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WHAT IS ITR 3
ITR-3 Form is for individuals and HUFs having income from a proprietary business or profession.
ITR-3 APPLICABLE FOR:
The persons having income from following sources are eligible to file ITR 3:
- Business or profession
- Return may include income from House property/ Salary/Pension and Income from other sources
- LIC Agents (Commission income)
WHO IS NOT ELIGIBLE TO FILE ITR 3 FORM:
- Individuals who are eligible to fill ITR-1
DUE DATE FOR FILING ITR-3 FORM
Due date of filing income tax return for FY 2017-18:
- 31st July 2018 for Individuals ( Audit is not required)
- 30th September, 2018 for Businesses (Audit is Mandatory)
CHANGES W.E.F. 1ST APRIL, 2018 (ITR-3 FY 2017-18 or AY 2018-2019)
- Late fee if IT return not filled on time.
- It is mandatory to disclose the Aadhar number while filing IT Return
- Declaration of value of assets and liabilities by Individuals/HUF earning above Rs 50 lakhs in Schedule ‘AL’
- It is mandatory to mention the registration number of the firm of Chartered Accountant which has done the audit in ITR forms.( if Audit mandatory)
- A field has been added to report the amount taxable as gift.
- Schedule PL has been modified for the taxpayers to provide GST related details.
- Capital gains as a result of transfer of unquoted shares
- A new field has been added to facilitate the claim for TDS credit where the TDS was deducted in the name of another person or from a common pool or other similar situations.
- Cess levied on your tax liability has been hiked by 1 per cent from the current 3 per cent to 4 per cent. ( For FY 2018-19)
DETAILS REQUIRED IN ITR-3 FORM
| SCHEDULES FOR FILING INCOME TAX RETURN | DESCRIPTION
|
| Personal Info., Filing Status, Audit Info | Details of Personal Information and filing status |
| Nature Of Business | Nature of business or profession, if more than one trade names please specify upto 3 trade names |
| PartA-BS | BALANCE SHEET AS ON 31ST DAY OF MARCH, 2018(fill items 1 to 5 in a case where regular books of accounts are maintained, otherwise fill item 6) |
| Part A-P & L | Profit and Loss Account for the previous year 2017-18(fill items 1 to 52 in a case where regular books of accounts are maintained, otherwise fill item 53) |
| PartA –OI | Other Information (optional in a case not liable for audit under section 44AB) |
| PartA-QD | Quantitative details (optional in a case not liable for audit under section 44AB) |
| PartB-TI, PartB-TTI, Verification | Computation of total income |
| Tax Payments | Details of payments of Advance Tax and Self-Assessment Tax |
| Tax Payments (TDS1, TDS2, TDS3) | Details of Tax Deducted at Source from SALARY, Details of Tax Collected at Source |
| Schedule S | Details of Salary |
| Schedule HP | Details of Income from House Property |
| Schedule BP | Computation of income from business or profession |
| Schedule DPM, Schedule DOA | Depreciation on Plant and Machinery , Depreciation on other assets |
| Schedule DEP, Schedule DCG | Summary of depreciation on assets, Deemed Capital Gains on sale of depreciable assets |
| Schedule ESR | Deduction under section 35 |
| Schedule CG | Capital Gains |
| Schedule OS | Income from other sources |
| Schedule CYLA, Schedule BFLA | Details of Income after set-off of current years losses, Details of Income after Set off of Brought Forward Losses of earlier years |
| Schedule CFL | Details of Losses to be carried forward to future Years |
| Schedule UD | Unabsorbed depreciation and allowance under section 35(4) |
| Schedule ICDS | Effect of Income Computation Disclosure Standards on profit |
| Schedule 10A, 10AA, 10B,10BA | Deduction under section 10A, Deduction under section 10AA |
| Schedule80-IA, IB, IC | Deductions under section 80-IA, Deductions under section 80-IB, Deductions under section 80-IC |
| Schedule VIA | Deductions under Chapter VI-A |
| Schedule 80G | Details of donations entitled for deduction under section 80G |
| Schedule SPI, Schedule SI, Schedule IF | Income of specified persons(spouse, minor child etc) includable in income of the assessee , Income chargeable to Income tax at special rates IB, Information regarding partnership firms in which you are partner |
| Schedule AMT | Computation of Alternate Minimum Tax payable under section 115JC |
| Schedule AMTC | Computation of tax credit under section 115JD |
| Schedule EI | Details of Exempt Income (Income not to be included in Total Income) |
| Schedule PTI | Pass Through Income details from business trust or investment fund as per section 115UA, 115UB |
| Schedule FSI | Details of Income from outside India and tax relief |
| Schedule TR,Schedule FA | Summary of tax relief claimed for taxes paid outside India, Schedule FA Details of foreign assets |
| Schedule 5A | Information regarding apportionment of income between spouses governed by Portuguese Civil Code |
| Schedule AL | Asset and Liability at the end of the year (other than those included in Part A – BS) |
*Not required to all Schedule, only applicable mandatory schedule have to fill.
WHAT ARE THE DIFFERENT MODE OF FILING ITR-3
- Online-Not directly ( Through xml file upload )
- Offline
PENALTY ON LATE FILING OF ITR
Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10K.
W.e.f. assessment year 2018-19, if assesse failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:
- 5000 if return is furnished on or before 31 December of assessment year.
- 10,000 in any other case.
- Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
- If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)
For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs. @ rocguru.com@gmail.com
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Author Bio
sir,
I am an LIC agent. 2018-2019 commission is Rs.70000/- I was told to file my it return in form ITR3.
I would like to know under which head of itr3 and which colomn , i should show my commission,
thank u.