ITR-3 Form Filing
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ITR-3 Form Filing
The ITR-3 form is for an individual taxpayer or a Hindu Undivided Family, who work solely as a partner in a firm. This also applies for individuals who do not earn any income from a business run by the firm. This form is usually filed by the taxpayers who have only the taxable income earned from the business such as salary, bonus, interest and remuneration. The current ITR 3 form is to be used by an individual or a Hindu Undivided Family who have income from proprietary or are carrying on profession.
Person who eligible to file ITR-3
- Income from partnership firm as a partner
- Individual director in a company
- Income from business or profession
- Investment in unlisted equity shares
- Income from house property, salary/ pension and income from other sources.
Major changes in ITR 3 form for the Assessment Year 2020-21
- In case of short term or long term capital gains or long term capital gains , the details of the buyer have to be given
- The taxpayer should disclose (1) the amount of cash deposit above Rs. 1 crore in the current accounts with a bank (2) expenditure incurred above Rs. 2 lakh on foreign travel (c) expenditure incurred above Rs. 1 lakh on electricity.
- Deductions against income from other sources the detail should be provided.
- A separate schedule 112A for calculating long term capital gains on sale of equity shares is given.
- Section 80EEA and 80EEB have been amended for include deduction.
- The detail of capital gains income and dividend income should be provided in case of a business trust or investment fund.
- The details of tax deduction claims for investments or payments or expenditure made between April 1st2020 until June 30th 2020
- Details of tax on secondary adjustments to transfer price u/s 92 CE (2A)
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How can Bizlaw India help you?
Filing your Income Tax Return (ITR) accurately and on time is crucial to stay compliant with tax regulations. At Bizlaw India, we provide expert assistance to ensure a smooth and hassle-free ITR-3 filing process. Here’s how we can help:
Frequently Asked Questions
The ITR-3 Form is an Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession. This form is also applicable to those who have income from salary, house property, capital gains, and other sources.
The ITR-3 Form should be filed by individuals and HUFs who have:
- Income from a business or profession
- Income from salary/pension
- Income from house property
- Income from capital gains
- Income from other sources (including interest, dividends, etc.)
- Foreign assets/income
The ITR-3 Form can be filed online through the Income Tax Department’s e-filing portal. The form can be filled using the software utility provided by the portal or through a chartered accountant or tax professional.
The documents required for filing ITR-3 include:
- Form 16 from your employer (if applicable)
- Form 26AS (Tax Credit Statement)
- Bank statements
- Details of business/profession income
- Profit and loss statement
- Balance sheet
- Details of investments (if claiming deductions under Section 80C to 80U)
- Capital gains statement
- Aadhaar Card
- PAN Card
- Other relevant documents
No, if you have income only from salary, you should file ITR-1 or ITR-2, depending on your specific situation.
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