Expert Assistance for ITR 3 Form Filing

At Global Taxman, we're your trusted partner for simplifying the ITR-3 form filing process, making it easy, precise, and stress-free. As a leading online platform specializing in tax and compliance solutions, we understand that navigating the intricacies of income tax returns can be overwhelming. Whether you're an individual with income from business or a Hindu Undivided Family (HUF) looking to meet your tax obligations, our expert team is here to assist you at every step.

What is ITR 3 Form?

The ITR 3 Form is crucial for taxpayers earning income from a business or a profession. It plays a vital role in the Income Tax Department's efforts to collect comprehensive financial information, ensuring tax compliance.

Who Should File ITR-3 Form?

The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following ITR 3 applicability criteria:

• Directorship: The taxpayer is a director of a company or is engaged in a business.
• Residential Status: The taxpayer's residential status can be either resident or non-resident of India.
• Pension Income: The taxpayer is receiving income from a pension.
• House Property Income: The taxpayer is earning income from house property.
• Investments in Unlisted Equity Shares: The taxpayer has investments in unlisted equity shares.
• Income Under 'Profits and Gains of Business or Profession': The taxpayer's income is taxable under the category of 'profits and gains of business or profession.'

Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:

• Income from a single-house property or multiple-house property.
• Income from activities like lotteries, betting on races, and other legal forms of gambling as per Indian law.
• Income from short-term or long-term capital gains.
• Income earned from a business or profession conducted under a proprietorship firm owned by the individual or a Hindu Undivided Family (HUF).
• Income earned from foreign assets.

Who is Not Eligible to File the ITR 3 Form?

An individual or Hindu Undivided Family (HUF) earning income as a partner of a partnership firm engaged in a business or profession is not eligible to file ITR-3. In such cases, they should file ITR-2 instead.

Due Date for Filing Form ITR3

The due date for filing the ITR Form 3 varies depending on whether the case is an audit case or a non-audit case:

• Non-audit Cases: The due date is July 31, 2023.
• Audit Cases: The due date is October 31, 2023.

These dates are subject to change by the income tax authorities, so it's essential to stay updated with any revisions or extensions of the due dates.

Late Filing Penalties for ITR3 Form

• If you file your return after the due date but before December 31 of the assessment year: A late filing fee of ₹ 5,000 may be levied.
• If you file your return after December 31 of the assessment year: A late filing fee of ₹ 10,000 may be levied.

If your total income is less than ₹ 5 lakh, the maximum late filing fee is capped at ₹ 1,000. It's advisable to file your ITR form 3 on time to avoid these penalties and any potential legal consequences.

Documents Required for ITR 3 Form

To file your income tax return (ITR) on Global Taxman for ITR-3, the following documents are needed:

• PAN (Permanent Account Number)
• Aadhaar Card
• Bank account details (account number and IFSC code)
• Form 16, if applicable (for salaried individuals)
• Details of your investments
• Books of accounts (if you have a business or professional income)

Sections of the ITR 3 Form

• General Information: Provide personal particulars, including name, address, date of birth, and PAN number.
• Income Details: Disclose income from various sources like salaries, pensions, and annuities.
• Deductions and Taxes Paid: Claim deductions and report taxes paid during the financial year.
• TDS/TCS Credit: Include details regarding any TDS or TCS credits applicable to you.
• Verification and Declaration: Validate your return through a digital signature or by dispatching a signed return to the CPC.

Why Choose Global Taxman for ITR3 Form Filing?

Global Taxman is your ideal partner for ITR3 Form filing, offering expert guidance, accuracy, timely filing, documentation assistance, and a secure platform. We simplify the process, ensuring your compliance with tax regulations.

How Global Taxman Simplifies Your ITR-3 Filing

Filing your ITR-3 form accurately and on time is crucial. Global Taxman makes it hassle-free with expert guidance, a user-friendly platform, document management, deduction optimization, review, and post-filing support.