ITR-3 Form Filing

Who can file ITR 3?

ITR-3 is to be filed by individuals and HUFs who earn income from carrying on a profession or from a proprietary business. The ITR-3 form can be used if the assessee's income falls into one of the following categories:

• Income from carrying a profession

• Income from proprietary business

• Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.

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

If the individual or the Hindu Undivided Family is functioning as a partner of the partnership firm that is carrying out business or a profession, he cannot file Form ITR 3, as he will be eligible to file Form ITR 2.

Structure of Form ITR 3

ITR-3 is divided into:

Part A includes:

• Part A-GEN: General Information and the Nature of Business

• Part A-BS: Balance Sheet as of March 31, 2020, of the Proprietary Business or Profession

• Part A: Manufacturing Account: Manufacturing Account for the Financial Year

• Part A: Trading Account: Trading Account for the Financial Year

• Part A-P&L: Profit and Loss for the Financial Year

• Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)

• Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)

Schedules include:

• Schedule-S: Computation of income under the heading "Salaries."

• Schedule-HP: Computation of income under the heading 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 heading "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 heading "Income from other sources."

• Schedule-CYLA-BFLA: Statement of income after deducting current-year losses and Statement of income after deducting unabsorbed losses carried forward from previous years

• Schedule-CYLA: Income statement after deducting current-year 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: Deduction computation under Section 10AA

• Schedule 80G: Statement of donations entitled for deduction under Section 80G

• Schedule RA: A statement of donations to research organizations, etc., that are eligible for a deduction under Section 35(1)(ii), 35(1)(iiA), 35(1)(iii), or 35(2)(iii).

• Schedule-80IA: Computation of deduction under Section 80IA

• Schedule-80IB: Computation of deduction under Section 80IB

• Schedule 80IC/80-IE: Deduction computation 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 assessee, Income subject to a special rate of taxation; information on partnership firms in which the assessee 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 from the assessee's spouse, minor child, daughter's wife, or any other person or association of persons to be included 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 assessee 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 Sections 115UA and 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, 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 the Portuguese Civil Code

• Schedule AL: Assets and liabilities at the end of the year (applicable where the total income exceeds Rs 50 lakhs)

• Schedule DI: Schedule of tax-saving investments, deposits, or payments to claim deduction or exemption in the extended period

• Schedule GST: Information regarding turnover and gross receipts reported for GST

• Part B-TI: Computation of Total Income

• Part B-TTI: Computation of Tax Liability on Total Income Verification