Description
ITR-3 form filling
The ITR 3 can be filed by individuals and Hindu undivided families who have income from profits and gains from the business or professions.
If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.
Who is eligible to file ITR 3 Form?
Who can file ITR 3?
ITR 3 For is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business. ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:
- Income from carrying a profession
- Income from proprietary business
Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.
Who is not eligible to file ITR 3 Form?
In case if the individual or the Hindu Undivided Family is functioning as a partner of the partnership firm that is carrying out business or profession then he cannot file form ITR 3 as he will be eligible to file Form ITR 2.
How to file ITR Form 3?
By transmitting the data in the ITR-3 Form electronically via the tax utilities software provided by the income tax department and verified via electronic verification codes.
By transmitting the data in the ITR-3 Form electronically and then mailing the returns by post in return form ITR-V to the income tax office.
All taxpayers filing the ITR-3 form and who require a tax audit must file the ITR-3 form using a digital signature. Assessee filing ITR-2 form under the third method must complete the acknowledgment in ITR-V.
Once the ITR-V is prepared, the assessee should print a copy of the Form ITR-V. The copy should be duly signed by the assessee and has to be sent by speed post to
Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.
Instructions to be followed while filing ITR 3 Form
The Sections mentioned above will have to be addressed in the Form. But here is the list of important instructions that are to be followed while filing the ITR 3 Form:
- If in case the Schedule is not applicable to the assessee, then the assessee has to just put -NA-
- In case if there is no figure to denote, mention Nil.
- If there is a negative balance and you are writing it against a profit column then the” – ” sign needs to be added before the figure.
- Round off the figures to the nearest one rupee.
- The total income or the payable loss should be rounded off to the nearest multiple of Rs.10.
- The Section in Part A needs to be filled after that 23 schedules are to be filled in Part B, Finally, you need to verify the document.
ITR-3 Plans
All Inclusive Pricing – No Hidden Fee
Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.
Income tax return filing for a taxpayer with taxable income of less than Rs.50 lakhs.
Income tax return filing for a taxpayer with taxable income of Rs.20 lakhs to Rs.100 lakhs.
General questions
The list of documents necessary for balance ITR 3 filing are:
Balance sheet
profit and loss statement
bank account statement
the passbook.
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