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WHAT IS ITR 3

ITR-3 Form is for individuals and HUFs having income from a proprietary business or profession.

ITR-3 APPLICABLE FOR:

The persons having income from following sources are eligible to file ITR 3:

  • Business or profession
  • Return may include income from House property/ Salary/Pension and Income from other sources
  • LIC Agents (Commission income)

ITR FOrm 3

WHO IS NOT ELIGIBLE TO FILE ITR 3 FORM:

  • Individuals who are eligible to fill ITR-1

DUE DATE FOR FILING ITR-3 FORM

Due date of filing income tax return for FY 2017-18:

  • 31st July 2018 for Individuals  Audit is not required)
  • 30th September 2018 for Businesses (Audit is Mandatory)

CHANGES W.E.F. 1ST APRIL, 2018 (ITR-3  FY 2017-18 or AY 2018-2019)

  • Late fee if IT return not filled on time.
  • It is mandatory to disclose the Aadhaar number while filing IT Return
  • Declaration of value of assets and liabilities by Individuals/HUF earning above Rs 50 lakhs in Schedule 'AL'
  • It is mandatory to mention the registration number of the firm of Chartered Accountant which has done the audit in ITR forms.( if Audit mandatory)
  • A field has been added to report the amount taxable as gift.
  • Schedule PL has been modified for the taxpayers to provide GST related details.
  • Capital gains as a result of the transfer of unquoted shares
  • A new field has been added to facilitate the claim for TDS credit where the TDS was deducted in the name of another person or from a common pool or other similar situations.
  • Cess levied on your tax liability has been hiked by 1 percent from the current 3 percent to 4 percent. (For FY 2018-19)

DETAILS REQUIRED IN ITR-3 FORM


SCHEDULES FOR FILING INCOME TAX RETURN

DESCRIPTION
 

Personal Info., Filing Status, Audit Info

Details of Personal Information and filing status

Nature Of Business

Nature of business or profession, if more than one trade names please specify upto 3 trade names

Part A-BS

BALANCE SHEET AS ON 31ST DAY OF MARCH, 2018(fill items 1 to 5 in a case where regular books of accounts are maintained, otherwise fill item 6)

Part A-P & L

Profit and Loss Account for the previous year 2017-18(fill items 1 to 52 in a case where regular books of accounts are maintained, otherwise fill item 53)

Part A –OI

Other Information (optional in a case not liable for audit under section 44AB)

Part A-QD

Quantitative details (optional in a case not liable for audit under section 44AB)

Part B-TI, Part B-TTI, Verification

Computation of total income

Tax Payments

Details of payments of Advance Tax and Self-Assessment Tax

Tax Payments(TDS1, TDS2, TDS3)

Details of Tax Deducted at Source from SALARY, Details of Tax Collected at Source

Schedule S

Details of Salary

Schedule HP

Details of Income from House Property

Schedule BP

Computation of income from business or profession

Schedule DPM, Schedule DOA

Depreciation on Plant and Machinery , Depreciation on other assets

Schedule DEP, Schedule DCG

Summary of depreciation on assets, Deemed Capital Gains on sale of depreciable assets

Schedule ESR

Deduction under section 35

Schedule CG

Capital Gains

Schedule OS

Income from other sources

Schedule CYLA, Schedule BFLA

Details of Income after set-off of current years losses, Details of Income after Set off of Brought Forward Losses of earlier years

Schedule CFL

Details of Losses to be carried forward to future Years

Schedule UD

Unabsorbed depreciation and allowance under section 35(4)

Schedule ICDS

Effect of Income Computation Disclosure Standards on profit

Schedule 10A, 10AA, 10B,10BA

Deduction under section 10A, Deduction under section 10AA

Schedule80-IA,IB,IC

Deductions under section 80-IA, Deductions under section 80-IB, Deductions under section 80-IC

Schedule VIA

Deductions under Chapter VI-A

Schedule 80G

Details of donations entitled for deduction under section 80G

Schedule SPI, Schedule SI, Schedule IF

Income of specified persons(spouse, minor child etc) includable in income of the assessee , Income chargeable to Income tax at special rates IB, Information regarding partnership firms in which you are partner

Schedule AMT

Computation of Alternate Minimum  Tax payable under section 115JC

Schedule AMTC

Computation of tax credit under section 115JD

Schedule EI

Details of Exempt Income (Income not to be included in Total Income)

Schedule PTI

Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule FSI

Details of Income from outside India and tax relief

Schedule TR, Schedule FA

Summary of tax relief claimed for taxes paid outside India, Schedule FA Details of foreign assets

Schedule 5A

Information regarding apportionment of income between spouses governed by Portuguese Civil Code

Schedule AL

Asset and Liability at the end of the year (other than those included in Part A – BS)


*Not required to all Schedule, only applicable mandatory schedule have to fill.

WHAT ARE THE DIFFERENT MODE OF FILING ITR-3

  • Online-Not directly ( Through XML file upload )
  • Offline

PENALTY ON LATE FILING OF ITR 

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K. 

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • 5000 if return is furnished on or before 31 December of assessment year.
  • 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs. @rocguru.com@gmail.com


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Category Income Tax, Other Articles by - CS Karan B Khattri 



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