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The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR 3. How to file Income Tax Return ITR 3 Form Filing in Bengaluru.

In Bengaluru, the filing of Form ITR 3 returns has a specific structure.

ITR 3 Return Filing in Bengaluru is divided into:

Part A contains the following items:

• Part A-GEN: General Information and the Business Environment.
• Part A-BS: Balance Sheet of the Proprietary Business or Profession as of March 31, 2020.
• Manufacturing Account (Part A): Manufacturing Account for the fiscal year 2019-20.
• Part A: Trading Account: Trading Account for the 2019-20 fiscal year
• Profit and Loss for the Financial Year 2019-20 (Part A-P&L)
• Other Information (Part A-OI) (optional in a case not liable for audit under Section 44AB)
• Quantitative Details (Part A-QD) (optional in a case not liable for audit under Section 44AB).

Schedules:

• Calculation of income under the head salaries (Schedule-S).
• Computation of income under the heading Income from House Property (Schedule-HP).
• Calculation of income from a business or profession (Schedule BP)
• 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: Under the Income-tax Act, a summary of depreciation on all assets.
• Calculation of presumed capital gains on the sale of depreciable assets (Schedule DCG)
• Deduction under section 35, Schedule ESR (expenditure on scientific research)
• Schedule-CG: Income computation under the heading Capital gains.
• Schedule 112A: Particulars of Capital Gains in Cases Where Section 112A Applies
• 115AD is the schedule for today (1)
• (iii) Provision: Details of Capital Gains for Non-Residents in Cases Where Section 112A Applies
• Computation of income under the heading Income from other sources on Schedule-OS.
• Schedule-CYLA-BFLA: Income statement after set-off of current-year losses and income statement after set-off of unabsorbed losses carried forward from previous years.
• Schedule-CYLA: Income statement after losses from the current year have been deducted.
• Schedule BFLA: Income statement after set-off of unabsorbed loss carried forward from previous years.
• Schedule CFL: Loss statement to be carried over to subsequent years.
• Schedule-UD: Unabsorbed depreciation statement.
• The Impact of Income Computation Disclosure Standards on Profit (Schedule ICDS)
• Schedule 10AA: Deduction computation based on section 10AA.
• Schedule 80G: A statement of charitable contributions that are eligible for a deduction under section 80G.
• Schedule RA: Statement of donations to research associations and other organisations eligible for a deduction under section 35(1)(ii) or 35(1)(iii) or 35(1)(iii) or 35(1)(iii) or 35(1)(iii) or 35(1)(iii) or 35(1)(iii) or 35(1)(iii) or 35(1)(i (2AA)
• Calculation of the deduction under section 80IA on Schedule-80IA.
• 80IB Schedule: Calculation of the deduction under section 80IB.
• Schedule-80IC/80-IE: Deduction computation under sections 80IC/80-IE.
• Schedule VIA: Statement of Chapter VIA deductions (from total income).
• Schedule SPI-SI-IF: Income of specified persons (spouse, minor, etc.) that is includible in the assessee’s income, income subject to special rates, information about partnership firms in which the assessee is a partner
• Schedule AMT: Calculation of the Amount of Alternate Minimum Tax Due Under Section 115JC
• Schedule AMTC: Section 115JD tax credit computation.
• Schedule SPI: Income from a spouse, minor child, son’s wife, or any other person or group of persons to be included in the assessee’s income in Schedules HP, BP, CG, and OS.
• Schedule SI: Statement of income subject to special rates of taxation.
• Information about partnership firms in which the assessee is a partner (Schedule-IF).
• Statement of Income not included in total income (Schedule EI) (exempt incomes)
• Schedule PTI: Details of pass-through income from a business trust or investment fund, as required by sections 115UA and 115UB of the Internal Revenue Code.
• Schedule TPSA: Section 92CE secondary adjustment to transfer price (2A)
• Schedule FSI: Information on income earned outside of India and tax benefits
• Statement of tax relief claimed under section 90, section 90A, or section 91 (Schedule TR).
• Statement of Foreign Assets and Income from Any Source Outside India (Schedule FA).
• Schedule 5A: Information on how the Portuguese Civil Code regulates the division of income between spouses.
• Assets and liabilities at the end of the year (Schedule AL) (applicable where the total income exceeds Rs 50 lakhs)
• Schedule DI: Schedule of tax-saving investments, deposits, or payments for which a deduction or exemption can be claimed in the extended period from April 1 to June 30, 2020.
• Schedule GST: Information on gross receipts/turnover reported for GST.

Part B-TI: Total Income Calculation

Part B-TTI: Calculation of total income tax liability. How to file Income Tax Return ITR 3 Form Filing in Bengaluru.

FAQ

Is it possible to file ITR 3?

Individuals and Hindu Undivided Families who earn income from a Proprietary Business or by practising their profession can file the ITR-3 Form. However, an Individual/HUF who earns income as a partner in a partnership firm that is engaged in business or profession is not eligible to file ITR-3.

Is it possible to file ITR 3 without a balance sheet?

ITR 3 for Business and Professional Income Documents Required If you earned any income from your business or profession during the year, you’ll need the following documents to file your return: The profit and loss statement is a combination of the balance sheet and the profit and loss statement. Passbook/Bank Account Statement

How do I file ITRs for the previous three years?

Previous year’s income tax returns can be filed both offline and online. For offline mode, you must go to your city’s income tax department and manually fill out an income tax return form. How to file Income Tax Return ITR 3 Form Filing in Bengaluru.