ITR-3 Return Filing

ITR 3 RETURN FILING

Individuals and Hindu Undivided Families who gain profit from a business or profession can file ITR 3.

ITR-3 can’t be filed by an individual or the Hindu undivided family who has an income as a partner of any partnership firm that's completing business though these individuals can file ITR-2.

Body of ITR 3

Part A-GENRAL: General information and Nature of Business

Part A-BS: Record as of March 31, 2020, of the Proprietary

Business or the Profession

Part A- Manufacturing Account: Manufacturing Account for the fiscal year 2019-2020

Part A- Trading Account: Trading Account for the fiscal year 2019-2020

Part A-P&L: Profit and Loss of the fiscal year 2019-2020

Part A-OI: Other Information (optional during a case not responsible for audit under Section 44AB)

Part A-QD: Quantitative Details (optional during a case not responsible for audit under Section 44AB)

Within the Schedules:

• Schedule-S: Computation of income under the head Salaries.
• Schedule-HP: Computation of income under the head Income from House Property
• Schedule BP: Computation of income from business or profession
• Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
• Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
• Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
• Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
• Schedule ESR: Deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule 112A: Details of Capital Gains where section 112A is applicable
• Schedule 115AD(1)(iii) Provision: For Non-Residents Details of Capital Gains where section 112A is applicable
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule CFL: Statement of losses to be carried forward to future years.
• Schedule- UD: Statement of unabsorbed depreciation.
• Schedule ICDS: Effect of Income Computation Disclosure Standards on Profit
• Schedule- 10AA: Computation of deduction under section 10AA.
• Schedule 80G: Statement of donations entitled for deduction under section 80G.
• Schedule RA: Statement of donations to research associations etc. entitled for deduction under section 35(1)(ii) or
• 35(1)(iiA) or 35(1)(iii) or 35(2AA)
• Schedule- 80IA: Computation of deduction under section 80IA.
• Schedule- 80IB: Computation of deduction under section 80IB.
• Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
• Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule SPI-SI-IF: Income of specified persons(spouse, minor, etc) includable in the income of the taxpayer, Income chargeable at special rates, info partnership firms in which taxpayer is a partner.
• Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• Schedule SPI: Statement of income arising to spouse/ minor child/ son's wife or any other person or association of persons to be included in the income of the taxpayer in Schedules-HP, BP, CG, and OS.
• Schedule SI: Statement of income which is chargeable to tax at special rates
• Schedule-IF: Information regarding partnership firms in which the taxpayer is a partner.
• Schedule EI: Statement of Income not included in total income (exempt incomes)
• Schedule PTI: Pass-through income details from a business trust or investment fund as per section 115UA, 115UB
• Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
• Schedule FSI: Details of income from outside India and tax relief
• Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
• Schedule FA: Statement of Foreign Assets and income from any source outside India.
• 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 (applicable where the total income exceeds Rs 50 lakhs)
• Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
• Schedule GST: Information regarding turnover/ gross receipt reported for GST
• Part B-TI: Computation of Total Income.
• Part B-TTI: Computation of tax liability on total income.
• Verification

Points to note:

Important instructions to follow while filing ITR 3:

1. The taxpayer can use -NA-, if the schedule isn’t applicable.
2. Nil is used when no figure is there to mention.
3. To represent a negative balance in the profit column, it should be preceded with “- “sign.
4. Figures must be rounded to the nearest 1 rupee.
5. Sum income or the loss amount to pay must be rounded to the multiple of rs.10.
6. Before verifying the document, the Part A section should be filled followed by the 23 schedules.