Income Tax Planning for Self-Employed Lawyers
Self-employed lawyers pay 30% effective tax. Here’s how to legally minimize it:
Major Deductions
- Professional Expenses: Office rent, utilities, supplies, subscriptions
- Depreciation: Equipment depreciation (40% laptop, 15% furniture)
- Home Office: Proportion of rent, utilities, maintenance
- Travel: Professional travel, auto expenses
- Staff Salaries: Junior attorney and assistant salaries
Tax Savings Investments (Section 80C)
- Life Insurance Premium — up to ₹1.5 lakh
- EPF contributions
- Home Loan Principal — up to ₹1.5 lakh
Health Insurance (Section 80D)
- Your health: ₹25,000
- Family: ₹25,000
- Parents: ₹25,000 (if over 60)
- Total possible: ₹75,000-₹1 lakh deduction
Key Point
A lawyer who plans taxes actively saves ₹2-5 lakhs annually compared to passive filing.
Need tax planning help? Call: +91 9318470769
