ITR Filling Documents for Lawyer
ITR Filling Documents for Lawyer, As a lawyer filing your Income Tax Return (ITR), you’ll need to gather several important documents to accurately report your income and claim deductions.
Here’s a breakdown of the filing requirements you should have:
1. Form 16:
If you are employed by a law firm or company, Form 16 is essential. It summarizes your salary details, taxes deducted by your employer, and other allowances.
2. Income Details:
Keep records of all income sources, including legal fees received from clients, honorariums, and any other professional income.
3. Business Income:
If you run your practice, maintain a record of business income, expense receipts, and invoices for services rendered.
4. Bank Statements:
Provide bank statements for all your accounts to verify the income you’ve received and expenses you’ve incurred.
5. TDS Certificates:
If tax has been deducted at source (TDS) on any of your income, such as fees from clients, make sure you have the relevant TDS certificates.
6. Rent or Lease Agreements:
If you’re paying or receiving rent for an office space, keep copies of the rental or lease agreements.
7. Investment Proofs:
Document your investments in tax-saving instruments like Provident Fund (PF), Public Provident Fund (PPF), National Pension Scheme (NPS), or equity-linked savings scheme (ELSS).
8. Home Loan Documents:
If you’ve taken a home loan, retain the loan statement and the certificate for interest paid.
9. Deduction Receipts:
Gather receipts and certificates for deductions like medical expenses, rent paid, and donations made to eligible institutions.
10. Form 26AS:
This statement provides a comprehensive view of TDS, tax paid, and other details as per the records of the Income Tax Department.
11. GST Returns:
If you are registered under the Goods and Services Tax (GST) regime, maintain copies of your GST returns.
12. Professional Expenses:
Keep track of expenses related to your profession, such as travel, research materials, and legal software.
13. PAN and Aadhaar:
Ensure your PAN and Aadhaar details are accurate and up to date.
14. Previous Year’s ITR:
Having your previous year’s ITR can help ensure consistency and accuracy in reporting.
15. Foreign Income:
If you have foreign income, provide necessary documentation like foreign tax credit details.
Remember to cross-check all the documents with the details you’re entering in your ITR form. Proper documentation helps you accurately report your income, claim deductions, and reduces the risk of errors or audits.
To visit: https://www.mca.gov.in/
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