreements up-to-date for your tax returns.
- Bank Statements: You must maintain a separate bank account solely for rental income and deposit all rent if your rental income exceeds Tk. 25,000. The bank statements should be dated from July 1st, 2022, to June 30th, 2023.
- Holding Tax: The annual fee you must pay to a local municipal corporation is known as a holding tax or property tax. You must submit a copy of your holding tax.
- Bills: You must keep a copy of electricity bills or service charge vouchers to submit for your tax return.
- Certificates: You should collect certificates of your DPS, Sanchaypatra, and life insurance premiums if you have any. The certificates must mention the interest rates and tax deductions.
- Home Improvement and Maintenance Receipts: If you made any improvements or carried out maintenance on your property during the tax year, retain receipts and invoices, as these expenses may be deductible. You can claim 25% for home maintenance if it’s a residential rental.
Filing tax returns as a homeowner in Bangladesh can be a straightforward process when you have all the necessary documents organized and ready. With Shapla Tax, you can simply file your taxes in a few steps. Start early to gather these documents, ensure they are accurate, and seek guidance from Shapla tax experts if needed. By being well-prepared, you can file your tax return efficiently and take full advantage of any tax benefits and deductions available to homeowners. Visit here to learn more about tax filing.