How to file ITR 3: Things you should know

How to file ITR 3: Things you should know

NEW DELHI: ITR 3 form can be used by an individual or a Hindu Undivided Family (HUF) earning income from a business or a profession. ITR-3 is also required 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.

Form ITR 3 can’t be used by any person other than an individual or a HUF. Also, an individual or a HUF not earning any income from business or profession can’t use ITR 3.

What is ITR1 / Sahaj Form and how to file it?

Apart from making Aadhaar mandatory for filing IT returns, the government has also introduced different ITR Forms. One of these forms includes ITR – 1 or Sahaj.

Here is how to file this ITR 1 Form and other details regarding the same.

How to file ITR 3

ITR 3 can be filed with the Income Tax (I-T) department in the following ways:

* By furnishing the return electronically under digital signature

* By transmitting the data in the return electronically under electronic verification code

* By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

Filling out the acknowledgement: After furnishing all the required details, taxpayers should print out two copies of Form ITR-V (verification). One copy of ITR-V, duly signed by the assessee, has to be sent by post to “Electronic City Office, Bengaluru–560100 (Karnataka)”. The other copy may be retained by the assessee for his record.

ITR 2 filing: All you need to know

Scheme of ITR 3

* Part-A: Mainly seeks general information requiring identificatory and other data;

* Part A-BS: Seeks the balance sheet as on 31st March, 2017;

* Part A-P&L: Information regarding the profit and loss account for the financial year 2016-17

* Part A-OI: Other information (It is optional in a case not liable for audit under section 44AB)

* Part A-QD: Information regarding quantitative details of the principal item of goods traded (Optional in a case not liable for audit under section 44AB)

Part-B: Outline of the total income and tax computation in respect of income chargeable to tax

After Part B, there is a statutory verification

Then, there are these following schedules:

– Schedule-S: Computation of income under the head Salaries

– Schedule-HP: Computation of income under the head Income from House Property

– Schedule-BP: Computation of income under the head “profit and gains from business or profession”

– Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act

– Schedule DOA: Computation of depreciation on other assets under the Income-tax Act

– Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

– Schedule DCG: Computation of deemed capital gains on sale of depreciable assets

Instructions to Form ITR-3 (AY 2017-18)

– Schedule ESR: Deduction under section 35 (expenditure on scientific research)

– Schedule-CG: Computation of income under the head Capital gains

– Schedule-OS: Computation of income under the head 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- UD: Statement of unabsorbed depreciation

– Schedule- ICDS: Statement of effect of income computation disclosure standards on profit

– Schedule- 10A: Computation of deduction under section 10A

– Schedule- 10AA: Computation of deduction under section 10AA

– Schedule- 80G: Details of donation entitled for deduction under section 80G

– Schedule- 80IA: Computation of deduction under section 80IA

– Schedule- 80IB: Computation of deduction under section 80IB

– Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE

– Schedule-VI-A: Statement of deductions (from total income) under Chapter VIA

– 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 assessee in Schedules-HP, BP, CG and OS

– Schedule-SI: Statement of income which is chargeable to tax at special rates- Schedule-IF: Information regarding partnership firms in which assessee is a partner

– Schedule-EI: Statement of Income not included in total income (exempt incomes)

– Schedule-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB

– Schedule-FSI: Details of Income accruing or arising outside India

– Schedule-TR: Statement of tax relief claimed under section 90 or section 90A or section 91

– Schedule-FA: Statement of Foreign Assets and Income

– Schedule-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code

– Schedule-AL: Statement of your Asset and Liability at the end of the year. It is mandatory if your total income exceeds Rs 50 lakh

 

 

Source:- timesofindia

Share: