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ITR-3 Form

 

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ITR-3 Form – what's ITR3 & the way to file ITR-3

What is the ITR-3 Form?

The ITR 3 is applicable for individuals and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :

What is the structure of the ITR-3 Form for AY 2021-22?

ITR-3 is split into:

Part A:

Part A-BS: record as of March 31, 2020, of the Proprietary Business or Profession
Part A- Manufacturing Account: Manufacturing Account for the fiscal year 2020-21
Part A- Trading Account: Trading Account for the fiscal year 2020-21
Part A-P&L: Profit and Loss for the fiscal year 2020-21
Part A-OI: Other Information (optional during a case not responsible for audit under Section 44AB)
Part A-QD: Quantitative Details (optional during a case not responsible for audit under Section 44AB)

After this, there are the subsequent schedules.

Part B-TI: Computation of Total Income.
Part B-TTI: Computation of liabilities on total income.
Verification

What is the structure of the ITR-3 Form for AY 2020-21?

ITR-3 is split into:

Part A:

Part A-GEN: General information and Nature of Business
Part A-BS: record as of March 31, 2020, of the Proprietary Business or Profession
Part A- Manufacturing Account: Manufacturing Account for the fiscal year 2020-21
Part A- Trading Account: Trading Account for the fiscal year 2020-21
Part A-P&L: Profit and Loss for the fiscal year 2020-21
Part A-OI: Other Information (optional during a case not responsible for audit under Section 44AB)
Part A-QD: Quantitative Details (optional during a case not responsible for audit under Section 44AB)

After this, there are the subsequent schedules.

Part B-TI: Computation of Total Income.
Part B-TTI: Computation of liabilities on total income.
Verification

How do I file my ITR-3 Form?

A taxpayer has got to compulsorily file ITR-3 online. The ITR-3 are often filed Online/Electronically:

If you submit your ITR-3 Form electronically under digital signature, the acknowledgment are going to be sent to your registered email id. you’ll also prefer to download it manually from the tax website. you’re then required to sign it and send it to the tax Department’s CPC office in Bangalore within 120 days of e-filing. Remember that ITR-3 is an annexure-less form i.e. you are doing not need to attach any documents once you send it.

How does one send your ITR-V to the CPC Office?

Major Changes in ITR form 3 for AY 2021-22

Below changes are incorporated within the ITR-3 sort of the FY 2020-21:

Major Changes in ITR form 3 for AY 2020-21

Major Changes in ITR form 3 for AY 2019-20

ITR 3 for AY 2018-19

ITR-3 is split into:

Part A:

Part A-GEN: General information and Nature of Business
Part A-BS: record as of March 31, 2017, of the Proprietary Business or Profession
Part A-P&L: Profit and Loss for the fiscal year 2016-17
Part A-OI: Other Information (optional during a case not responsible for audit under Section 44AB)
Part A-QD: Quantitative Details (optional during a case not responsible for audit under Section 44AB)
Part B: Outline of the entire income and tax computation in respect of income chargeable total tax.
Verification
Tax Payments: Details of advance tax, TDS, self-assessment tax.

After this, there are the subsequent schedules.

What is the structure of the ITR-3 Form for AY 2018-19?

Quoting of Aadhaar Number

Now, it’s mandatory to say the Aadhaar number within the return of income or Aadhaar Enrolment ID if applied for.
Declaration of the worth of assets and liabilities by Individuals/HUF earning above Rs 50 lakhs in Schedule ‘AL’
Taxpayers are required to disclose the worth of assets and liabilities if their total income exceeds Rs. 50 lakhs and mention the value of immovable property with details of address, jewellery, bullion, vehicles with details of movable assets, shares, bank and cash balance, etc.

Disclosure of unexplained income and Dividend Income

New fields are inserted in schedule ‘OS’ to declare unexplained credit or investment and dividend received from domestic companies above Rs 10 lakhs. Such persons cannot choose ITR 1 Sahaj.

Disclosure of GST related details

In the Profit and Loss schedule, the GST related details need to be disclosed.

Limitation on claim for depreciation

A limitation of maximum 40% is placed on depreciation altogether depreciation related Schedules.

Partners filing of tax return

Partners of partnership firms need to file returns in ITR 3 as against ITR 2

Option to select section 115H

In the general information tab, an choice to select section 115H (who may be a non-resident Indian in any previous year, becomes assessable as a resident in India in respect of the entire income of any subsequent year) has been added.

Major Changes in ITR form 3 for AY 2018-19

How to fill out the verification document?

While filling up the info within the tax return, a taxpayer should also refill the verification. Please note that a person making a falsehood within the return or in any of the accompanying schedules shall be susceptible to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable thereunder section with rigorous imprisonment and with fine.