Know your Income tax form ITR-3

CS Karan B. Khattri , Last updated: 27 June 2018
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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