Documents Need to File ITR fro Artist
Documents Need to File ITR fro Artist filing Income Tax Return (ITR) in India, there are several important documents you need to gather and include in your filing. These documents help provide a comprehensive view of your income, expenses, and financial activities.
Here’s a breakdown of the essential documents:
1. Form 16/16A:
This is a TDS (Tax Deducted at Source) certificate issued by your employer or clients who deducted tax on your income. It outlines your earnings and the taxes deducted.
2. Bank Statements:
Provide bank statements for all your accounts to demonstrate your financial transactions, including receipts from sales, exhibitions, or any other artistic endeavors.
3. Income Proof:
Any income generated from your art, including sales receipts, payment acknowledgments, or commission statements, should be documented.
4. Expense Receipts:
Keep track of all expenses related to your art, such as material costs, studio rent, transportation, promotion, etc. These can be claimed as deductions to reduce your taxable income.
5. Gross Receipts:
Maintain a record of all your sales and earnings, as it’s an essential component for your ITR filing.
6. Form 26AS:
This is a consolidated statement that reflects all taxes deducted against your PAN. It helps cross-check the TDS mentioned in your ITR.
7. Receipts for Deductions:
If you’re eligible for deductions under sections like 80C (for investments), 80D (for health insurance premiums), or any other applicable sections, gather the necessary documents.
8. GST Returns:
If you’re a registered GST taxpayer, include copies of your GST returns, especially if your art falls under the GST purview.
9. PAN Card:
Your Permanent Account Number is a primary identification for tax purposes and should be provided in your ITR.
10. Aadhaar Card:
Linking your Aadhaar with your PAN is now mandatory and crucial for tax filings.
11. Details of Foreign Income :
If you have earned income from abroad, include relevant documentation to ensure compliance with foreign income reporting requirements.
12. Proof of Tax Payment:
If you’ve made any advance tax payments, provide proof of those payments.
Remember to maintain proper records and ensure that all the documents are accurate and up-to-date. Filing your ITR with the correct and complete set of documents will help you avoid any discrepancies and ensure a smooth tax process.
To visit: https://www.mca.gov.in/
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