ITR 3 Form Filing: Navigating the complexities of income tax returns can be overwhelming, but Accounts Profession is here to simplify the process. As a trusted online platform specializing in tax and compliance solutions, we offer expert assistance to individuals and Hindu Undivided Families (HUFs) with income from business or profession, making ITR-3 form filing easy, precise, and stress-free.
What is ITR 3 Form Filing?
The ITR-3 Form is essential for taxpayers earning income from business or profession. It serves as a comprehensive tool for the Income Tax Department to gather financial information and ensure tax compliance.
Eligibility for Filing ITR-3 Form
To determine your eligibility for filing the ITR-3 Form, consider the following criteria:
- Directorship or Business Engagement: Individuals or HUFs involved in business activities or holding directorship in a company.
- Residential Status: Both resident and non-resident taxpayers of India can file ITR-3.
- Pension Income: Taxpayers receiving pension income are eligible.
- House Property Income: Individuals earning income from house property.
- Investments in Unlisted Equity Shares: Those with investments in unlisted equity shares.
- Profits and Gains of Business or Profession: Taxable income falls under this category, which may include various elements like salary, interest, commission, etc.
Additionally, individuals with income from single or multiple house properties, capital gains, business or profession conducted under proprietorship, income from foreign assets, or specified activities like lotteries or legal gambling are eligible to file ITR-3.
Ineligibility for Filing ITR-3 Form
Partners of a partnership firm engaged in business or profession cannot file ITR-3; they should opt for ITR-2 instead.
Due Date for Filing Form ITR-3
For the Assessment Year 2023-24, the due dates are as follows:
- Non-audit Cases: July 31, 2023
- Audit Cases: October 31, 2023
Ensure to stay updated with any revisions or extensions by the income tax authorities.
Late Filing Penalties for ITR-3 Form
Late filing can incur penalties as follows:
- Filing between the due date and December 31: ₹5,000
- Filing after December 31: ₹10,000
The late filing fee may vary based on income, with a maximum cap of ₹1,000 for total income less than ₹5 lakh.
Documents Required for ITR-3 Form
Prepare the following documents for smooth filing:
- PAN (Permanent Account Number)
- Aadhaar Card
- Bank Account Details (Account Number and IFSC Code)
- Form 16 (if applicable)
- Investment Details
- Books of Accounts (for business or professional income)
Sections of the ITR-3 Form
The ITR-3 Form comprises six sections:
- General Information: Personal details, assessment year, and filing type.
- Income Details: Income from various sources and tax calculations.
- Deductions and Taxes Paid: Claim deductions and report taxes paid.
- TDS/TCS Credit: Details of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS).
- Verification and Declaration: Validate the return and affirm its accuracy.
Why Choose Accounts Profession for ITR-3 Form Filing?
Accounts Profession Expert simplifies ITR-3 filing with:
- Expert Guidance
- User-Friendly Platform
- Document Management
- Deduction Optimization
- Secure Filing
- Timely Reminders
- Post-Filing Support
Let Accounts Profession Expert assist you in meeting your tax obligations effortlessly. Contact us today for expert assistance in filing your ITR-3 form and ensuring a smooth filing experience.
Go to the Accounts Profession Homepage for the Latest Information.
Frequently Asked Questions (FAQ’s)
What is the ITR 3 form?
The ITR-3 form is used in India by individuals and Hindu Undivided Families (HUFs) earning income from a business or profession.
Who should file the ITR-3 form?
Individuals or HUFs who are company directors, receive pension income, earn rental income, or invest in unlisted shares should file the ITR-3 form.
Who is not eligible to file the ITR-3 form?
Individuals or HUFs earning income as partners in a partnership firm should not use the ITR-3 form; they should file the ITR-2 form instead.
What is the ITR 3 due date for filing it for non-audit cases in the assessment year 2023-24?
For non-audit cases in the 2023-24 assessment year, the due date to file the ITR-3 form is July 31, 2023.
What are the penalties for late filing of the ITR-3 form in India?
Late filing penalties for the ITR-3 form in India vary. If filed after the due date but before December 31 of the assessment year, a late fee of 5,000 rupees may apply. If filed after December 31, the late fee might increase to 10,000 rupees.
What documents are required to file the ITR-3 form?
To file the ITR-3 form, you need documents such as your PAN card, Aadhaar card, bank account details, Form 16 (if applicable), investment details, and records of business or professional income.
How many sections are there in the ITR-3 form?
The ITR-3 form comprises six sections: General Information, Income Details, Deductions and Taxes Paid, TDS/TCS Credit, Verification and Declaration, and Schedules.
What information is required in the “Income Details” section of the ITR-3 form?
In the “Income Details” section, you provide information about various income sources, including salaries, pensions, annuities, family pensions, and other earnings. Additionally, you calculate your total taxable income and tax liability.
Can I claim deductions in the ITR-3 form?
Yes, you can claim deductions permitted under different sections of the Income Tax Act in the “Deductions and Taxes Paid” section.
What is TDS and TCS credit in the ITR-3 form?
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) credits are included in the respective sections of the ITR-3 form. You need to provide details of these credits when filing your taxes.
About the Author
Vijaykumar S. Pal(Content Writer)
As a Accountant, I’m deeply immersed in the intricacies of income tax, GST, and maintaining financial records. Numbers are my forte, and I excel in deciphering complex financial statements and tax regulations. However, there’s another side of me that revels in the realm of words rather than figures. Writing has always ignited a passion within me. Whether it’s simplifying intricate financial concepts for broader comprehension or weaving captivating narratives, I find joy in crafting articles and blog posts that demystify the intimidating world of finance for everyday individuals.Categories