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Form 16 / Salary Slips (in case of income from salary)
Rental Agreement, if any
Proof of Rental Income if any

ITR-3 Return Filing

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ITR 3 Form Filing

At Bmcs, we're here to make your ITR-3 form filing a breeze. With our expertise in tax and compliance solutions, we've got you covered whether you're an individual with business income or a Hindu Undivided Family (HUF). Navigating the complexities of income tax returns can be daunting, but our team is here to simplify the process for you. Let us handle the details so you can focus on what matters most to you.

Understanding ITR-3 Form

The ITR-3 form is indispensable for taxpayers earning income from a business or profession. It serves as a key tool for the Income Tax Department, collecting detailed financial information to ensure tax compliance.

Who Should File ITR-3 Form?

The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following eligibility criteria:

  • Directorship: The taxpayer is a director of a company or is engaged in a business.
  • Residential Status: The taxpayer's residential status can be either resident or non-resident of India.
  • Pension Income: The taxpayer is receiving income from a pension.
  • House Property Income: The taxpayer is earning income from house property.
  • Investments in Unlisted Equity Shares: The taxpayer has investments in unlisted equity shares.
  • Income Under 'Profits and Gains of Business or Profession: The taxpayer's income is taxable under the category of 'profits and gains of business or profession.' This can include income elements such as salary, interest, commission, bonus, or remuneration.

Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:

  • Income from a single-house property or multiple-house property.
  • Income from activities like lotteries, betting on races, and other legal forms of gambling as per Indian law.
  • Income from short-term or long-term capital gains.
  • Income earned from a business or profession conducted under a proprietorship firm owned by the individual or a Hindu Undivided Family (HUF).
  • Income earned from foreign assets.

Meeting these eligibility criteria grants individuals and HUFs the privilege to utilize ITR Form 3 for filing their income tax returns, given that their income aligns with the specified categories mentioned above.

Who is not eligible for ITR 3 Form?

If an individual or Hindu Undivided Family (HUF) earns income as a partner of a partnership firm engaged in a business or profession, they are not eligible to file ITR-3. In such cases, they should opt for ITR-2 instead.

Due Date for Filing Form ITR 3

The due date for filing the ITR-3 form, which is the income tax return, varies depending on whether the case is an audit case or a non-audit case for different assessment years:

  • For Assessment Year 2023-24
  • Non-audit Cases: The due date is July 31, 2023
  • Audit Cases: The due date is October 31, 2023
  • These dates are subject to change by the income tax authorities, so it's essential to stay updated with any revisions or extensions of the due dates.

Late Filing Penalties for ITR-3 Form

The penalties for late filing of the ITR-3 form in India are as follows:
If you file your return after the due date but before December 31 of the assessment year:

  • A late filing fee of ₹ 5,000 may be levied.
  • If you file your return after December 31 of the assessment year
  • A late filing fee of ₹ 10,000 may be levied.

It's crucial to be aware that the late filing fee can vary, taking into account factors such as the taxpayer's total income. If your total income is below ₹5 lakh, the late filing fee is capped at ₹1,000. To steer clear of these penalties and potential legal consequences, it's recommended to file your ITR-3 form on time.

Documents Required

To file your income tax return (ITR) on Bmcs for ITR-3, the following documents are needed.

  • PAN (Permanent Account Number)
  • Aadhaar Card
  • Bank account details (account number and IFSC code)
  • Form 16, if applicable (for salaried individuals)
  • Details of your investments
  • Books of accounts (if you have a business or professional income)
  • Having these documents ready will make the ITR filing process smoother and more efficient.

Sections of the ITR-3 Form

The ITR-3 form is organized into six sections, each serving a specific purpose:

  • General Information: This section requires you to provide personal details, such as your name, address, date of birth, email address, and PAN number. You'll also specify the assessment year and indicate if you're filing the return as a self-assessment.
  • Income Details: Here, you disclose your income from various sources, including salaries, pensions, annuities, family pensions, and other avenues. You calculate your total taxable income and corresponding tax liability.
  • Deductions and Taxes Paid: This category allows you to claim deductions permitted under various sections of the Income Tax Act. Additionally, you report taxes paid during the financial year, such as advance tax and self-assessment tax.
  • TDS/TCS Credit: This division requires details about any Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) credits applicable to you.
  • Verification and Declaration: In this final section, you validate your return through a digital signature or by sending a physically signed copy to the Centralized Processing Center (CPC). You also make a declaration affirming the accuracy of the information provided.

Why Choose Bmcsindia for ITR-3 Form Filing?

Bmcsindia is your preferred companion for ITR-3 form filing, providing expert guidance, precision, on-time filing, assistance with documentation, and a secure platform. We streamline the process, guaranteeing your adherence to tax regulations. Whether you're an individual or an HUF with income from business or profession, we've got you covered.

How Bmcsindia Simplifies Your ITR-3 Filing

Filing your ITR-3 form accurately and on time is crucial. With Bmcs, you get expert guidance, a user-friendly platform, document management, deduction optimization, review and verification, secure filing, timely reminders, and post-filing support. Let Bmcs assist you in filing your ITR-3 form, allowing you to focus on your business and financial well-being. Contact us today for expert assistance in meeting your tax obligations and ensuring a smooth filing experience.

Frequently Asked Questions

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