The Importance of ITR-3 Return in Life and Profession

There are different types of Taxpayers in India.  Each individual require a different form to file income tax returns. ITR-3 form is used for those individuals and Undivided Hindu Families registered as Partners in a company. The ITR-3 Form cannot be used by the proprietors of the firm. This form is used for the individuals who are in a partnership profession. The ITR-3 Form is considered the most complicated ITR form for taxpapers. But do not get worried, as we at Accounting4you will help you to file with ease. To file income tax returns with the ITR-3 form, one should have income from a proprietorship business or a profession.

Income from a profession or business which is carried under a proprietorship firm, both audit and non audit cases is eligible for filing income tax form ITR-3. Income which comes from one or multiple house properties file income tax form ITR-3. Income earned by a lottery, horse racing, and other such income which fall under Income from other sources use ITR-3 to file their income tax return. Assets outside India are a source of Income where income tax return is filed in ITR-3 Return form. Incomes which are generated from long or short term capital gains use the ITR-3 Return form.

There are certain changes made in the ITR-3 form. It is important to disclose Certain information by an assesses. Cash deposit amount more than 1 crore in their current account should be disclosed to the Income Tax Department by filing the ITR-3 form. If an individual’s expenditure for a foreign travel excess Rs. 2 lakh, if a taxpayer’s electricity charges are more than 1 lakh. If an individual earns through long or short term capital gains by selling a land or a building then the taxpayer should file Income tax return by ITR-3 form. Being the company’s director position a taxpayer should disclose the Type of Company.

Taxpayers can use the ITR 3 form to file their income tax return online as well as offline. If you choose the online method, you can submit the return online with a digital signature. We at Accounting4you can do it for you, on submission of all the documents to us. The acknowledgement of the receipt, we will send the Income tax filing receipt to your email id. The offline method is only available to taxpayers who are above 80 years of age or more. The total income of the income taxpayer should be lower than Rs. 5 lakhs. The submission of ITR-3 form can be done on paper by downloading it from the Income Tax portal and mailing the form to the Income tax department. Better to do in online through us, where it is hassle free and with accuracy. Once your Income tax return is filed, e-verification of your income tax return is must. Please note uploading the ITR alone does not complete the Income Tax return filling process. We at the hub of Accounting4you can guide you better and reply to all your queries. File through us.