ITR 3 Return

India is a country of many tax laws and regulations. If you are an Indian taxpayer, it is important that you stay up to date on all the latest changes. One such change is the new ITR 3 form.

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ITR 3 Return required mandatory

When Should ITR 3 be Filed?

Income earned from Proprietary Business
Income gained by conducting a profession
Income from House property
ITR-3 is also needed to be filed by a person whose income is chargeable to tax under “profits and gains of business or profession” in the nature of, interest, salary, bonus, commission or remuneration.

Pricing

(Simple & Clear Pricing. No Hidden Charges)

Government Fee	Rs 0
Professional Fees	Rs 1,459
Goods & Service Tax	Rs 00
Total Cost	Rs 1459

What is ITR 3 Form?

(All you need to know)

ITR 3 is a tax form that is used by residents and Hindu Undivided Families (HUFs). An assessee must make revenue through a sole proprietorship business or a profession in order to file income tax returns using the ITR (Income Tax Return) 3 form. You can file ITR-3 for Income Tax Returns if you earn money through a small business or a profession such as engineering, architecture, medicine, accounting, or other related fields. Important Note: With effect from AY 2020-21 (FY 2019-20), the INR 1 crore threshold limit for a tax audit is proposed to be enhanced to INR 5 crore if the taxpayer’s cash receipts are limited to 5% of gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.

Information on “Who can file ITR 3?”

1. Earnings from working in a profession.

2. Profits from a Sole Proprietorship.

3. Aside from that, the business returns might also contain salary or pension, residential property, and other sources of revenue.

Documents Required for ITR 3 Return

Following Documents are required :-

How to File the ITR 3 Form

Once you have gathered all of the required documents, you can begin filling out the ITR 3 form. The form consists of six sections – General Information, Income Details, Deductions and Taxes Paid, TDS/TCS Credit, Verification and Declaration.

General Information

In this section, you will need to fill in your personal details such as your name, address, date of birth, email address and PAN number. You will also need to select the assessment year and mention whether you are filing your return on a self-assessment basis or not.

Income Details

In this section, you will need to furnish details about your income from salaries, pensions, annuities, family pension and other sources. You will also need to mention the total taxable income and the tax liability on this income.

Deductions and Taxes Paid

In this section, you can claim deductions under various sections of the Income Tax Act. You will also need to mention the taxes paid by you during the financial year, such as advance tax and self-assessment tax.

TDS/TCS Credit

In this section, you will need to mention the details of any tax deducted at source (TDS) or tax collected at source (TCS) credit that is available to you.

Verification and Declaration:

In this section, you will need to verify your return by furnishing your digital signature or by sending a physical copy of the signed return to the Centralized Processing Center (CPC). You will also need to make a declaration in this section that all the information furnished in the return is true and correct to the best of your knowledge.

Frequently Asked Questions

Who usually files ITR 3?

Any individual or a Hindu undivided family who is having income and is mentioned under, ‘profits or gains of business or profession’.

Should a salaried person need to file ITR 3?

If you are a salaried employee and you earn income through a salary, a business or profession, a single or multiple piece of real estate, capital gains, or any other source, then you must file an ITR-3.

Can I take gst registration with my home address ?

Yes, There is no compulsion that GST Registration must taken at Commercial places. It should be takes at Business Place. Such Business place can Be Home in case of Free Lancer, Home Made Products/ Services etc. Thus you can get New GST Registration with Home Address.

Is it compulsory to file ITR 3?

Yes, it is necessary to file ITR-3. You can file it online with the help of Taxtorium

Do I have to pay any charges to file ITR-3?

No, you need not pay any charges to file ITR-3.