Documents Required For ITR-3 Return Filing

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Form 16 / Salary Slips (in case of income from salary)

Proof of Rental Income if any

Proof of Investments to claim Tax Exemption

Form 26AS

Monthly Purchase Bill

Monthly Sales Bill

Day to day Administration expenses and General expenses details

Fixed Assets Invoice Copy (if Applicable)

Investment details made by Cash

Investment details made through Bank

Outstanding receivables and payables

Bank Statement

Break-up of Bank Statement

Proof of Foreign Income (if applicable)

Details of Foreign Assets (if applicable)

ITR-3 Return Filing FAQ’s

What is the ITR 3 form?

The ITR-3 form is an income tax return form used in India for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession.

Who should file the ITR-3 form?

Individuals or HUFs should file the ITR-3 form if they meet specific criteria, including being a company director, receiving pension income, earning income from house property, or having investments in unlisted equity shares.

Who is not eligible to file the ITR-3 form?

Individuals or HUFs earning income as a partner of a partnership firm engaged in a business or profession fall out of ITR 3 applicability. They should file the ITR-2 form instead of the ITR-3.

What is ITR 3 due date for filing it for non-audit cases in the assessment year 2023-24?

The due date for non-audit cases for the assessment year 2023-24 is July 31, 2023.

What are the penalties for late filing of the ITR-3 form in India?

If filed after the due date but before December 31 of the assessment year, a late filing fee of 5,000 may be levied. If filed after December 31, a late filing fee of 10,000 may be levied. The fee may vary based on income and other factors.

What documents are required to file the ITR-3 form?

Required documents include PAN, Aadhaar card, bank account details, Form 16 (if applicable), investment details, and books of accounts (for business or professional income).

How many sections are there in the ITR-3 form?

The ITR-3 form is divided into six sections: General Information, Income Details, Deductions and Taxes Paid, TDS/TCS Credit, Verification and Declaration, and Schedules.

What information is required in the “Income Details” section of the ITR-3 form?

This section requires disclosure of income from various sources, including salaries, pensions, annuities, family pensions, and other avenues, along with total taxable income and tax liability calculation.

Can I claim deductions in the ITR-3 form?

Yes, you can claim deductions permitted under various sections of the Income Tax Act in the “Deductions and Taxes Paid” section.

What is TDS and TCS credit in the ITR-3 form?

TDS stands for Tax Deducted at Source, and TCS stands for Tax Collected at Source. You need to include details of these credits in the respective section.

How can I verify my ITR-3 form?

You can verify your ITR-3 form either through a digital signature or by sending a physical copy of the signed return to the Centralized Processing Center (CPC).

Why should I choose IndiaFilings for filing the ITR-3 form?

IndiaFilings offers expert guidance, accurate filing, documentation assistance, secure filing, and timely reminders to simplify the ITR-3 filing process.

What services does IndiaFilings provide to simplify ITR-3 filing?

IndiaFilings offers expert guidance, document management, deduction optimization, review and verification, secure filing, timely reminders, and post-filing support to simplify ITR-3 filing.

Is there a specific format to fill out the ITR-3 form?

Yes, the ITR-3 form must be filled out following the format and guidelines provided by the Income Tax Department.

Are there any exceptions to the late filing penalties for the ITR-3 form?

If your total income is less than 5 lakh, the maximum late filing fee is capped at 1,000.

What should I do if I miss the due date for filing the ITR-3 form?

If you miss the due date, you should file your ITR-3 form as soon as possible to avoid additional late filing penalties and potential legal consequences.

Is it essential to file the ITR-3 form accurately and on time?

Yes, filing the ITR-3 form accurately and on time is crucial to avoid penalties and comply with tax regulations. Our experts can help you file ITR-3 error-free.

What is the benefit of using IndiaFilings for ITR-3 filing?

IndiaFilings ensures a smooth filing experience, allowing you to focus on your business and financial well-being while meeting your tax obligations.

Can I contact IndiaFilings for assistance with my ITR-3 filing?

Yes, you can contact IndiaFilings for expert assistance with your ITR-3 filing.

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