There are various categories of taxpayers in India, each of which requires a different form to file income tax returns. One such form is ITR-3, which is viewed as the most complicated ITR form for taxpayers, especially for a layman. However, do not worry, as we shall cover the ins and outs of ITR-3 in this article.
So, sit back and let us answer all the queries related to this form.
ITR-3 is a form that is applicable for resident individuals and Hindu Undivided Families (HUFs). In order to file income tax returns with an ITR-3 form, an assessee must earn his/her income from a proprietorship business or a profession. Therefore, if you generate an income through a proprietary business or a profession pertaining to accountancy, architecture, medical, engineering, etc., you can file ITR-3 for income tax returns.
Now that you know what ITR-3 is in income tax, read about its structure too.
ITR-3 is broadly divided into the following sections:
Let us now elaborate on each of these sections to assess ITR-3 meaning better:
And lastly, the ITR-3 structure contains verification to authenticate the information furnished above.
An ITR-3 form is applicable to any individual or Hindu Undivided Family (HUF) whose total income for a given assessment year includes the following:
Now that you know about ITR-3 eligibility, let’s delve into how to file ITR-3.
ITR-3 filing online is compulsory. You can file an ITR-3 online by following these step-by-step instructions:
• Instant e-verification
• E-verification at a later date but within 30 days from the date of filing ITR-3
• Verification through a duly signed ITR-V sent to CPC (Centralised Processing Centre) via post and within 30 days of filing a return
A point to note here is that it is mandatory to verify returns electronically under digital signature for accounts requiring auditing u/s 44AB.
Furthermore, if one is required to submit a report of audit under specific sections, he/she shall file such a report electronically before filing the ITR. These sections are 115JB, 115JC, 80-IA, 80-IB, 80-IC, 80-ID, 50B, 44AB, 44DA, or 10AA.
Additionally, when you select the option ‘I would like to e-verify,’ you can opt for instant e-verification in any one of the following manners:
This is the detailed procedure regarding how to file ITR-3 online.
Also, these taxpayers should not have any tax refund requests if they want to file this form offline.
The assessment year 2023-24 brought about a number of key changes in ITR-3. Here is a list of the major changes in this form:
And with that, we have reached the end of this article. We hope that this guide offers an in-depth understanding of ITR-3, so that you can file returns without much hassle.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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