ITRLegal Advice

What Is ITR3 And How Do I File It

ITR-3 is a form used by residents and Hindu Undivided Families (HUFs). Know what is IT Return 3 in income tax. What is the due date, structure, and how to file it?

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ITR-3 is a form used by residents and Hindu Undivided Families (HUFs). An assessee must earn his or her income from the ownership of a property business or a profession in order to file income tax returns on an ITR-3 form. 

As a result, if you earn money from a personal business or a job such as accounting, architecture, medicine, or engineering, you are eligible to file return 3 for income tax returns. Since you know what ITR-3 is in income tax, let us know the due date, structure, and how to do itr filing. 

What Is The Last Date To File ITR 3?

The last date to file ITR in the case of a taxpayer subject to a tax audit has been delayed to February 15, 2022, from October 31, 2021, for the fiscal year 2021-22. (FY 2020-21). The final date for submitting a tax audit report has been extended to January 15, 2022. 

ITR 3 Structure for IT Return AY 2021-22

Section A

  • Part A-GEN: General information and business nature
  • Part A-BS: Balance sheet of the ownership business or profession as of March 31, 2021
  • Part A: Manufacturing Account- Manufacturing account for the fiscal year 2020-21
  • Part A- Trading Account: Trading account for 2021-22 ITR Filing
  • Part A-P&L: Profit and loss statement for the Fiscal Year 2020-21
  • Part A-OI: Additional information (optional in a case not liable for audit under Section 44AB)
  • Part A-QD: Quantitative information (optional in a case not liable for audit under Section 44AB). 

Further, there are the following schedules;

  • Schedule-S: Income computation under the heading salaries
  • Schedule-HP: Income computation under the heading Income from house property
  • Schedule BP: Income from a business or profession computed
  • Schedule-DPM: Income Tax Act computation of depreciation on plant and machinery
  • Schedule DOA: Depreciation calculation on other assets
  • Schedule DEP: A summary of all assets’ depreciation under the Income Tax Act
  • DCG Schedule: Determination of deemed capital gains on the sale of depreciable assets
  • Schedule ESR: Section 35 deduction (expenditure on scientific research)
  • Schedule 112A: Capital gains details where section 112A applies
  • Schedule 115AD(1)(b)(iii)Provision: Details of capital gains for Non-Residents where section 112A applies
  • Schedule-OS: Income computation under the heading Income from other sources
  • Schedule-CYLA-BFLA: Statement of income after deducting current year losses and statement of income after deducting unabsorbed losses carried forward from previous years
  • Schedule-CYLA: Income statement after deducting current year losses
  • Schedule BFLA: Income statement after deducting unabsorbed losses from previous years
  • Schedule CFL: Loss statement to be carried forward to future years
  • Schedule- UD: Unabsorbed depreciation statement for IT return
  • Schedule ICDS – Profit impact of Income Computation Disclosure Standards
  • Schedule- 10AA: Deduction computation under Section 10AA
  • Schedule 80G: A list of charities eligible for a tax deduction under Section 80G
  • Schedule RA: Statement of donations to research organizations, etc., eligible for a deduction under section 35(1)(ii), 35(1)(iia), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii (2AA)
  • Schedule- 80 IA: Deduction computation under Section 80IA
  • Schedule- 80IB: Deduction computation under Section 80IB
  • Schedule- 80IC/ 80-IE: Deduction computation under sections 80IC/ 80-IE
  • Schedule VI-A: Statement of Chapter VIA deductions (from total income)
  • AMT Schedule: Calculation of the alternative minimum tax due under section 115JC
  • Schedule AMTC: Calculation of the section 115JD tax credit for ITR filing
  • Schedule SPI: Statement of income arising from the assessee’s the spouse/minor child/wife, son or any other person or group of people to be included in the assessee’s income in Schedules – HP, BP, CG, and OS
  • Schedule SI: Statement of earnings subject to special taxation
  • Schedule-IF: Data on partnership firms in which the assessee is a partner
  • Schedule EI: Income statement not included in total income (exempt incomes)
  • Schedule PTI: Report Income from business trust or investment fund by sections 115UA and 115UB
  • Schedule TPSA: Secondary adjustment to transfer price by Section 92CE (2A)
  • Schedule FSI: Information on foreign Income  
  • Schedule TR: Statement of tax relief announced under sections 90, 90A, or 91
  • Schedule FA: Statement of Foreign Assets and Foreign Income
  • Schedule 5A: Information on income apportionment between spouses governed by the Portuguese Civil Code
  • Schedule AL: End-of-year Assets and Liabilities (applicable where the total income exceeds ₹50 lakhs)
  • GST Schedule: Information on turnover/gross receipts announced for GST
  • Part B-TI: Total income computation
  • Part B-TTI: Total income tax liability.

FILE YOUR ITR3 TODAY

ITR-3 Structure for IT Return AY 2020-21

Section A

  • Part A-GEN: General information and business nature
  • Part A-BS: Balance sheet of the ownership business or profession as of March 31, 2020
  • Part A: Manufacturing Account: Manufacturing Account for the fiscal year 2020-21
  • Part A- Trading Account: Trading Account for 2020-21 ITR filing
  • Part A-P&L: Profit and Loss Statement for the Fiscal Year 2020-21
  • Part A-OI: Additional Information (optional in a case not liable for audit under Section 44AB)
  • Part A-QD: Quantitative Information (optional in a case not liable for audit under Section 44AB). 

Following that, there are the following schedules.

  • Schedule- S: Income computation under the heading Salaries
  • Schedule- HP: Income computation under the heading Income from House Property
  • Schedule BP: Income from a business or profession computed
  • Schedule- DPM: Income-tax Act computation of depreciation on plant and machinery
  • Schedule DOA: Income-tax Act computation of depreciation on other assets
  • Schedule DEP: A summary of all assets’ depreciation under the Income Tax Act
  • DCG Schedule: Determination of deemed capital gains on the sale of depreciable assets
  • Schedule ESR: Section 35 Deduction (expenditure on scientific research)
  • Schedule-CG: Income computation under the heading capital gains
  • Schedule 112A: Capital gains details where Section 112A applies
  • Schedule 115AD(1)(b)(iii)Provision: Details of capital gains for non-residents where   section 112A applies
  • Schedule-OS: Income computation under the heading income from other sources
  • Schedule-CYLA-BFLA: Statement of income after deducting current year losses and Statement of income after deducting unabsorbed losses carried forward from previous years
  • Schedule-CYLA: Income statement after deducting current year losses
  • Schedule BFLA: Income statement after deducting unabsorbed losses from previous years
  • Schedule CFL: Loss statement to be carried forward to future years
  • Schedule- UD: Unabsorbed depreciation statement
  • Schedule ICDS – Profit impact of income computation disclosure standards
  • Schedule- 10AA: Deduction computation under Section 10AA
  • Schedule 80G: A list of charities eligible for a tax deduction under section 80G
  • Schedule RA: Statement of donations to research organizations, etc., eligible for a deduction under section 35(1)(ii), 35(1)(iia), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii), 35(1)(iii (2AA)
  • Schedule- 80IA: Deduction computation under section 80IA
  • Schedule- 80IB: Deduction computation under section 80IB
  • Schedule- 80IC/ 80-IE: Deduction computation under sections 80IC/ 80-IE
  • Schedule VI-A: Statement of chapter VIA deductions (from total income)
  • AMT Schedule: Calculation of the alternative minimum tax due under Section 115JC
  • Schedule AMTC: Calculation of the section 115JD tax credit
  • Schedule SPI: Statement of income arising from the assessee’s the spouse/minor child/wife, son or any other person or group of people to be included in the assessee’s income in Schedules-HP, BP, CG, and OS
  • Schedule SI: Statement of earnings subject to special taxation
  • Schedule-IF: Data on partnership firms in which the assessee is a partner.
  • Schedule EI: Income statement not included in total income (exempt incomes)
  • Schedule PTI: Report income from business trust or investment fund by sections 115UA and 115UB.
  • Schedule TR: Statement of tax relief announced under sections 90, 90A, or 91
  • Schedule FA: Statement of foreign assets and foreign income
  • Schedule 5A: Information on income apportionment between spouses governed by the Portuguese Civil Code
  • Schedule AL: End-of-year assets and liabilities (applicable where the Total Income exceeds ₹50 lakhs)
  • GST Schedule: Information on turnover/gross receipts reported for GST
  • Part B-TI: Total income calculation
  • Part B-TTI: Calculation of total income tax liability.

How do I file My ITR-3 Form?

Follow the steps given below to file your ITR 3 form. 

  • By submitting the return electronically and using a digital signature

           OR

  • By electronically transmitting the data and then submitting the return verification in form ITR-V

If you submit your ITR-3 Form electronically with a digital signature, you will receive an acknowledgment to your registered email address. You can also download it from the income tax website. You must then sign it and return it to the Income Tax Department’s CPC office in Bangalore within 120 days of submitting your e-filing. Remember that ITR-3 is an annexure-free form, which means you do not need to attach any documents when submitting it. To submit your form before the last date to file itr.

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