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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 :

• • Income from business or profession.
• • Income from house property
• • Income from Salary/Pension and other sources.

ITR-3 form should not be filed for below cases ::

• • An individual / HUF having income as a partner of a partnership firm that is carrying out business/profession.

ITR-3 form must be filed by individuals on or before 31st July of every year and 30th September for Businesses.

The penalty for late filing 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:

• • Incorrect Form : In case an incorrect form has been used to file the returns, then it will be treated as “defective” and the assessee will be asked to file a revised ITR using the correct form. the assessee have to file revised return within 15 days from the date of the intimation. If not done as required,the assessee will be facing all the penalties prescribed to not filing ITR. As well as, interest will get charged, u/s 234A, for the delay.


• • Under Reporting : In case if it is found that the actual income exceeds the income declared by the assessee Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax will payable if under-reporting results from misreporting of income.


• • Defaulter :  In case a demand notice u/s 156, has been issued to the taxpayer for payment of tax (other than notice for payment of advance tax). Then such amount, as per section 220(1), shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. If the taxpayer defaults in payment of any tax due, then apart from other penal provisions, he is treated as an assessee in default. For an assessee in default, the penalty will get levied as decided by the AO. However, the penalty cannot exceed the amount of arrears in tax. The taxpayer is given a reasonable opportunity of being heard before been penalized and No penalty is levied if the taxpayer can prove otherwise.


• • Penalty in case of income from undisclosed sources :  The AO may make an addition to the income of a taxpayer as per Section 68, 69, 69A, 69B, 69C or 69D if the explanation about the nature and source of his income is not satisfactory. The AO is empowered to levy penalty at the rate of 10% of the tax payable if any addition is made. However, no penalty shall be levied if this income has been disclosed in the ITR and tax paid, u/s 115BBE, on or before the end of the relevant previous year.

Individual Documents

Other Documents

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