ITR-3 is a specific income tax return form in India designed for individuals and Hindu Undivided Families (HUFs) who have income from business or professional sources. This form is mandatory for taxpayers with income from proprietorship, business, or profession, and it allows detailed reporting of various income streams including salary, capital gains, and house property.
The ITR-3 form is comprehensive and structured into multiple parts: Part A covers general information and financial data specific to business or profession, Part B handles computation of total income and tax liability, and Part C involves verification and declaration. The form includes various schedules for specific income sources and deductions, enabling taxpayers to provide a thorough breakdown of their financial information.
Filing ITR-3 can be done through online or offline methods, with the online process being more prevalent. The online filing process involves steps such as selecting the appropriate assessment year, filling out the pre-filled form, entering details about income sources, claiming tax deductions, and finally verifying the return through options like OTP, Digital Signature Certificate (DSC), or Electronic Verification Code (EVC). After submission, the Income Tax Department sends an acknowledgement to the registered email, completing the filing process.
The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following ITR 3 applicability criteria:
Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:
Visit the official Income Tax e-filing website at www.incometax.gov.in. If you already have an account, log in using your User ID (PAN) and password. If you're a new user, you'll need to register first using your PAN.
Once logged in, navigate to the "e-File" menu and select "Income Tax Returns." Choose the relevant assessment year for which you are filing (e.g., FY 2023-24 for AY 2024-25) and select ITR-3 from the dropdown menu.
Complete the ITR-3 form by entering all required details, including Personal information (name, address, date of birth),Income details from various sources (salary, house property, capital gains, business income),Deductions under Chapter VI-A (like Section 80C).
After filling out the form, use the "Validate" button to check for any errors or missing information. Once validated, proceed to submit your return. You can choose to file it online with or without a digital signature. If filing without a digital signature, you will need to verify your return later.
After submission, you must verify your return within 30 days to ensure it is considered valid. You can verify using various methods such as Aadhaar OTP, Electronic Verification Code (EVC), or by sending a signed physical copy of ITR-V to CPC, Bengaluru. Choose the method that is most convenient for you.
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