ITR-3 FORM
Table of Contents
ITR-3 FORM
The income tax department has designed various ITR forms depending on various criteria. Taxpayers have to choose the right ITR forms to file their returns. Comprehensive details have been elaborated for taxpayers who can file ITR-3.
Who is Eligible to File ITR-3 for AY 2020-21?
ITR-3 is for Individuals and HUF where total income includes income under the head of Business or Profession:
- This is for Individual and HUF having Income from Business or Profession
- Further, the total income may include Income from Salary/Pension, Income from House Property, Capital Gain, Income from Other Sources.
How to file the ITR-3 form?
ITR-3 can be filed either Offline or Online as follows:
Offline mode to file ITR-3:
- This is the physical paper form to be filed with the respective income tax officer having concerned jurisdiction
- A person having more than 80 years of age
- A person having an income of less than Rs 5 lakhs
- A person does not have any refund of tax
Online or Electronic mode to file ITR-3:
- Filing an income tax return with the Income Tax e-filing portal
Structure of ITR-3 form
ITR-3 contains the following parts and schedules as follows:
- Part ‘A’ – General Information
- Personal Information
- Filing Status
- Audit Information
- Nature of Business
- Part ‘A’ – BS: BALANCE SHEET AS ON 31ST DAY OF MARCH, 202X OF THE PROPRIETARY BUSINESS OR
- PROFESSION
- Part ‘A’ – Manufacturing Account: Manufacturing Account for the financial year 20XX-XX
- Part ‘A’ – Trading Account: Trading Account for the financial year 20XX-XX
- Part ‘A’ – P&L: Profit and Loss Account for the financial year 20XX-XX
- Presumptive Income Cases
- No Account Cases
- Part ‘A’ – OI: Other Information
- Part ‘A’ – QD: Quantitative Information
- Schedule-S: Details of Income from Salary
- Schedule-HP: Details of Income from House Property
- Schedule-BP: Computation of income from business or profession
- Schedule-DPM: Depreciation on Plant and Machinery (Other than assets on which full capital expenditure is allowable as a deduction under any other section)
- Schedule-DOA: Depreciation on other assets (Other than assets on which full capital expenditure is allowable as a deduction)
- Schedule-DEP: Summary of depreciation on assets (Other than assets on which full capital expenditure is allowable as a deduction under any other section)
- Schedule-DCG: Deemed Capital Gains on sale of depreciable assets
- Schedule-ESR: Expenditure on scientific Research etc. (Deduction under section 35 or 35CCC or 35CCD)
- Schedule-CG: Capital Gains (Long Term Capital gain / Short Term Capital Gain)
- Schedule-112A: From Sales of equity shares or unit of equity-oriented fund or unit of a business trust on which STT is paid u/s 112A
- Schedule-115DA(1)(b)(iii) proviso: For Non-Residents
- Schedule-OS: Income from Other Sources
- Schedule-CYLA: Details of Income after set-off of Current Year Losses
- Schedule-BFLA: Details of Income after Set-off of Brought Forward Losses of earlier years
- Schedule-CFL: Details of Losses to be carried forward for future years
- Schedule-UD: Unabsorbed depreciation and allowance under section 35(4)
- Schedule-ICDS: Effect of Income Computation Disclosure Standards on profit
- Schedule-10AA: Deduction under section 10AA
- Details of Donations entitled for deduction under section 80G
- 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)]
- Schedule-80IA: Deductions under section 80-IA
- Schedule-80IB: Deductions under section 80-IB
- Schedule-80IC: Deductions under section 80-IC
- Schedule-80IE: Deductions under section 80-IE
- Schedule-VI-A: Deductions under Chapter VI-A
- Schedule-AMT: Details of Alternate Minimum Tax payable under section 115JC
- Schedule-AMTC: Details of Tax Credit under section 115JD
- Schedule-SPI: Income of specified persons (spouse, minor child, etc.) includable in the income of the assessee as per section 64
- Schedule-SI: Income chargeable to tax at special rates
- Schedule-IF: Information regarding partnership firms in which you are a partner
- Schedule-EI: Details of Exempt Income
- Schedule-PTI: Pass-Through details from business trust or investment fund as per section 115UA, 115UB
- Schedule-TPSA: Details of Tax on secondary adjustments as per section 92CE(2A)
- Schedule-FSI: Details of Income outside India and tax relief (available only in case of resident)
- Schedule-TR: Summary of tax relief claimed for taxes paid outside India (available only in case of resident)
- Schedule-FA: Details of Foreign Assets and Income from any source outside India
- Schedule-5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code
- Schedule-AL: Assets and Liabilities at the end of the year (applicable in a case where total income exceeds Rs.50 lakh)
- Schedule-DI: Details of investments
- Part ‘B’ – Gross Total Income
- Schedule-TI: Computation of Total Income
- Schedule-TTI: Computation of tax liability on total income (Computation of Tax Liability, Taxes Paid, Bank Account)
- Schedule-17: TAX PAYMENTS
- Details of payments of Advance Tax and Self-Assessment Tax
- Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s) ]
- Details of Tax Collected at Source (TCS) [As per Form 27D issued by the Collector(s)]
- Gross Total Income
