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ITR or Income Tax Return is where taxpayers file information about the income earned & tax applicable to the IT Department. It has notified 7 forms to file an ITR categorically. These forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. This article is describing ITR-3 Filing.
The applicability of these forms depends on the income source, the taxpayer’s category, and the amount of income.
ITR- 3 filing is done by the taxpayer when the income source is their own business and will not be applicable when the taxpayer is a partner in a firm.
This article will focus on ITR- 3 filing, its process, and significant changes made during 2020-21.
Table of Contents
ITR- 3 filing is done by an individual or Hindu Undivided Family whose income comes from their proprietary business or is carrying on profession.
The individuals having income from the following sources are eligible for ITR- 3 filing:
Individuals not eligible for ITR- 3 filing:
In the case mentioned above, he can file ITR 2.
The structure of the ITR 3 form is divided into 2 parts and 23 schedules. ITR 3 is divided into the following parts:
An ITR- 3 filing can be done online and offline. The government advises the taxpayers to choose the online option to file ITR- 3. However, there are exclusive cases where offline ITR-3 filing is permitted.
Both the modes are discussed below:
The steps for online ITS-3 filing are:
The following taxpayers are eligible for offline ITR-3 filing:
In case an individual is eligible for offline ITR-3 filing, you can submit it in 2 forms:
ITR-3 filing is done by an individual or Hindu Undivided Family whose income comes from their proprietary business or is carrying on profession.
Thus, the taxpayer who is eligible for ITR-3 filing must follow the procedure laid while filing.
Read our article:Read about the Penalty for Late Filing of ITR
Completed BA LLB from JEMTEC, School of Law, Greater Noida (Affiliated to GGSIP University, New Delhi). I have an experience of about 2 years in various fields of corporate laws, but I have a keen interest in researching on legal issues and to gain knowledge. I always strive to bring the best to work on what I do.
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