ITR-3 Form

ITR-3 or Income Tax Return-3 is an income tax return form used to provide information about income earned and tax applicable. The ITR-3 form is filed by individuals and HUFs (Hindu Undivided Families) who earn their income from a profession or a business

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Who is eligible to file ITR-3 form?

The ITR-3 form is filed by individuals and HUFs (Hindu Undivided Families) who:

  • Earn from a business or profession
  • Earn from rent on house property
  • Has a turnover of more than Rs. 2 crores, and registered under presumptive taxation scheme.
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    What is the structure of the ITR-3 form for assessment year 2019-20?

    ITR-3 form has two parts - A&B, with 23 schedules.

    Part A - General information

  • Part A-GEN : General information and Nature of Business.
  • Part A- Manufacturing Account: Manufacturing Account for the financial year 2018-19.
  • Part A-QD : Quantitative Details (optional in a case not liable for audit under Section 44AB)
  • undePart A-BS : Balance Sheet as of March 31, 2019, of the Proprietary Business or Profession.
  • Part A-OI : Other Information (optional in a case not liable for audit under Section 44AB).
  • Part A- Trading Account : Trading Account for the financial year 2018-19
  • Part A-P&L : Profit and Loss for the Financial Year 2018-19.
  • Part B : Outline of the total income and tax computation in accordance with the income chargeable total tax.

  • Tax Payments : Details of advance tax, TDS and self-assessment tax
  • Verification
  • 23 Schedules

  • Schedule-S : Computation of income under the head Salaries.
  • Schedule-HP: Computation of income under the head Income from House Property.
  • Schedule-IF : Information regarding partnership firms in which assessee is a partner.
  • Schedule-BP : Computation of income under the head "profit and gains from business or profession" (income by way of salary, interest, etc. from firms in which assessee is a partner).
  • Schedule GST : Information regarding turnover/ gross receipt reported for GST.
  • Schedule-CYLA : Statement of income after set off of current year's losses.
  • Schedule-CG : Computation of income under the head Capital gains.
  • Schedule-OS : Computation of income under the head Income from other sources.
  • 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 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, BP, CG and OS.
  • Schedule 80G : Statement of donations entitled for deduction under section 80G.
  • Schedule-SI : Statement of income which is chargeable to tax at special rates.
  • Schedule-EI : Statement of Income not included in total income (exempt incomes).
  • Schedule-IT : Statement of payment of advance-tax and tax on self-assessment.
  • Schedule-TDS1 : Statement of tax deducted at source on salary.
  • Schedule-TDS2 : Statement of tax deducted at source on income other than salary.
  • Schedule TCS : Statement of tax collected at source.
  • Schedule-FSI : Statement 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 your Foreign Assets.
  • 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 lakhs.
  • Explain the ITR-3 download process

    The ITR-3 download process starts with a visit to the Government’s Income Tax Department website;Income Tax Department website. To initiate the ITR-2 download process register as a user. After the registration is complete.

  • Log in to the user account at the Income Tax Department website.
  • Click on the “Offline Utilities” option located under the Download tab.
  • Then click on the subsequent button that appears for “Income Tax Return Preparation Utilities”
  • Choose the “Assessment Year” for the Income Tax Return Preparation Utilities
  • After which you can select the tab “Excel Utility”, to download the ITR-3 form in excel format.
  • The ITR-3 form will download itself into your computer/laptop in ZIP format. Extract the file and fill in all the required details.
  • How to file ITR-3?

    Regarding how to file ITR-3, the form is filed for the assessment year 2019-2020, in relation to the income earned and taxed for the financial year 2018-2019.

    How to file ITR-3 online:

    As discussed above, the ITR-3 form is for individuals and individuals and HUFs (Hindu Undivided Families) who earn their income from a profession or a business. These individuals or members of the HUF, download the ITR-3 form from the Government’s Income Tax Department website; Income Tax Department website. Once they fill the form with all the requisite details, it is then uploaded on the income tax portal. Verification is done online by using the company’s digital signature. On using this, the user receives the acknowledgment receipt via email, on their registered email id. The user can then sign the acknowledgment receipt and mail it to the nearest Income Tax Department office within 120 days of filing the ITR-3. It does not require any additional or supportive documents at the time of filing, as it is an annexure-less form.

    How to file ITR-3 offline:

    With respect to how to file ITR-3 offline, there are eligibility criterion for taxpayers.

  • They need to be individuals who are 80 years old or more.
  • They need to be individuals whose annual income is less than Rs. 5 lakh/annum and are not eligible for an income tax refund request.
  • These individuals can then submit ITR-3 either in paper form or in a bar-coded form, at any one of the nearest offices of the Income Tax department.

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