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Here at Taxhint Advisors, we're your go-to resource for streamlined, accurate, and stress-free ITR-3 form submission. Being a top online resource for tax and compliance solutions, we are aware of how confusing it may be to navigate the complexities of income tax returns. Whether you are an individual seeking to fulfil your tax duties or a Hindu Undivided Family (HUF) with company income, our knowledgeable staff is ready to help you at every stage.
What is ITR 3 Form?
For taxpayers who receive income from a business or a profession, the ITR 3 Form is essential. It is essential to the Income Tax Department's efforts to gather thorough financial data in order to guarantee tax compliance.
Who Has to Submit an ITR-3 Form?
When submitting an income tax return, individuals or Hindu Undivided Families (HUFs) that satisfy the following ITR 3 applicability criteria can use the ITR Form 3:
✔ Directorship: The taxpayer runs a business or serves as a director of a company.
✔ Residential Status: The taxpayer may be either an Indian resident or a non-resident.
✔ Pension Income: The taxpayer's pension provides him or her with income.
✔ Revenue from House Property: The taxpayer receives revenue from their residence.
✔ Income Classified as "Profits and Gains of Business or Profession": The taxpayer's income is subject to taxation under this heading. This can comprise components of revenue like commission, bonus, interest, pay, or compensation.
In addition, the following can be included in a taxpayer's total income when using the ITR Form 3:
✔ revenue from a single-family or multi-family property.
✔ income from wagering on racing, lotteries, and other lawful gambling activities as permitted under Indian law.
✔ income derived from either long- or short-term capital gains.
✔ money received from a proprietorship firm that is owned by the individual or a Hindu Undivided Family (HUF) for the purpose of conducting business or practicing a profession.
✔ revenue derived from overseas assets.
As long as their income fits into the previously listed specific categories, individuals and HUFs who meet these qualifying requirements can file their income tax returns using ITR Form 3.
To whom it is ineligible to submit an ITR 3 form?
ITR-3 forms cannot be filed by an individual or Hindu Undivided Family (HUF) who receives income from a partnership firm in which they are participants in a business or occupation. In these situations, they ought to file an ITR-2 instead.
Who Has to Submit an ITR-3 Form?
When submitting an income tax return, individuals or Hindu Undivided Families (HUFs) that satisfy the following ITR 3 applicability criteria can use the ITR Form 3:
★ Directorship: The taxpayer runs a business or serves as a director of a company.
★ Residential Status: The taxpayer may be either an Indian resident or a non-resident.
★ Pension Income: The taxpayer's pension provides him or her with income.
★ Revenue from House Property: The taxpayer receives revenue from their residence.
★ Income Classified as "Profits and Gains of Business or Profession": The taxpayer's income is subject to taxation under this heading. This can comprise components of revenue like commission, bonus, interest, pay, or compensation.
The last day to file Form ITR3.
Whether the case is an audit case or a non-audit case for various assessment years will determine the deadline for completing the income tax return, or ITR Form 3:
→ For the 2023–2024 Assessment Year:
→ Cases that are not audits: July 31, 2023 is the deadline.
→ Audit Cases: October 31, 2023 is the deadline.
→ The income tax authorities have the right to modify these dates, therefore it's critical to stay informed of any changes or extensions of the deadlines.
Late Filing Penalties for ITR3 Form
The following are the penalties in India for filing the ITR3 form beyond the deadline:
If you file your return after the due date but before December 31 of the assessment year:
There could be a ₹ 5,000 late filing cost.
Should you submit your return after the assessment year's December 31st:
There could be a 10,000 ₹ late filing fee.
Remember that the late filing fee might change depending on the taxpayer's overall income as well as other variables. Additionally, the maximum late reporting cost is limited to ₹ 1,000 if your total income is less than ₹ 5 lakh. Therefore, in order to prevent these fines and any potential legal ramifications, it is advised that you file your ITR form 3 on time.
Documents needed to complete Form ITR 3
The following paperwork is required in order to file your income tax return (ITR) on Taxhint Advisors for ITR-3.
★ PAN (Permanent Account Number)
★ Aadhaar Card
★ Bank account details (account number and IFSC code)
★ Form 16, if applicable (for salaried individuals)
★ Details of your investments
★ Books of accounts (if you have a business or professional income)
★ Having these documents ready will make the ITR filing process smoother and more efficient.
Sections of the ITR 3 Form
The ITR 3 Form is structured into six sections, each serving a distinct purpose:
♦ General Information: You must enter your name, address, date of birth, email address, and PAN number in this section along with other personal information. You will also indicate if you are filing your return as a self-assessment, as well as the assessment year.
♦ Income Information: You must include information about your income from all sources in this part. This includes salary, pensions, annuities, family pensions, and other sources. Additionally, you will figure out how much tax you owe on your entire taxable income.
♦ Deductions and Taxes Paid: This category allows you to claim the deductions allowed by the Income Tax Act in different parts. The taxes you have paid throughout the fiscal year, including advance tax and self-assessment tax, must also be reported.
♦ TDS/TCS Credit: Information on any applicable Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) credits must be included in this section.
♦ Verification and Declaration: In this last step, you must verify your return by sending a physical copy of the signed return to the Centralised Processing Centre (CPC) or by using a digital signature. In addition, you need to sign a statement certifying that, to the best of your knowledge, all the data you provided in the return is truthful and accurate.
Why File Your ITR3 Form with Taxhint Advisors?
Your perfect ITR3 Form filing partner is Taxhint Advisors, as they provide professional advice, accuracy, timely filing, help with documentation, and a secure platform. We streamline the procedure to guarantee that you abide by tax laws.