ITR-3 form – Meaning, eligibility, and due date with PDF download
A synopsis of ITR 3 Form
In this post, we will discuss the ITR-3 form and its other aspects. Let’s look at each of these sections in detail:
Meaning of ITR 3 Form
The ITR 3 applies to individuals and HUFs who get their income from earnings / gains from their business or profession. Individuals/HUFs with revenue from the following sources may submit ITR 3:
- Running a business or practising a profession (both tax audit and non-audit cases)
- The income tax return may contain income from real estate, salary/pension, capital gains, and other sources.
Eligibility
Individuals and Hindu Undivided Families (HUF) must submit the ITR 3 Form if their gross income includes the following:
1) Income from a single or several residential properties.
2) The income generated by short-term or long-term capital gains.
3) The Income from a profession or business carried out through a proprietorship firm held by a person or HUF.
4) Income from legal gambling, such as the lottery, horse racing, and sports betting.
5) Income generated by individuals’ overseas assets.
Due dates for filing ITR 3
- In the case of individuals and HUFs with salary income, House property, Capital gains, and business, and not in partnership business and eligible for filing ITR4, the due date is 31 July of every assessment year.
- For Audit cases, it is 30 September of every assessment year.
- For transfer pricing, it is 30 November of every assessment year.
Changes in ITR 3 form for AY 2023-24
The assessment year 2023-24 has brought several significant changes to ITR-3, and the major modifications in this form include:
- Cash Deposits: Assesses must disclose cash deposits exceeding ₹1 crore in the current account with any bank.
- Foreign Travel Expenditure: Individuals need to report expenditures on foreign travel that exceed ₹2,00,000.
- Electricity Charges: It must be disclosed if the taxpayer incurs electricity charges exceeding ₹1,00,000.
- Capital Gains on Property Sale: Details of short or long-term capital gains from the sale of buildings and land must be furnished. This includes the taxpayer’s PAN or Aadhaar information, residential address, and percentage share of ownership.
- Schedule 112 A: Introduction of a separate schedule for calculating long-term capital gains on selling business units liable to Securities Transaction Tax (STT) or equity shares.
- Directorship and Unlisted Equity Investments: If a taxpayer holds the position of a company director or has unlisted equity investments, the ‘Type of Company’ must be disclosed.
- Tax Deduction Claims: Individuals must provide details of tax deduction claims for expenditures, payments, or investments made between 1 April 2022 and 30 June 2023.
Download ITR 3 Form
With that, we have come to the end of this post on ITR 3 form. Share your queries and opinions with us in the comment section below.
FAQ
1. Who can submit an ITR 3?
Ans: Individuals and HUFs with income from enterprises and professions other than those covered by presumptive taxation must file ITR-3.
2. What exactly is EVC?
Ans: EVC stands for Electronic Verification Code. It is a ten-digit alphanumeric code that is unique to each PAN number.
3. How can I generate an EVC (Electronic Verification Code)?
Ans: EVC may be generated using a bank ATM, a bank account number, net banking, Aadhar OTP, or a Demat account.
4. What happens after the E-verification process?
Ans: Check the ITR status once you have verified ITR 3 online. The ITR will be processed, and the IT department will contact you.
