Income Tax Return (ITR) 3 Filing Form

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.

BASIC

iNR 6,299/-

Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

STANDARD

iNR 15,299/-

Income tax return filing for a taxpayer with taxable income of less than Rs.50 lakhs.

PREMIUM

iNR 20,299/-

Income tax return filing for a taxpayer with taxable income of Rs.20 lakhs to Rs.100 lakhs.

How to file ITR Form 3?

By transmitting the data in the ITR-3 Form electronically under the electronic verification code.

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 two copies of the Form ITR-V. One copy should be duly signed by the assessee and has to be sent by ordinary post to

Post Bag No. 1,

Electronic City Office,

Bengaluru— 560 100,

Karnataka.

The other copy may be retained by the assessee to maintain a record.

Who is Eligible to File ITR 3 for Fy 2021-22?

Who can file ITR 3?

ITR-3 should be filed by individuals and HUFs who have income from carrying on a profession or from Proprietary business.

ITR-3 Form can be used when the assessee’s income falls in the categories mentioned below:

  • Income from carrying a profession.
  • Income from proprietary business
  • Apart from this returns may also include house property, salary/pension, and income from another source.

Who is not eligible for ITR-3?

If the individual/HUF is functioning as a partner of a partnership firm that is carrying out business/profession then he cannot file form ITR-3 he will be eligible to file Form ITR-2.

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

ITR-3 is divided into:

  • Part A includes
  • Part A-GEN: General information and Nature of Business
  • Part A-BS: Balance Sheet as of March 31, 2020, of the Proprietary Business or Profession
  • Part A- Manufacturing Account: Manufacturing Account for the financial year 2019-20
  • Part A- Trading Account: Trading Account for the financial year 2019-20
  • Part A-P&L: Profit and Loss for the Financial Year 2019-20
  • Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)
  • Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)

Schedules:

  • Schedule-S: Computation of income under the head Salaries.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule BP: Computation of income from business or profession
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule 112A: Details of Capital Gains where section 112A is applicable
  • Schedule 115AD(1)(iii)Provision: For Non-Residents Details of Capital Gains where section 112A is applicable
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule CFL: Statement of losses to be carried forward to future years.
  • Schedule- UD: Statement of unabsorbed depreciation.
  • Schedule ICDS: Effect of Income Computation Disclosure Standards on Profit
  • Schedule- 10AA: Computation of deduction under section 10AA.
  • Schedule 80G: Statement of donations entitled for deduction under section 80G.
  • Schedule RA: Statement of donations to research associations etc. entitled for deduction under section 35(1)(ii) or 35(1)(iiA) or 35(1)(iii) or 35(2AA)
  • Schedule- 80IA: Computation of deduction under section 80IA.
  • Schedule- 80IB: Computation of deduction under section 80IB.
  • Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule SPI-SI-IF: Income of specified persons(spouse, minor, etc) includable in the income of the assessee, Income chargeable at special rates, info partnership firms in which assessee is a partner.
  • Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
  • Schedule AMTC: Computation of tax credit under section 115JD
  • Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, BP, CG, and OS.
  • Schedule SI: Statement of income which is chargeable to tax at special rates
  • Schedule-IF: Information regarding partnership firms in which the assessee is a partner.
  • Schedule EI: Statement of Income not included in total income (exempt incomes)
  • Schedule PTI: Pass-through income details from a business trust or investment fund as per section 115UA, 115UB
  • Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
  • Schedule FSI: Details of income from outside India and tax relief
  • Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
  • Schedule FA: Statement of Foreign Assets and income from any source outside India.
  • Schedule 5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code
  • Schedule AL: Asset and Liability at the end of the year(applicable where the total income exceeds Rs 50 lakhs)
  • Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
  • Schedule GST: Information regarding turnover/ gross receipt reported for GST
  • Part B-TI: Computation of Total Income.
  • Part B-TTI: Computation of tax liability on total income.
  • Verification