The ITR 3 is applicable for Hindu Undivided Families and individuals who generate income through gains and profits from profession or business.

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What is ITR3?

ITR – 3 is a type of Income Tax Return form that is being used by HUF’s and Individuals who are deriving income through profession or property business. This form is to be used by the people of the following groups:

  • People who are generating income through gain and profit from any profession or business.
  • Resident assesses who have assets outside the country (India).
  • People who are generating income through a partnership firm(s).
  • People who are claiming relief under section 90, 91, or 90A for whom the schedule TR &FSI are applicable.

Structure of ITR 3 Form for Assessment Year 2019- 20

The ITR 3 form is divided into the following parts:

  • Part A:
    • Part A – BS: The balance sheet of the Profession or Property Business as of 31st March’ 2019
    • Part A – GEN: Nature of the business and general information
    • Part A – Manufacturing Account: The manufacturing account for the Financial Year (FY) 2018 – 19
    • Part A – P & L: Profits and Losses for the FY 2018 – 19
    • Part A – Trading Account: Trading Account for the FY 2018 – 19
    • Part A – QD: Quantitative Details. These details are not compulsory and are options when the audit under Section 44AB is not liable)
    • Part A – OI:
  • After Part A, there are these below schedules:
    • Schedule - HP: Income computation from house property under head income.
    • Schedule – S: Income computation in the head Salaries.
    • Schedule – BP: Income computation from profession or business.
    • Schedule – DOA: Depreciation computation on other assets as per Income Tax Act.
    • Schedule – DPM: Depreciation computation on machinery and plant as per the Income Tax Act.
    • Schedule – DEP: Depreciation’s summary of all the assets as per the Income Tax Act.
    • Schedule – ESR: All the deductions as per Section 35 (expenditure on scientific research).
    • Schedule – DCG: Deemed capital gains computation upon the sale of any depreciable asset.
    • Schedule – CG: Income computation under capital gains.
    • Schedule – CYLA: Income's statement after setting off the losses of the current year.
    • Schedule – OS: Income computation as per head income generated from other sources.
    • Schedule – BFLA: Income’s statement after setting off of all the unabsorbed losses brought forward from previous years.
    • Schedule – UD: Unabsorbed depreciation’s statement.
    • Schedule – CFL: Losses’ statement that should be carried forwarded to the future years.
    • Schedule – ICDS: Effect of the computation of income disclosure standards on profit.
    • Schedule – 80G: Donation's statement that is entitled to deductions as per Section 80G.
    • Schedule – 10AA: Deduction’s computation u/s 10AA.
    • Schedule – RA: Donation's statement for research associations etc. which are entitled to deductions u/s 35(1)(ii), 35(1)(iii), 35(1)(iia), or 35(2AA).
    • Schedule - 80IB: Deduction’s computation u/s 80IB.
    • Schedule - 80IA: Deduction’s computation u/s 80IA.
    • Schedule – 80IC/ 80 – IE: Deduction’s computation u/s 80IC/ 80-IE.
    • Schedule – AMT: Alternate Minimum Tax’s computation u/s 115JC.
    • Schedule – VIA: Deduction’s statement (from the total income) as per Chapter VIA.
    • Schedule AMTC: Tax credit computation u/s 115JD.
    • Schedule – SPI: Income’s statement arising to minor child/ spouse/ son’s wife, or some other person or association of people to be included in the assessee’s income in Schedule – HP, CG, BP, and OS.  
    • Schedule – IF: All the information related to partnership firms wherein the assesses is a partner.
    • Schedule SI: Income’s statement that is taxable at some special prices.
    • Schedule EI: The income’s statement that is not included in the total income (exempt incomes).
    • Schedule FSI: Details of the income that is coming from outside India and tax relaxation.
    • Schedule – FA: Foreign Assets statement and income through any source that is outside India.
    • Schedule – TR: Tax relief statement that is claimed u/s 90 or section 90A or Section 91.
    • Schedule – 5A: Information related to the appointment of income between the spouses, which is governed by the Civil Code of Portuguese.
    • Schedule GST: Information related to Gross Receipt that is reported for GST/ turnover.
    • Schedule AL: Asset and Liability provided at the year-end. It is applicable where the total income is more than Rs.50Lakhs.
    • on Part B: Outline of the complete income and computation of tax concerning the chargeable income's total tax.
    • Verification
    • Tax Payments: All the details of the advance tax, self-assessment tax, and TDS.

The process to file the ITR 3 Form

A taxpayer should file ITR3 online:

The process to file online ITR 3 form is as follows:

  • By filing the return electronically with a digital signature.
  • By electronic transmission of data and after that submitting the return verification in the Return Form ITR – V.

If one submits his/her ITR 3 form electronically with the digital signature, then the acknowledgment is sent to his/her registered email id. One can also select its manual download from the website of the Income Tax Department. After doing the same, one is then needed to sign this and send it to the Department of the Income Tax's CPC office, which is in Bangalore within 3 months or 120 days of e-filing. It is to be remembered that form ITR 3 is an annexure-less form which means one does not have to attach any document with it while sending it.

Changes in ITR 3 Form for Assessment Year 2019 – 20

    • The field that is for the ‘Residential Status is categorized to ‘Residential status in India (for HUF)’ and ‘Residential status in India (for individuals)’.

In the situation of ‘Residential status in India (for Individuals)’, the three sub-categories are – Resident but not Ordinary Resident’, ‘Resident’, and ‘Non-Resident’. One has to tick the appropriate category to which he/she belongs. The taxpayers also have to provide the number of days of his/her residency in India.

Moving forward, in case of non-residents, one has to provide his/her residential jurisdiction(s) during the last year and provide the Taxpayer Identification Number(s) related to the jurisdictions. In addition to this, if one is not Indian citizen or a Person of Indian Origin (PIO), then his/her stay’s duration in India during the last year and his/her stays duration in last four years (in days) should be provided.

    1. In the situation when ITR is filed by some representative assessee, then additional information related to the capacity of the representative assessee (through drop-down) should be provided.
    2. The individual taxpayer should provide information about the Directorship he/she holds in any company during the last year as well as whether the shares are unlisted or listed.
    3. The individual taxpayer should provide information related to investments under unlisted shares of equity and the movement under such investments throughout the year.
    4. If an individual taxpayer is a partner in some firm, then he/she has to provide the details of PAN and name of the firm that is in partnership.
    5. The partners of the partnership firm as opposite to ITR 2 should file the return in ITR 3.
    6. All the details of the computation of the presumptive income u/s 44AD, 44AE, and 44ADA should be provided.
    7. In Part A – OI, one has to disclose the amount of expenditure that is disallowed under section 14A.
    8. The complete breakup of the exempt allowances and the deductions made under Schedule S – the details of income one gets from salary.
    9. In the Schedule – HP, in the details of income through house property, the PAN details of the tenant have to be given, if one has claimed the TDS credit.
    10. In the Schedule – OS, in any other income that is chargeable at some special rates, the taxpayer must give the details of every income that is mentioned therein. For example, income through units, interest income, etc.
    11. Under Schedule – 80G, bifurcation of the donations that are qualifying for the deductions in section 80G into cash or some other mode should be provided. The same disclosures have to be made in Schedule RA for the donations that are made towards research associations u/s 35.
    12. Under Schedule – VI A the introduction of section 80TTB that is the deduction for the senior citizens is introduced.
    13. Under Schedule FA, the following details should be provided, if occurred during the year:
      • Accounts of Foreign Depository (includes the beneficial interest),
      • Foreign Equity and Debt Interest (includes the beneficial interest),
      • Foreign Custodial Accounts (includes the beneficial interest),
      • Annuity Contract that was held (includes the beneficial interest),
      • Insurance Contract for Foreign Cash Value
  • Under Schedule GST, information related to the gross receipt that is reported for GST/ information related to turning over.

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