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 taxpayers. 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. Which Income 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.

Process of Filing Income Tax

There are certain changes made in the ITR-3 form. Certain information must be disclosed by an assessor. Cash deposit amounts more than Rs 1 crore in their current account should be disclosed to the Income Tax Department by filing the ITR-3 form. If an individual’s expenditures for foreign travel exceed Rs. 2 lakh, if a taxpayer’s electricity charges are more than Rs 1 lakh, If an individual earns long or short term capital gains by selling a land or a building, then the taxpayer should file an Income tax return by ITR-3 form. A taxpayer in the company’s director position 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 upon submission of all the documents to us. In acknowledgement of the receipt, we will send the Income tax filing receipt to your email address. 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 less than Rs. 5 lakh.

Submission of ITR-3 Form

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. It is better to do it online through us, where it is hassle-free and accurate. Once your Income tax return is filed, e-verification of your income tax return is a must. Please note that 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.

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