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INCOME TAX RETURN FILING SERVICES





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Filing an income tax return can be a complex process. Although taxpayers can now file their tax return online, there still remain certain common errors that most people end up making. Any mistake while filing the form can lead to issues later. Hence, your income, tax deductions, personal details like Pan card number, etc. must be correctly filled and submitted in time to the Income Tax Department. Another important aspect to keep in mind is selecting the right ITR form. There is a unique ITR form for every category of taxpayers. One of these is the ITR 3 form.

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.

The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.

ITR-3 form is required to be filed by individual or HUF whose total income for a given assessment year includes Income from a profession or business (both audit and non-audit cases), Income earned from one or multiple house properties, Income from Other Sources, Income generated from short or long-term capital gains. A salaried person engaged in F&O or intraday trading shall use ITR 3 to file the return.

ITR-3 is viewed as the most complicated ITR form for taxpayers, especially for a layman.

Individual tax payers and Hindu Undivided Families (HUFs) can use an ITR 3 form to file their income tax return if they have earned their annual income from profits and gains from a business or profession. In broad terms this includes the following taxpayers:
  1. Individuals who have earned their income from a business or profession.
  2. Individuals who have earned their income from salary or pension, a property such as a house, and other sources.

The taxpayer should be an individual or HUF running their own business. Here are some other eligibility criteria you need to have to file ITR 3 form:
  1. You are the director of a company or business.
  2. Your residential status is resident and non-resident of India.
  3. You are getting income from a pension.
  4. You generate earnings from house property.
  5. You have investments in unlisted equity shares.
  6. You fall under the category of people whose income is chargeable to tax under “profits and gains of business or profession” like, interest, salary, bonus, commission or remuneration.
  1. Income from single house property or multiple house properties.
  2. Deposit of amount or aggregates of amount exceeds Rs 1 crore in one or more current accounts held by the taxpayer
  3. The taxpayer is a partner in a firm and has income from the firm
  4. The taxpayer incurs an expense for travel to a foreign country for yourself or any other person. The total amount of expense exceeds Rs. 2 lakhs
  5. The taxpayer incurs an expense on the consumption of electricity of an amount exceeding Rs. 1 lakh.
  6. You can also file income from salary or pension, house property, and other sources along with income from business and profession under ITR-3
  7. Income from a lottery, betting on races, and other forms of gambling that are legal as per the Indian law.
  8. Income from short term or long-term capital gains.
  9. Income earned from a business or profession that practices under a proprietorship firm owned by the individual or a HUF.
  10. Income earned from foreign assets.

Various ways allow you to save your taxes and ensure better returns. Take a look at some of the best tax saving plans under the Income Tax Act:
  1. Unit Linked Insurance Plans: Also known as ULIPs, this tax saving instrument is the best tax saving plan under Section 80C of Income Tax Act. You will be entitled to tax redemption of Rs. 1.5 lakh under this scheme on the money you invest in ULIPs.
  2. Equity Linked Savings Scheme (ELSS): Another top method to save taxes, ELSS funds also fall under the 80C basket. They are known to generate the highest return with the shortest lock-in of three years.
  3. Life Insurance: Just like ULIPs, life insurance plans also come under Section 80C. The premium is deductible under the income tax calculations.
  4. Public Provident Fund (PPF): One of the safest tax saving plans, PPF is favourable for safe returns, taxability, and costs.
  5. Sukanya Samriddhi Yojana: Backed by the Indian government, this scheme offers tax deductions under Section 80C up to the maximum amount of Rs 1.5 lakhs.
  6. National Pension Scheme (NPS): As the name suggests, this scheme aims to provide financial security to investors on retirement. NPS also comes with a claim deduction of up to Rs. 1.5 Lakh on the total principal amount.
In addition to this, some other ways you can cut on taxes include:
  1. Home Loans: In case you are an owner of a property and have taken a home loan, Section 24 of the Income Tax Act allows you to claim a deduction up to Rs. 2 lakhs on home loan interest.
  2. Education Loan: The Section 80E of the Income Tax Act 1961 allows taxpayers to claim a deduction on education loans.
  3. Charitable Donations: Under Section 80G of Income Tax Act, you can claim a tax deduction on the amount offered to NGOs and relief funds as donations.

The form is divided into 2 parts and 23 schedules
  1. Part A – General Information
  2. Part B – Calculating total income and taxable income.
  • Part A-GEN –General information and Nature of Business
  • Part A-BS - Balance Sheet as of March 31, 2020, of the Proprietary Business or Profession
  • Part A- Manufacturing Account - Manufacturing Account for the financial year.
  • Part A- Trading Account - Trading Account for the financial year.
  • Part A-P&L - Profit and Loss for the financial year
  • Part A-OI - Other Information (this is optional if not liable for audit under Section 44AB)
  • Part A-QD - Quantitative Details (this is optional if not liable for audit under Section 44AB)
  • Schedule-S: Computation of income under the head Salaries.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule BP: Computation of income from business or profession
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act of 1961
  • Schedule DOA: Computation of depreciation on other assets under the Income Tax Act of 1961
  • Schedule DEP: Summary of depreciation on all the assets under the Income Tax Act of 1961
  • Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
  • Schedule ESR: Deduction under Section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule 112A: Details of Capital Gains where Section 112A is applicable
  • Schedule 115AD(1)(iii)Provision: For non-residents details of Capital Gains where Section 112A is applicable
  • Schedule-OS: Computation of income under the head Income From Other Sources
  • Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and statement of income after set off of unabsorbed loss brought forward from earlier years
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
  • Schedule CFL: Statement of losses to be carried forward to future years
  • Schedule- UD: Statement of unabsorbed depreciation
  • Schedule ICDS: Effect of Income Computation Disclosure Standards on Profit
  • Schedule- 10AA: Computation of deduction under Section 10AA
  • Schedule 80G: Statement of donations entitled for deduction under Section 80G
  • Schedule RA: Statement of donations to research associations etc. entitled for deduction under Section 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)
  • Schedule- 80IA: Computation of deduction under Section 80IA
  • Schedule- 80IB: Computation of deduction under Section 80IB
  • Schedule- 80IC/ 80-IE: Computation of deduction under Section 80IC/ 80-IE
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA
  • Schedule SPI-SI-IF: Income of specified persons (spouse, minors etc.) includible in the income of the assessee, income chargeable at special rates, info partnership firms in which assessee is a partner
  • Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
  • Schedule AMTC: Computation of tax credit under Section 115JD
  • Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, BP, CG and OS
  • Schedule SI: Statement of income which is chargeable to tax at special rates
  • Schedule-IF: Information regarding partnership firms in which assessee is a partner
  • Schedule EI: Statement of income not included in total income (exempt incomes)
  • Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
  • Schedule TPSA: Secondary adjustment to transfer price as per Section 92CE(2A)
  • Schedule FSI: Details of income from outside India and tax relief
  • Schedule TR: Statement of tax relief claimed under Section 90 or Section 90A or Section 91
  • Schedule FA: Statement of Foreign Assets and income from any source outside India
  • 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 (applicable where the total income exceeds ₹50 lakhs)
  • Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption
  • Schedule GST: Information regarding turnover/ gross receipt reported for GST
  • Part B-TI: Computation of Total Income.
  • Part B-TTI: Computation of tax liability on total income
  • Verification
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