Form ITR 3 is to be filed by Individuals and HUFs who have income under the head “profits or gains from business or profession” and who are not eligible to file ITR- 4 (SUGAM)
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Income Tax Return is a form containing the information of income and tax paid of the assessee which is used to file the income tax with the Income Tax Department of India. Income tax is a tax imposed by the Central Government of India on income of a person under various criteria and every citizen/entity should file income tax returns. IT-R is verfied by IT department of India. There are various types of IT-R like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 Income tax is to be filed by Individuals and HUFs who have income under the head “profits or gains from business or profession”. AADHAAR CARD IS MANDATORY FOR INCOME TAX FILING.
Form ITR-3 is to be filed by Individuals and HUFs who have income under the head “profits or gains from business or profession”. In other words an individual running a proprietorship business or having professional income and who are not eligible to file ITR-4. Individuals / HUFs having income as a partner from partnership business,in such cases ITR-3 cannot be files and have to file ITR-2.
Form ITR-3 is to be filed by Individuals and HUFs who have income from profits and gains and source of income falls under any below categories :
ITR-3 form should not be filed for below cases ::
ITR-3 form must be filed by individuals on or before 31st July of every year and 30th September for Businesses.
The penalty for income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March.
Other kind of penalites are as follow:
ITR are evidence of your income. It benefits for loans, visa etc.
Businesses registered under MSME | SSI gets multiple government tender benefits which are open only to MSMEs to promote small business participation in the India.
ITR filing is required to claim refunds under TDS or if excess tax is paid etc.
ITR gives the retail value to taxplayer. It helps for tendering and various other busines saspects.
There are penalty for non-filing of income tax returns and hence it is always advisable to file return.
ITR is necessary for applying for any loans such as a home loan, car loan, etc. The eligibility for loan would depend on your income. This can be established through filed ITRs.
Proff of earning is required for overseas travel. ITR is helps meet that purpose.
In case of business,you are required to share Business or Profession Details,Business Expenses, Business Loan, and Books of Accounts (if available), Investments, Sales and Purchase Details, Any other incomes, Investments or Savings details .
You may refer to the Eligibility section before return filing.
For further queries kindly refer our FAQ section
Arrange for Aadhaar card and PAN card of Individual whose return is to be filied.
Arrange for all the documents whose list will be shared by our expert along with primary email and phone number for communication purposes by IT department.
Arrange for the bank details which is to be mentioned for refund purposes.
Based on the documents shared our expert will compute the income tax and compile TDS value based on form 26AS for that financial year.
Based on computation and approval from you, ITR 3 will be filed.
Once the filing is done,our expert will provide you with acknowledgement.
You have to provide the details in the form.
Once you have provided the details, our expert will guide you with the all the documents required for return filing process.
After submission and upon successful verification of all the required documents, one of our experts will do the return filing.
Once the filing is done we will inform you and provide the necessary documents.
Financial statements preparation and ITR-3 (Non Audited) return filing for a taxpayer with taxable income of less than Rs.25 lakhs. Inclusive of government fee and GST.
Financial statements preparation and ITR-3 (Non Audited) return filing for a taxpayer with taxable income of between Rs. 26 Lakhs to Rs.50 lakhs. Inclusive of government fee and GST.
Financial statements preparation and ITR-3 (Non Audited) return filing for a taxpayer with taxable income of between Rs. 51 Lakhs to Rs. 01 Crore. Inclusive of government fee and GST.
A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year and audited in certain other circumstances. You must file the tax audit report on or before the due date of filing the return of income.
Due date for taxpayer with international transaction is 30th November of the the subsequent year and other taxpayer is 30th September of the subsequent year.
Penalty of non filing or delay in filing tax audit report is the least of the following may be levied :
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