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Income Tax Return Form 3 (ITR-3) is meant for individuals and HUFs who have income under the head “profits or gains from business or profession” and who are not eligible to file SUGAM (ITR-4).
Who can file ITR-3 form?
ITR-3 needs to be filed by the people having any of the following set of income:
- Income from salary/pension
- Income from house property
- Taxpayers registered under presumptive taxation scheme and having a turnover of more than 2 crore
- Individuals and HUFs who are partners in a firm but do not carry out business under proprietorship. Such income may include income from salary, bonus, commission, interest or remuneration from the partnership firm.
How to download ITR-3 form?
You can easily download ITR-3 form for free from the official website of Income Tax Department. Please click on the following link to download ITR-3 form online from the official website
How to file ITR-3 online?
Eligible taxpayers can submit duly filled ITR form-3 online from the e-filing portal of the income tax department. Return can be filed online and verified using the digital signature. Else, you can submit the return online and then verify it using ITR-V.
Also Read: How to e-verify your income tax return?
Taxpayers filing ITR-3 using digital signature will receive the acknowledgement receipt on their registered email id. It should be noted that ITR-3 is an annexure-free form thus you don’t need to attach any documents with it. However, in order to file the ITR, you need to be registered on the e-filing portal.
Also Know: How to file IT returns online?
How to file ITR-3 offline?
Only taxpayers belonging to any of the following classes are eligible to file ITR-3 offline:
- Individuals who are 80 years of age or more
- Individuals having income less than Rs. 5 lakh and do not have any income tax refund request.
Individuals belonging to such classes can submit ITR-3 either in paper form or in bar-coded form.
What is the structure of ITR-3?
ITR-3 is divided into the following parts:
- Part A
Part A-Gen: General Information of tax payer and Nature of Business
Part A-BS: Balance Sheet of the business or profession for the FY
Part A-P&L: Profit and Loss statement of the business for the financial year
Part A-OI: Other Information
Part A-QD: Quantitative Details
- Part B: Outline of the total income and tax computation on the net income chargeable for the tax
- Verification
- Tax Payments: Details of advance tax, TDS etc.
Major Changes introduced in ITR-3 Form
| Changes in ITR-3 | Details |
| Introduction of Section 115 (H) Option | An option of section 115(H) has been introduced where a person who was NRI in the previous year and becomes an assessable for income earned in India as a resident individual in the current year. |
| Addition of GST Schedule | In the P&L part, GST schedule has been added. |
| Removal of Gender | The assessee is not required now to disclose the gender in ITR form |
| Depreciation Limit | A maximum of 40% depreciation can now be claimed under the depreciation schedules. |