All you need to know about Form ITR-3

Business

25 Jul 2018

#FinancialBytes: How to file your ITR using form ITR-3?

Just six days are left for you to file your ITR. So, if you haven't yet, do it as soon as possible, so as to avoid facing a penalty.

If you happen to be a professional/self-employed individual or a member of a Hindu Undivided Family (HUF), we've got you covered.

Here's how you can file your ITR using the ITR-3 form.

Eligibility

Who can and cannot use form ITR-3 for filing ITR?

Who can and cannot use form ITR-3 for filing ITR?

It must be noted that no person other than an individual or a HUF (Hindu Undivided Family) can use form ITR-3 for the purpose of filing their ITR.

Additionally, an individual or HUF, if not earning from a business or profession, cannot use this form for filing ITR.

One must remember this, as filing ITR using the wrong form could prove troublesome.

How to file?

How to file ITR-3 with the I-T Department?

ITR-3 can be filed with the I-T Department by submitting the return electronically, under digital signature.

It can also be done by transferring data electronically in the return under the electronic verification code.

Another way is by transmitting the data in the return electronically, and subsequently submitting the verification of the return in Return Form ITR-V.

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Acknowledgement

The acknowledgement of your ITR verification

The acknowledgement of your ITR verification

Once done with the filing procedure, one should take out at least two copies of the verification form (i.e. Form ITR-V).

One of these copies will have to be signed and sent to the Electronic City Office, Bengaluru, Karnataka.

The second copy should be retained for the taxpayer's own record, and for future reference.

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Most asked questions

ITR 6 is for whom?

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ITR 6 is for whom?

Asked 2018-07-25 23:16:35 by indrani rakshit

Answered by NewsBytes

It is the type of Income Tax Return form which is filed by companies who cannot claim exemption under section 11. It is divided into two parts, part A is general information while part B is the balance sheet.

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