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ITR for advocate

Suresh Phadkule (Advocate ) (17 Points)

15 March 2025

Which ITR is to submitted by an advocate who is getting pension from his previous job?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (6829 Points)
Replied 15 March 2025

As an advocate receiving pension from a previous job, the appropriate ITR form to submit depends on the advocate's income sources and requirements.

ITR Forms: *ITR-1:* - Eligibility: Individuals with income from salaries, one house property, and other sources (excluding income from business or profession). - Applicability: If the advocate's only sources of income are pension and possibly some interest income or dividend income, ITR-1 might be applicable.

*ITR-2:* - Eligibility: Individuals with income from salaries, more than one house property, and other sources (excluding income from business or profession). - Applicability: If the advocate has income from multiple house properties or other complex income sources,

ITR-2 might be more suitable.

*ITR-3:* - Eligibility: Individuals with income from business or profession. - Applicability: As an advocate, if you have income from your professional practice, you would typically file ITR-

3. *ITR-4:* - Eligibility: Individuals with income from business or profession, opting for the presumptive taxation scheme. - Applicability:

If the advocate's professional income is eligible for the presumptive taxation scheme, ITR-4 might be applicable. Recommendation:

Given the advocate's pension income and potential professional income, it's likely that ITR-3 or ITR-4 would be the most suitable options.

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MPR Sanjay Kumar (3131 Points)
Replied 16 March 2025

An advocate receiving a pension from a previous job should file ITR-1 (Sahaj) if their total income consists solely of salary (pension) and other eligible income sources like interest. Here are the details:

When to Use ITR-1

Income Sources: If the advocate's income includes:

Pension (considered as salary income)

Interest income from savings accounts or fixed deposits

Other sources of income like family pension

Income Limit: The total income must not exceed ₹50 lakh.

Filing Process

Collect Documents: Gather necessary documents such as pension certificates, Form 16 (if applicable), bank statements, and proofs for any deductions.

Select ITR Form: Choose ITR-1 from the options available.

Fill in Details: Enter personal information, details of income (including pension), and any deductions under sections like 80C or 80D.

Verify and Submit: After filling out the form, verify the details and submit it before the due date.

Alternative ITR Form

If the advocate has additional income from a profession (e.g., legal fees), they may need to file ITR-3 instead, which accommodates income from business or profession along with salary/pension.

Conclusion

For a straightforward situation with only pension and interest income, ITR-1 is appropriate. If there are complexities involving professional income, consider ITR-3. Ensure to file the return before the deadline to avoid penalties.