The only thing in life you can depend on is Change. Accept that changes happen and the stress arising from changing from old methods to the newer ones, disappear. Recently, the Income Tax Department renamed ITR Form 4 to ITR Form 3. The filing of ITR 3 form, for business professionals, is applicable only for AY 2017-18. If you had filed ITR-3 during FY 2015-16, then you will need to file ITR-2, from hereon. The procedure to file ITR form 3 is not complex, once understood.
It is the form to be used by individuals or HUF’s deriving income from proprietary business or profession. It is to be used from Assessment Year 2017-18 onwards by the mentioned groups to file their returns.
It is mandatory for you to furnish the return electronically if you fall in any of the following categories:
As, ITR-3 form is used for business returns, any individual filing his/her personal income tax return, ie. Salaried employee or filing using ITR 1 form, does not have to file ITR-3.
ITR-3 form is simply the old ITR-4 of AY 2016-17 form, which will be used from AY 2017-18.
You can file ITR-3 form either via offline method or online method.
You can file this return in paper form with the Income Tax Department only if you are:
Note: You should file only one copy of the return form.
You can file ITR-3 Form with the Income Tax Department in the below mentioned ways:
For individuals in the following categories, you must file your return electronically:
Download ITR 3 Form in PDF Format by clicking the image above:
|Changes in ITR 3||Details|
|As per schedule AL, details of assets and liabilities of individual/HUf with income exceeding Rs 50 lakh||Costs of immovable(jewellery, shares, cash balance, etc.) assets/properties|
|Chartered Accountant/Firm Registration number||Provide registration number of chartered accountant auditing your ITR form.|
|Aadhaar Number||As per section 139AA, taxpayers must quote aadhaar number or aadhaar enrolment number while filing ITR.|
|Explanations of unexplained income and income from dividends||Unexplained credits from investments and dividends over Rs. 10 lakh, need to be furnished under schedule OS.|
|Details of cash deposited during demonetisation||Cash deposits of Rs 2 lakh and more made during 9th November 2016 – 30th December 2016, in bank accounts or loan accounts need to be reported.|
This return form has the following components:
Part A – 5 sub-divisions:
Part B – Contains details of income and total taxes due and is followed by:
If you e-file your return, and wish to mail it to CPC Bangalore, print out the form from your email and sign it and send it to the CPC office in Bangalore.
The preparation and filing of ITR Form 3 is a change that can be taxing, however, the experts at H&R Block can help you every step of the way, so that the transition is smooth and effortless.