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Income Tax Return Form 3

Income Tax Return Form 3 (ITR-3) is meant for all those 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 the ITR-3 Form?

  • Income earned from salary/pension
  • Income earned 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.

Procedure to download ITR-3 Form

You can easily download ITR-3 form from the official website of the Income Tax Department which is free of cost. Please click on the following link to download the ITR-3 form online from the official website.

Process to file ITR-3 Form

Online

  • Eligible taxpayers can submit after filing ITR form-3 online from the e-filing portal of the Income-tax department. Return can be filed online and verification of the same can be done with the digital signature using ITR-V.
  • Taxpayers filing ITR-3 using digital signature will receive the acknowledgment receipt on their registered email id. It should be noted that ITR-3 is an annexure-free form thus there is no need to do any attachment with it. However, to file the ITR, you need to be registered on the e-filing portal. 

Offline

Only taxpayers belonging to any of the following classes are eligible to file ITR-3 offline:

  • Individuals who are above 80 years old.
  • Individuals having income less than Rs. 5 lakh and do not have any income tax refund requests.
  • Individuals belonging to such classes can submit ITR-3 either in paper form or in a bar-coded form.

Structure of ITR 3

ITR-3 is divided into the following parts:

Part A

  • Part A-Gen: General Information of taxpayer 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 brought in ITR 3 Form


Changes in ITR 3Details
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,  the GST schedule has been added.
Removal of GenderThe assessee is not required now to disclose the gender in ITR form.
Depreciation LimitA maximum of 40% depreciation can now be claimed under depreciation schedules.





TDS

Income Tax Return Forms

TAX Forms

TAX Calculator

Sections Income Tax Act

GST