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Income Tax Return-3

Income Tax Return-3

Income tax return filing for persons having business income and capital gain

Required timing - 2 days

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CA assisted Income Tax Return filing for all your ITR needs

Income Tax Return - 3

For individuals and HUF with income from profits of a business or profession. ITR 3 is the form used by the individuals and Hindu Undivided Families who are registered as ‘Partners’ in a firm. . This is applicable for the professionals but in a partnership profession. The partner must be earning income in the form of interest, salary, bonus, commission, etc.

Eligibility To File ITR-3

  • Carrying on a business or profession (both tax audit and non-audit cases)
  • The return may include income from House property, Salary/Pension, capital gains and Income from other sources

What is the structure of the ITR-3 Form for AY 2021-22.

ITR-3 is divided into:

  • Part A
    • Part A-GEN: General information and Nature of Business
    • Part A-BS: Balance Sheet as of March 31, 2021, of the Proprietary Business or Profession
    • Part A- Manufacturing Account: Manufacturing Account for the financial year 2020-21
    • Part A- Trading Account: Trading Account for the financial year 2020-21
    • Part A-P&L: Profit and Loss for the financial Year 2020-21
    • 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)

After this, there are the following schedules.

  • 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
  • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • 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)(b)(iii)Proviso: 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 VI-A: Statement of deductions (from total income) under Chapter VIA.
  • 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 a 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 Rs 50 lakhs)
  • 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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Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

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2030

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Income tax return filing for a taxpayer with taxable income of more than Rs.50 lakhs 

 

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