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The article discusses FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).

 

What is the ITR 3 Form?

The ITR 3 Form is the Income Tax Return Form for individual or a Hindu Undivided Family who is having income under the head ‘Profits or Gains of Business or Profession’ and who is not eligible to file Form ITR‐1, ITR‐2 or ITR‐4.

 

Part‐ A – General Information

The general information part contains the following:

PERSONAL INFORMATION

• First Name
• Middle Name
• Last Name
• PAN
• Flat/ Door/ Block No.
• Name of Premises/ Building / Village
• Status
• Road/ Street/Post Office
• Date of Birth
• Area/ Locality
• Aadhaar Number (12 digits) Aadhaar Enrolment Number (28)
• Town/ City/ District
• State
• Country
• PIN Code/ Zip Code
• Residential/ Office Number with STD Mobile No.1
• Mobile No.2
• Email Address (Self)
• Email Address‐2

FILING STATUS

• Filed u/s
  • If revised/ defective/ modified then enter Receipt No. and Date of filing original return
• Or Filed in response to notice u/s
  • If filed in response to notice/ order, please enter Unique Number/ Document Identification Number & Date of such Notice or Order
• Are you opting for new tax regime u/s 115BAC
• Are you filing return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income? If yes, please furnish following information [Note: To be filled only if a person is not required to furnish a return of income under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1)]
  • Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?
  • Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?
  • Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?
• If revised/ defective/ modified, then enter Receipt and Date of filing original return
• Or Filed in response to notice u/s
• If filed in response to notice or order, please enter Unique Number/Document Identification Number & Date of such Notice or Order or if filed u/s 92CD enter date of advance pricing agreement
• Residential Status in India (for individuals)
• Residential Status in India (for HUF)
• Do you want to claim the benefit u/s 115H (Applicable in case of Resident)
• Are you governed by Portuguese Civil Code as per section 5A?
  • Whether this return is being filed by a Representative Assessee
  • Whether you were Director in a company at any time during the previous year?
  • Whether you have held unlisted equity shares at any time during the previous year?
• In case of non‐resident, is there a permanent establishment (PE) in India?
• Whether assessee is located in an International Financial Services Centre (IFSC) and derives income solely in convertible foreign exchange?

 

AUDIT INFORMATION

• Are you liable to maintain accounts as per section 44AA?
• Whether assessee is declaring income only under section 44AE / 44B / 44BB / 44AD / 44ADA / 44BBA / 44BBB.
• If No, whether during the year Total sales/turnover/gross receipts of business exceeds Rs. 1 crore but does not exceed Rs. 5 Crore?
• If Yes is selected at a2i, whether aggregate of all amounts received including amount received for sales, turnover or gross receipts or on capital account such as capital contribution, loans etc. during the previous year, in cash, does not exceed five per cent of said amount?
• If Yes is selected at a2i, whether aggregate of all payments made including amount incurred for expenditure or on capital account such as asset acquisition, repayment of loan etc., in cash, during the previous year does not exceed five per cent of the said payment?
• Are you liable for audit under section 44AB?
  • If (b) is Yes, whether the accounts have been audited by an accountant?
  • If Yes, furnish the following information below
• Are you liable for Audit u/s 92E?
• If liable for Audit u/s 92E, Whether the accounts has been audited u/s 92E?
  • Date of furnishing   audit report
• If liable to furnish other audit report, mention whether have you furnished such report. If yes, please provide the details as under:
  • Section code
  • Date (DD/MM/YYYY)
• If liable to audit under any Act other than the Income‐tax act, mention the Act, section and date of furnishing the audit report?

 

Nature of Business

Name of business, business Code and description of business should be disclosed.

 

PART A – BS

Details of the Balance Sheet items as on 31st March, 2021.

Part A ‐ Manufacturing Account

Details of Manufacturing Account for the financial year 2020‐21.

Part A‐Trading Account

Details of Trading Account for the financial year 2020‐21.

Part A ‐ P& L

Details of the profit and loss account for the financial year 2020‐21.

PART A‐ OI (Other Information)

Details of allowances & disallowances under Income Tax Act.

PART A‐ QD (Quantitative Details)

The quantitative details of trading and manufacturing account.

 

Schedule S‐ Details of Income from Salary

• Name of employer
• Nature of Employer
• TAN of Employer (mandatory if tax is deducted)
• Address of employer
• Town/City
• State
• Pin code/ Zip code
• Gross Salary
• Salary as per section 17(1)
• Value of perquisites as per section 17(2)
• Profits in lieu of salary as per section 17(3)
• Total Gross Salary
• Less allowances to the extent exempt u/s 10 (Note: Ensure that it is included in Total Gross salary in (2) above )
• Net Salary (2 – 3)
• Deductions u/s 16 (5a + 5b + 5c)
  • Standard Deduction u/s 16(ia)
  • Entertainment allowance u/s 16(ii)
  • Professional tax u/s 16(iii)
• Income chargeable under the Head ‘Salaries’ (4 ‐ 5) FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).

 

Schedule HP‐ Details of Income from House Property

• Address of property
• Town/City
• State
• Country
• Pin code/ Zip code
• Is the property co‐owned
• Your percentage of share in the Property
• Name of Co‐owners
• PAN/ Aadhaar No. of Coowner(s)
• Percentage share of the coowners in property
• Type of House property
• Name(s) of Tenant
• PAN/ Aadhaar No. of Tenant(s)
• PAN/TAN/ Aadhaar No. of Tenant(s)
• Gross rent received/ receivable/ letable value during the year
  • The amount of rent which cannot be realised
  • Tax paid to local authorities
  • Total (1b + 1c)
  • Annual Value (1a–1d)
  • Annual value of property owned
  • 30% of 1f
  • Interest payable borrowed capital
  • Total (1g + 1h)
  • Arrears/Unrealized Rent received during the year Less 30%
• Income from house property 1 (1f‐1i+1j)
• Income from house property 2 (2f‐2i+2j)
• Pass through income/ loss, if any
• Income under the head “Income from house property”

 

Schedule 112A & Schedule 115AD(1)(b)(iii)‐Proviso

• Serial No
• Share/Unit acquired
• ISIN Code
• Name of the Share/Unit
• of Shares/Units
• Sale‐price per Share/Unit
• Full value consideration If shares/units are acquired on or before 31st January, 2018 (Total Sale Value 4*5) or If shares/units are acquired after 31st January, 2018 ‐ Please enter Full Value of Consideration
• Cost of acquisition without indexation
• Cost of acquisition
• If the long‐term capital asset was acquired before 01.02.2018, lower of 11 & 6
• Fair Market Value per share/unit as on 31st January,2018
• Total Fair Market Value of capital asset as per Section 55(2) (ac)‐ (4*10)
• Expenditure wholly and exclusively in connection with transfer
• Total deductions (7+12)
• Long term capital Gain Balance (6–13) Item 5 of LTCG Schedule of CG
• Item 8 of LTCG Schedule CG
• Total of each column

 

Schedule‐OS ‐ Income from other sources

• Gross income chargeable to tax at normal applicable rates
• Dividends, Gross
• Dividend income [other than (ii)]
• Dividend income u/s 2(22)(e)
• Interest, Gross
• Rental income from machinery, plants, buildings etc., Gross
• Income of the nature referred to in section 56(2)(x) which is chargeable to tax
• Aggregate value of sum of money received without consideration
• In case immovable property is received without consideration, stamp duty value of property
• In case immovable property is received for inadequate consideration, stamp duty value of property in excess of such consideration
• In case any other property is received without consideration, fair market value of property
• In case any other property is received for inadequate consideration, fair market value of property in excess of such consideration
• Any other income (please specify nature)
• Income chargeable at special rates (2a+ 2b+ 2c+ 2d + 2e+2f elements relating to S.No. 1)
• Winnings from lotteries, crossword puzzles etc. chargeable u/s 115BB
• Income chargeable u/s 115BBE (bi + bii + biii + biv+ bv + bvi)
• Cash credits u/s 68
• Unexplained investments u/s 69
• Unexplained money etc. u/s 69A
• Undisclosed investments etc. u/s 69B
• Unexplained expenditure etc. 69C
• Amount borrowed or repaid hundi u/s 69D
• Accumulated balance of recognized provident fund taxable u/s 111
• Any other income chargeable at
• special rate (total of di to dxviii)
• List of types of income chargeable at special rate
• Pass through income in the nature of income from other sources chargeable at special rates

 

List of types of pass through income chargeable at special rates

• Amount included in 1 which is chargeable at in India as per DTAA (2) of table below
• Deductions under section 57:‐(other than those relating to income chargeable at special rates under 2a, 2b & 2d).
• Amounts not deductible u/s 58
• Profits chargeable to tax u/s 59
• Net Income from other sources chargeable at normal applicable rates (1 – 3 + 4 + 5‐ 2f relating to 1) (If negative take the figure to 3i of Schedule CYLA)
• Income from other sources (other than from owning race horses)(2+6) (enter 6 as nil, if negative)
• Income from the activity of owning and maintaining race horses
• Income under the head “Income from other sources” (7+8e) (take 8e as nil if negative)
• Information about accrual/receipt of income from Other Sources

 

Schedule‐CFL ‐ Details of Losses to be carried forward to future years

• House property loss (4)
• Loss from business other than loss from speculative business and specified business (5)
• Loss from speculative business (6)
• Loss from specified business (7)
• Short‐term capital loss (8)
• Long‐term capital loss (9)
• Loss from owning and maintaining race horses (10)

 

Schedule‐UD, ‐Unabsorbed depreciation and allowance under section 35(4)

Amount of brought forward unabsorbed depreciation needs to disclosed in this schedule.

 

Schedule‐ICDS‐ Effect of Income Computation Disclosure Standards on profit

Income Computation Disclosure Standards (ICDS) adjustment needs to be factored in. FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).

 

Schedule‐10AA‐Deduction in respect of units located in Special Economic Zone

Details of deduction for each undertaking separately as reported in Form No. 56F being the report of audit u/s10AA.

 

Schedule‐ 80G ‐ Details of donations entitled for deduction u/s 80G

• Name and address of donee
• PAN of donee
• Total amount of donation – give break‐up of amount paid in cash/other mode
• Amount which is eligible for deduction

 

Schedule‐ 80GGA‐ Details of donations for scientific research or rural development

• Relevant clause under which deduction is claimed
• Name and address of donee
• PAN of donee
• Total amount of donation – give break‐up of amount paid in cash/other mode
• Date of donation in cash
• Amount which is eligible for deduction

 

 

Schedule 80D – Deduction in respect of health insurance premia

• Whether you or any of your family member (excluding parents) is a senior citizen
• Self & Family
• Health Insurance
• Preventive Health Checkup
• Self & Family Including senior citizen
• Health Insurance
• Preventive Health Checkup
• Medical Expenditure (This deduction can be claimed on which health insurance is not claimed at (i) above)
• Whether any one of your parents is a senior citizen
• Parents
• Health Insurance
• Preventive Health Checkup
• Parents Including senior citizen
• Health Insurance
• Preventive Health Checkup
• Medical Expenditure (This deduction can be claimed on which health insurance is not claimed at (i) above)

 

Schedule‐ RA‐ Details of donations to research associations etc. [deduction under sections 35(1)(ii) or 35(1) (iia) or 35(1)(iii) or 35(2AA)]

• Name and address of Donee
• PAN of Donee
• Total amount of donation – give break‐up of amount paid in cash/other mode
• Eligible amount of donation

 

Schedule‐ 80IA, Schedule‐ 80IB, Schedule‐ 80IC and Schedule‐80‐IE

Schedule 80IB

• Deduction in the case of multiplex theatre [Section 80‐IB(7A)]
• Deduction in the case of convention center [Section 80‐IB(7B)]
• Deduction in the case of an undertaking engaged in operating and maintaining a rural hospital [Section 80‐IB (11B)]
• Deduction in the case of an undertaking engaged in operating and maintaining a hospital in any area, other than excluded area [Section 80‐IB (11C) FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).

 

Schedule‐VIA ‐ Deductions under Chapter VI‐A

Part‐ B – Deductions and Taxable Total Income

The details of deduction under Chapter VI-A

• 80C Section : Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
• 80CCC Section : Deduction in respect of contribution to certain Pension Funds
• 80CCD(1) Section : Deduction in respect of contribution to pension scheme of Central Government
• 80CCD(1B) Section : Deduction in respect of contribution of employer to pension scheme of Central Government
• 80CCD(2) Section : Deduction in respect of contribution of employer to pension scheme of Central Government
• 80D Section : Deduction in respect of health insurance premia
• 80DD Section : Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability
• 80DDB Section : Deduction in respect of medical treatment etc.
• 80E Section : Deduction in respect of interest on loan taken for higher education
• 80EE Section : Deduction in respect of interest on loan taken for residential house property
• 80EEA Section : Deduction in respect of interest on loan taken for certain house property
• 80EEB Section : Deduction in respect of purchase of electric vehicle.
• 80G Section : Deduction in respect of donations to certain funds, charitable institutions, etc.
• 80GGB Section : Deduction in respect of rents paid
• 80GGA Section : Deduction in respect of certain donations for scientific research or rural development
• 80GGC Section : Deduction in respect of contributions given by any person to Political parties

 

Part C‐ Deduction in respect of certain incomes

• 80‐IA Deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure Development, etc.
• 80‐IAB Deduction in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
• 80‐IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
• 80‐IBA Deductions in respect of profits and gains from housing projects
• 80‐IC/ 80‐IE Special provisions in respect of certain undertakings or enterprises in certain special category States/North-eastern States
• 80JJA Deduction in respect of profits and gains from business of collecting and processing of bio‐degradable waste
• 80JJAA Deduction in respect of employment of new workmen
• 80QQB Deduction in respect of royalty income, etc., of authors of certain books other than textbooks.
• 80RRB Deduction in respect of royalty on patents.

 

Part CA and D – Deduction in respect of other incomes/other deduction

• 80TTA Deduction in respect of interest on deposits in savings account
• 80TTB Deduction in respect of interest on deposits in case of senior citizens
• 80U Deduction in case of a person with disability
• Total Deductions

 

Schedule AMT – Computation of Alternate Minimum Tax payable under section 115JC

Assessee is required to provide the details of computation of Alternate Minimum Tax (AMT) payable under section 115JC (special provisions for payment of tax by certain persons other than a company). The alternate minimum tax payable under the section shall be 18.5% of the adjusted total income computed under the said section 115JC. The computation of adjusted total income and alternate minimum tax under this schedule should be based on the audit report in Form No.29C ,which has to be filed electronically before the due date for furnishing the return of income u/s 139(1).

 

Schedule AMTC‐ Computation of tax credit under section 115JD

Credit for AMT paid in AY 2013‐14 and subsequent assessment years, in excess of normal tax liability, is allowed to be set‐off against the normal tax liability of current AY.

 

Schedule SPI ‐ Income of specified persons (spouse, minor child etc.) includable in income of the assessee as per section 64

Assessee has to furnish the details of income of specified persons (spouse, minor child, etc.), which is required to be clubbed with your income in accordance with the provisions of Chapter V of the Income‐tax Act.

 

Schedule‐SI – Income chargeable to tax at special rates

Assessee has to report income forming part of total income which is chargeable to tax at special rates.

 

Schedule‐IF‐ Information regarding partnership firms in which you are partner

Information required to filled for each firm in where there is partnership stake.FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).

 

Schedule‐EI – Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)

• Interest income
• Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
• Expenditure incurred on agriculture
• Unabsorbed agricultural loss of previous eight assessment years
• Net Agricultural income for the year (i – ii – iii) (enter nil if loss)
• In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details
• Other exempt income, (including exempt income of minor child)
• Income not chargeable to tax as per DTAA
• Pass through income not chargeable to tax (Schedule PTI)
• Total Income under this head

 

Schedule PTI ‐ Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

• Investment entity covered by section 115UA/115UB
• Name of business trust/ investment fund
• PAN of the business trust/ investment fund
• Head of Income & Current year income
• Share of current year loss distributed by Investment fund
• Net Income/ Loss
• TDS on such amount, if any

 

Schedule TPSA ‐ Details of tax on secondary adjustment as per section 92CE(2A) as per the schedule provided in e‐filing utility

Amount of Primary Adjustment on which option u/s 92CE(2A) is exercised on such excess money or part thereof.

 

Schedule FSI ‐ Details of Income from outside India and tax relief

This Schedule FSI is applicable to assessee resident in India and having Income accruing or arising from any source outside India.

The Tax Payer Identification Number (TIN) of the assessee in the country where tax has been paid is to be provided. In case TIN has not been allotted in that country, then, passport number should be mentioned.

 

Schedule TR ‐ Summary of tax relief claimed for taxes paid outside India

Assessee needs to furnish ‘Summary of tax relief which is being claimed in India for taxes paid outside India in respect of each country’.

 

Schedule FA‐ Details of Foreign Assets and Income from any source outside India

Assessee resident in India and having Foreign Assets needs to provide the details in following tables:

• Table A1 – Foreign depository accounts
• Table A2 ‐ Foreign custodian accounts
• Table A3 ‐ Foreign equity and debt interest
• Table A4 ‐ Foreign cash value insurance contract or annuity contract
• Table B ‐ Financial interest in any entity outside India
• Table C ‐ Any immovable property outside India
• Table D ‐ Any other capital assets outside India.
• Table E – Any other account located outside India in which you are a signing authority (which is not reported in tables A1 to D)
• Table F – Trust created outside India in which you are a trustee, a beneficiary or settlor
• Table G – Any other income derived from any foreign source (which is not reported in tables A1 to F)

 

 

Schedule 5A Information regarding apportionment of income between spouses governed by Portuguese Civil Code

This schedule is applicable to Assessee governed by the system of community of property under the Portuguese Civil Code 1860.

 

Schedule AL ‐ Assets and Liabilities at the end of the year

Assessee having total income exceeding Rs. 50 lakhs, it is mandatory to disclose the details of movable and immovable assets etc in this Schedule along with liabilities incurred in relation to such assets.

 

Schedule GST ‐ Information regarding turnover/gross receipt reported for GST

Details of all Registered GSTIN Number and respective amounts of annual value of outward supplies.

 

Part B – TI ‐Computation of total income

1. Salaries
2. Income from house property
3. Profits and gains from business or profession
4. Capital gains
5. Income from other sources
6. Total of head wise income
7. Losses of current year to be set off against 5
8. Balance after set off current year losses (6‐7)
9. Brought forward losses to be set off against 8
10. Gross Total income (7‐8)
11. Income chargeable to tax at Income chargeable to tax at special rate under section 111A, 112, 112A etc. included in 9
12. Deductions under Chapter VIA ,
13. Total income
14. Income which is included in 14 and chargeable to tax at special rates
15. Net agricultural income/ any other income for rate purpose
16. Aggregate income (14 ‐ 15 + 16)
17. Losses of current year to be carried forward
18. Deemed income section 115JC under

 

Part B – TTI ‐ Computation of tax liability on total income

• Tax payable on deemed income under section 115JC
• Tax payable on total income
• 3 Gross tax payable
  • 3a Tax on income without including income on perquisites referred in section 17(2)(vi) received from employer, being an eligible start‐up referred to in section 80‐IAC (Schedule Salary)
  • 3b Tax deferred ‐ relatable to income on perquisites referred in section 17(2)(vi) received from employer, being an eligible start‐up referred to in section 80‐IAC
• Credit u/s 115JD of tax paid in earlier years
• Tax payable after credit u/s 115JD
• Tax relief
• Net tax liability
• Interest and fee payable
• Aggregate liability
• Taxes Paid
• Amount payable
• Refund
• Do you have a bank account in India (Non‐ Residents claiming refund with no bank account in India may select No)
• IFS Code of the bank (SWIFT code in case of foreign bank)
• Name of the Bank
• Account Number (IBAN in case of foreign Bank Accounts)
• Country of Location
• IBAN
• Do you at any time during the previous year,‐ hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or have signing authority in any account located outside India; or have income from any source outside India?

 

Schedule‐IT: Details of Advance/Self‐assessment tax payments

• BSR Code
• Date of Deposit
• Serial Number of Challan
• Amount

 

Schedule‐TDS: Details of TDS/TCS

• TAN of the Employer
• Name of the Employer
• Income chargeable under
• salaries
• Total tax deducted

 

Details of Tax Deducted at Source (TDS) on Income

• TDS credit relating to self /other person [Spouse as per section 5A/another person as per Rule 37BA (2)]
• PAN/ Aadhaar No. of other person (if TDS credit related to another person)
• TAN of the Deductor /PAN / Aadhaar No. of Tenant/Buyer
• Unclaimed TDS brought forward (b/f)
• TDS of the current financial year (TDS deducted during FY 2020‐21)
• TDS credit being claimed this year (only if corresponding income is being offered for tax this year, not applicable if TDS is deducted u/s 194N)
• Corresponding receipt/ Withdrawals offered
• TDS credit forward being carried

 

Details of Tax Collected at Source (TCS)

• Tax deduction and Tax Collection Account Number of the Collector
• Name of the Collector
• Unclaimed TCS brought forward (b/f)
• TCS of the current financial year
• Amount out of (5) or (6) being claimed this year(only if corresponding receipt being offered for tax this year)
• Amount out of (5) of (6) being carried forward. FY 2020-21 Structure of income tax return (ITR) 3 Form (AY 2021-22).