Hello, in this post we will look into ITR-3 form. We will cover the following:
The last date of income tax return filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For audit cases, the last due date is 15th February 2021.
What is ITR-3 Form?
ITR-3 form applies to individuals and HUFs who have income from profits and gains from Proprietary business or profession.
Eligibility for filing ITR-3
The persons having income from the following sources are eligible to file ITR 3 :
- Carrying on a business or profession
- The return may include income from House property, Salary / Pension, and Income from other sources
The due date for ITR 3 filing
- In the case of individuals and HUFs who have salary income, House property, Capital gains, and business, and not in partnership business and/or eligible for filing ITR4 the due date is 31st July every year.
- For Audit cases, it is 30 September every year
- For transfer pricing, it is 30th November every year.
How to Fill ITR 3 and general instructions
- If any schedule is not applicable score across as “—NA—“.
- If any item is not applicable, write “NA” against that item.
- Write “Nil” to denote nil figures.
- Except as provided in the form, for a negative figure / figure of loss, write “-” before such figures.
- All figures should be rounded off to the nearest 1 rupee. However, the figures for total income / loss and tax payable be finally rounded off to the nearest multiple of 10 rupees.
The sequence for filling out parts and schedules
- Part A- General on page 1
- Part B-TI and Part B-TTI
This ends the post on ITR 3 form. If you have any questions kindly comment below.