Eligibility for the ITR-3 Form

ITR-3 form must be used by Individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories:

• In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, the assesse shall use this form only; not Form ITR-3.

• In case any investments were present in equity shares that were unlisted at any time during the financial year, We are Leading GST Consultants in chennai,Bangalore and Delhi Contact us

Non-eligible Assessees for the ITR-3 Form

Individuals and Hindu Undivided Families who are not eligible to fill the ITR-3 Form are those who have earned Income through a Business or Profession operated as a Proprietorship firm. Assessees, who apart from being a partner in a firm, also have sources of income from a business or profession, including the speculation market, are also not eligible to file their Income Tax Returns through this form , We are Leading GST Consultants in chennai,Bangalore and Delhi Contact us

Due Date for Filing ITR 3 Form

The due date for filing income tax return is as follows:

• For Individuals – 31st July.

• For Businesses – 30th September

Filling instructions for ITR-3

As for the the filling instructions for the Schedules of ITR 3, the below mentioned schedules will be the same as ITR 2.

1. Schedule S

2. Schedule HP

3. Schedule CG

4. Schedule OS

5. Schedule CYLA

6. Schedule BFLA

7. Schedule CFL

8. Schedule 80G

9. Schedule VI-A

10. Schedule AMT

11. Schedule AMTC

12. Schedule EI

Filling Sequence for parts and schedules

The Income Tax Department advises assessees to follow the sequence mentioned below while filling out the income tax return form:

• Part A- General info on page 1

• Schedules

• Part B-TI and Part B-TTI

Methods of Filing ITR-3 Form

There are following three methods for Filing Income Tax Return ITR-3 Form:

• By filing a return electronically under digital signature. (Assessees who need to obtain a tax audit must use this method)

• By conveying the data in ITR-3 form electronically under electronic verification code.

• By transmitting the data in ITR-3 form electronically followed by the submission of return verification in Return FormITR-V to Income tax office via mail. (Taxpayer filing ITR-3 form using this method must complete the acknowledgement in ITR-V.)

If you submit your ITR-3 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. Or you can verify and submit the return using Aadhaar OTP if your PAN is linked through Aadhaar number. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income 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 do not have to attach any documents when you send it, We are Leading GST Consultants in chennai,Bangalore and Delhi Contact us

Brief Listing of all the parts of Form ITR-3

This form can be broken into 2 parts and 23 schedules:

• Part A – General Information

• Part B – Calculating total income and taxable income.

The 23 schedules are:

• Schedule-S: Income to be entered in the field ‘Salaries’.

• Schedule-HP: Income to be entered in the field ‘ Income from House Property’.

• Schedule-IF: Information about the partnership firm(s) in which taxpayer is a partner

• Schedule-BP: Income to be entered in the field "profit and gains from business or profession" (earnings from salary, interest etc. from firms in which taxpayer is a partner)

• Schedule-CG: Income to be entered in the field Capital gains.

• Schedule-OS: Income to be entered in the field ‘Income from other sources’.

• Schedule-CYLA: Reporting income after adjusting set off for current year losses.

• Schedule-BFLA: Reporting income after adjusting set off for unabsorbed loss carried forward from previous years.

• Schedule- CFL: Declaring losses to be brought forward in later years.

• Schedule-VIA: Reporting tax deductions (from total income) as per Chapter VIA of IT Act.

• Schedule 80G: Declaration of donations entitled to tax deduction under section 80G.

• Schedule SPI: Reporting income accrued in the name of spouse / minor child / son’s wife or any other person or association of persons and which must be included in the income of taxpayer in Schedules-HP, BP, CG and OS.we are the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.

• Schedule-SI: Reporting income which is chargeable to tax at special rates.

• Schedule-EI: Reporting Income not included in total income (exempt incomes).

• Schedule-IT: Reporting payment of advance-tax and tax on self-assessment.

• Schedule-TDS1: Reporting tax deducted at source from salary.

• Schedule-TDS2: Reporting tax deducted at source from income other than salary.

• Schedule TCS: Reporting collected at source.

• Schedule-FSI: Reporting income accruing or arising outside India.

• Schedule- TR: Declaration tax relief claimed under section 90 or section 90A or section 91.

• Schedule- FA: Declaration of Foreign Assets owned by the assessee.

• Schedule-5A: Reporting apportionment of income between spouses as given in the Portuguese Civil Code.

• Schedule-AL: Reporting positions of Asset and Liability at the end of the year . This is mandatory if your total income exceeds Rs.25 lakhs.

• Tax Payments: Details of advance tax, TDS, self-assessment tax

• Verification , We are Leading GST Consultants in chennai,Bangalore and Delhi Contact us

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