ITR FOR BUSINESS & PROFESSION
BASIC PLAN
ELIGIBILITY FOR ITR 3 FORM
ITR-3 can be filed by individuals or HUFs whose:
1) Income more than Rs 50 Lakhs per annum.
2) Income from (both tax audit or not audit cases) for –
o Proprietorship Business.
o Profession pertaining to Accountancy, Architecture, Medical, Engineering, etc.
3) Income is from salary, Two or more house rent, family pension income and other sources, which include:
o Interest from Savings Accounts
o Interest from Deposits (Bank / Post Office / Cooperative Society)
4) Income from Capital Gain.
5) Income from other Country.
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FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
ITR FOR BUSINESS & PROFESSION
STANDARD PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
ITR FOR BUSINESS & PROFESSION
PREMIUM PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
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ITR-3 Form OnLine
ELIGIBILITY FOR ITR 3 FORM
- ITR 3 Form is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business (both tax audit and non-audit cases) ..
- ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:
- Income from carrying a profession pertaining to accountancy, architecture, medical, engineering, etc.,
- Income from proprietary business
- Income earned from one or multiple house properties
- Rewards earned by winning a lottery, horse racing, and other activities falling under ‘Income from Other Sources’
- Income assets by way of assets in a country outside India
- Income generated from short or long-term capital gains.
WHO CANNOT FILE ITR-3 FORM ?
In case if the individual or the Hindu Undivided Family (HUF) is functioning as a partner of the partnership firm that is carrying out business or profession then he cannot file form ITR 3 as he will be eligible to file Form ITR 2.
DOCUMENTS REQUIRED TO FILE ITR-3 FORM
- PAN
- Aadhaar
- Bank account details
- Form 16 if applicable
- Investments details
- Books of accounts
INSTRUCTION FOR FILING ITR-3 FORM
The following instructions and guidelines are need to be followed while filing ITR 3 form:
» If in case the Schedule is not applicable to the assessee, then the assessee has to just put -NA-
» In case if there is no figure to denote, mention Nil.
» If there is a negative balance and you are writing it against a profit column then the” – ” sign needs to be added before the figure.
» Round off the figures to the nearest one rupee.
» The total income or the payable loss should be rounded off to the nearest multiple of Rs.10.
» The Section in Part A needs to be filled after that 23 schedules are to be filled in Part B, Finally, you need to verify the document.
STRUCTURE OF ITR-3 FORM
ITR-3 is broadly divided into the following sections:
- Part A
- Schedules
- Part B
- Verification
Let us now elaborate on each of these sections to assess ITR-3 meaning better:
ITR-2 is divided into two parts:
Part A: General Information
- Part A- Manufacturing account: Presents a manufacturing account for a given financial year
- Part A- Trading account: It has a trading account for a given financial year
- Part A-P&L: Reveals the profits and losses for a given financial year
- Part A-BS: It presents the balance sheet as of the year-end for the proprietary business
- Part A-OI: This part includes other information. However, it is optional in a case that is not liable for audit u/s 44AB
- Part A-QD: It contains quantitative details, which is also optional in a case that is not liable for audit u/s 44AB
Schedules:
» Schedule S: Details of income from salaries
» Schedule HP: Details of income from House Property
» Schedule CG: Computation of income under Capital gains
» Schedule OS: Computation of income under Income from other sources
» 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 VIA: Statement of deductions (from total income) under Chapter VIA
» Schedule 80G: Statement of donations entitled for deduction under section 80G
» Schedule 80GGA: Statement of donations for scientific research or rural development
» 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, CG, and OS
» Schedule SI: Statement of income which is chargeable to tax at special rates
» Schedule EI: Details of Exempt Income
» Schedule PTI: Pass-through income details from business trust or investment fund as per Section 115UA, 115UB
» Schedule FSI: Statement of income accruing or arising outside India.
» Schedule TR: Details of Taxes paid outside India
» Schedule FA: Details of Foreign Assets and income from any source outside India
» Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
» Schedule AL: Asset and liability at the year-end (applicable in case 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
Part B-TI: Computation of Total Income
Part B-TTI: Computation of tax liability on total income
Verification: And lastly, the ITR-3 structure contains verification to authenticate the information furnished above.
FREQUENTLY ASKED QUESTION - FAQ.
What is the difference between ITR-3 and ITR-4?
Income Tax Return Form 3 is for all the individuals and HUFs with income under the head profits or gains from business or profession and who are not eligible to file ITR 4 should file ITR 3.
Is ITR-3 applicable for all the assesses that have business income?
No, ITR 3 will be applicable for all the individuals or the HUF that have business a professional income not chargeable under the presumptive taxation scheme.
Can we file ITR-3 without an audit?
Yes, ITR 3 filing without auditing and paying the taxes on the intraday turnover.
Is it possible to shift ITR-3 to ITR-4?
Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses, he needs to choose ITR3.
Is ITR-3 applicable for individuals under the presumptive taxation scheme?
No, in case the individual has opted for a presumptive taxation scheme ITR 3 is not applicable for him. He can file ITR4 instead.
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