ITR-3 Form Filing
ITR-3 Form Filing- The Income Tax Department has notified various ITR forms for different Taxpayers who are based on the source of income of different taxpayers. This is done in order to create a simple tax structure in our country. Based on the source of income, a taxpayer chooses ITR form and file his/her return. The return is required to be filed every year subsequent to the year of income. Now the details of PAN and Aadhaar card is mandatorily required to be furnished with the department while filing the ITR return. There are various forms like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7, which is required to be filed by the different Taxpayer. However, it is to be noted that it is not mandatory to file the return by all taxpayers, this is only the certain individual having threshold income more than as prescribed under the Income Tax Act who are required to submit the Income-tax return. The return must be filed before the due date in order to avoid late fees and penalties. Further, aforesaid forms are designed for different taxpayers and they shall be processed by the income tax department accordingly. The Form ITR-3 is design for Individuals and HUFs (Hindu Undivided Family) who have income from Business or from any profession.
WHO IS ELIGIBLE TO FILE ITR FORM 3?
A taxpayer who are deriving their income from “Profits and Gains from Business or Profession. Hence, one can say that a Taxpayer who is earning income from the following source is required to file ITR Form 3.
- From House Property, whether single or multiple.
- From any Foreign Assets.
- From Capital Gains/loss which can be Short Term or Long Term
- If the Taxpayer is a company or carrying out Business through a firm.
Modes of Filing Form ITR-3
We can submit ITR-3 Form either online or offline.
The Form ITR 1 can be filed through offline mode the same is to be submitted in prescribed Form however, Income tax department has allowed only below person to submit the offline Form
- A taxpayer having age 80 years or more any time during the previous year;
- Taxpayer or HUF having income not exceeding Rs 5 Lakhs also he has not claimed any refund of Income Tax.
The return shall be submitted in physical Form. The Income Tax Department after receiving the Form will issue an acknowledgment in this regard.
The Form ITR 3 can be furnished online as well, for this one need to login to the account which shall be prepared on the website of Income-tax department and shall be verified. Thereafter, an acknowledgment shall be send to the registered email id of the Taxpayer. The online return can be verified through Aadhaar OTP/EVC or through digital signature.
What are the due dates of ITR form 3?
Every year Form ITR -3 has to be filed on or before 31st July of the subsequent year. Thereafter, a late fee shall be levied. Here is a tabular representation of late fees for easy understanding:
|Filing Date||Different Cases|
|31st July 2019||§ For different Individuals and HUFs who have earned through salary income, Capital gains, House property, or through businesses, however it should not be from any partnership business . Further taxpayer who are eligible for filing ITR Form 4.|
|30st September||§ For different Individuals and HUFs required for auditing their Accounts.|
|30th November||In all cases of for transfer pricing.|
The Taxpayer is required to end the copy of Form ITR-V (verification) which should be signed through him at income tax department Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).
MAJOR CHANGES BROUGHT TO ITR FORM 3 FOR AY 2019-20
- The column for status of residence has now been changed and is divided into 3 categories “resident”, “non-resident”, and “resident by not ordinarily resident”,.
- Details regarding the previous directorship has to be furnished alongwith the listing of shares
- Disclosure of PAN details of Partnership firms by partners who are working in another firm as well
- ITR Form 3 is to be filed instead of ITR Form 2 by Partners of the partnership firms while filing their returns.
- Details of GST turnover is also required to be mentioned in an Income tax return by individuals
- Furnishing of exempted allowances and the deductions provided from the salary by the taxpayer
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