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  • ITR 3

    Income Tax Returns - 3:

    There are various forms that the assessee uses while filing their income tax returns. ITR 3 is the form used by the individuals and Hindu Undivided Families who are registered as ‘Partners’ in a firm. This form is not applicable to the proprietors of the firm. This is applicable for the professionals but in a partnership profession. The partner must be earning income in the form of interest, salary, bonus, commission, etc.

    Who can use ITR 3?

    ITR 3 can be filed by:

    • Individual or Hindu Undivided Family who is a partner in a firm
    • Where the income chargeable to income includes income in the form of interest, salary, bonus, commission, remuneration, due to, received by him from such firm.

    ITR 3 Form:

    The ITR 3 form of Indian Income Tax Return for individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship is divided into 2 main parts:

    Part A: General information

    Part B: Outline of the total income and computation of tax with respect to income that is chargeable to tax. Part B includes 23 schedules.

    PART A of ITR 3:

    In the Part A you will have to fill out the following general information:

    Name

    First name

    Middle name

    Last name

    This must be in accordance to your official records.

    PAN card number

    You must fill in the 10 digit PAN number here.

    Office address

    The office address must include the following:

    • Flat/Door/Block number

    • Name of Premises/Building/Village

    • Road/Street/Post office

    • Area/Locality

    • Town/City/District

    • State

    • Pin code

    • Residential/Office phone number along with the STD code

    • Mobile number

    Other personal information

    This includes the following:

    • Status: Individual or Hindu Undivided Family

    • Date of birth in the DD/MM/YYYY format

    • Sex (in case of individual): Male or Female

    • Employer category (if employed): Government, PSU or others

    Filing status

    This part requires you to fill up the following:

    • Email address

    • Income tax ward/circle

    • Return field: Before due date- 139(1), After due date – 139(4), Revised return – 139(5) or 139(9), 142(1), 148, 153A/153C

    • If revised, you will have to enter the receipt number and date of the filing return

    • Residential status: Resident, Non-resident or Resident but not ordinarily resident

    • If the return is being filed by a representative assessee: Yes or No. If yes, furnish- Name of representative, address of representative and PAN number of the representative.

    PART B of the ITR 3:

    The Part B has 23 sections, they are as follows:

    Section

    Particulars

    Section TI – Total Income

    This section requires you to fill in the following:

    • Salaries

    • Income from house property

    • Profits and gains from business or profession

    • Capital gains: Short term, Long Term and Total Capital Gains.

    • Income from other sources: such as income from sources other than owning a racehorse, income from owning a racehorse and the total income.

    • Total income that includes salaries, income from house property, profits and gains from business or profession, total capital gains and total income from other sources.

    • Losses for the current year as against total income

    • Balance after setting off current year loss: Total income minus Losses for current year

    • Brought forward losses set off against balance after setting off current year loss

    • Gross total income: Balance after setting off current year loss minus Brought forward losses

    • Deductions under Chapter VI-A

    • Total income: Gross total income minus Deductions under Chapter VI-A

    • Net agricultural income or any other income for rate purpose

    • Aggregate income: Total income plus Net agricultural income or any other income for rate purpose

    • Losses of current year to be carried forward

    Section TTI – Computation of Tax liability on total income

    This section requires you to fill in the following 3 parts

    Part 1: Computation of liability:

    • Tax payable on total income

    • Education cess includes secondary and higher education cess

    • Gross tax liability: Tax payable on total income plus the education cess

    • Tax relief

    • Net tax liability: Gross Tax Liability minus the total tax relief

    • Interest payable

    • Aggregate liability: Net tax Liability plus total interest payable

    Part 2: Taxes Paid:

    • Taxes paid

    • Amount payable, if aggregate liability is more than the taxes paid

    Part 3: Refund:

    • Refund, if the taxes paid is more than the aggregate liability

    • Bank account number (mandatory)

    • Do you want your refund by: cheque or deposited to your bank account

    • Additional bank details: MICR Code, Type of Account (Current or savings)

    • If you have any asset outside India (yes/no)

    • Signing authority in any account is located outside India (yes/no)

    The final step is verification, you will have to fill in your name, and name of your parent, and the PAN card number, place, date and finally your signature is required.

    If the return is prepared by a Tax Return Preparer, the following detail has to be given:

    • Identification number of Tax Return Preparer

    • Name of Tax Return Preparer

    • Counter signature of Tax Return Preparer

    • If Tax Return Preparer is entitled for any reimbursement from the government, the amount thereof must be mentioned.

    Schedule S – Details of Income from Salary

    You will be required to fill out the following details:

    • Name of employer

    • PAN of employer

    • Address of employer: Town/city, State, Pin code

    • Salary

    • Allowances exempt under Section 10

    • Allowances not exempt

    • Value of perquisites

    • Profits in lieu of salary

    • Income chargeable under the head salaries: Salary plus Allowances not exempt plus Value of perquisites plus Profits in lieu of salary

    Schedule HP – Details of Income from House Property

    This section requires you to submit the following details:

    1. Address of property 1: Town/City, State, PIN Code.

    • Is the property co-owned? (Yes/No)

    • Your share of property

    • Name of co-owner, PAN Card number of co-owner, percentage share in property

    • If property is let-out, then include: Name of tenant and PAN Card number of tenant.

    • Annual rent received

    • Amount of rent that is not realized

    • Tax paid to local authorities

    • Total: Amount of rent that is not realized plus tax paid to local authorities

    • Balance: annual rent received minus total

    • 30% of the balance

    • Interest payable on borrowed capital

    • Total: 30% of balance plus interest payable on borrowed capital

    • Income from house property: (annual rent received minus total) minus (30% of balance plus interest payable on borrowed capital)

    1. Address of property 2: same as above.

    2. Income under the head income from house property:

    • Rent of earlier year realized under Section 25A/AA

    • Arrears of rent received during the year under Section 25B after deducting 30%

    • Total: Rent of earlier year realized under Section 25A/AA plus Arrears of rent received during the year under Section 25B after deducting 30% plus total income from house property 1 plus total income from house property 2.

    Section IF – Information regarding partnership firms in which you are a partner

    This sections requires you to furnish the following details:

    • Number of firms that you are a partner at

    • Name of the firm

    • PAN card number of the firm

    • Percentage share in the profit of the firm

    • Amount of share in the profit

    • Capital balance as on 31st March in the firm

    • Total

    Schedule BP – Details of income from firms in which you are a partner

    You will be required to fill out the following details:

    • Firm PAN number

    • Salary, Bonus, Commission or Remuneration received from the firm

    • Interest received from the firm on the capital

    • Total (Salary, bonus, commission, remuneration plus interest received on the capital)

    • Expenses in relation to the total

    • Net income: Total minus Expenses in relation to the total

    • Total

    Schedule CG – Capital Gains

    This section requires you to fill out 4 parts:

    Part A: Short Term Capital Gain

    • From assets in case of non-resident to which first provision to Section 48 is applicable

    • From assets in case of other

    • Amount deemed to be short term capital gains under Section 54B, 54D, 54EC, 54ED, 54G, 54GA

    • Total short term capital gain: From assets in case of non-resident to which first provision to Section 48 is applicable plus short term capital gain plus Amount deemed to be short term capital gains under Section 54B, 54D, 54EC, 54ED, 54G, 54GA

    • Short term capital gain under Section 111A included in total short term capital gain

    • Short term capital gain other than that referred to in Section 111A: Total short term capital gain minus Short term capital gain under Section 111A included in total short term capital gain

    Part B: Long Term Capital Gain

    • Asset in case of non-resident to which first provision to Section 48 is applicable

    • Asset in the case of others where provision under Section 112(1) is not exercised

    • Asset in case of others where provisions under Section 112(1) is exercised

    • Amount deemed to be long term capital gains under Sections 54, 54B, 54D, 54EC, 54ED, 54F

    • Total long term capital gains: Asset in case of non-resident to which first provision to Section 48 is applicable plus Net balance of Asset in the case of others where provision under Section 112(1) is not exercised plus net balance of Asset in case of others where provisions under Section 112(1) is exercised plus Amount deemed to be long term capital gains under Sections 54, 54B, 54D, 54EC, 54ED, 54F

    Part C: Income Chargeable under the head ‘ Capital Gains’: Total short term capital gains plus Total long term capital gains

    Part D: Information about accrual or receipt of capital gains

    • Long term where provision under Section 112(1) is exercises without indexation: Up to 15/9, 16/9 to 15/12, 16/12 to 15/3, 16/3 to 31/3

    • Long term where provision under Section 112(1) is not exercised with indexation: Up to 15/9, 16/9 to 15/12, 16/12 to 15/3, 16/3 to 31/3

    • Short term under 111A: Up to 15/9, 16/9 to 15/12, 16/12 to 15/3, 16/3 to 31/3

    • Short term other: Up to 15/9, 16/9 to 15/12, 16/12 to 15/3, 16/3 to 31/3

    Section OS – Income from other sources

    This section requires you to furnish the following details:

    • Income

    • Winnings from lotteries, crossword puzzles, races, etc.

    • Income from other sources

    • Income from owning and maintaining race horses

    • Income chargeable under the head ‘Income from other sources’: Income from other sources plus Balance left from income from owning and maintaining race horses.

    Schedule CYLA – Details of income after set-off of current year losses

    This section requires you to fill out the following:

    • Source of income: Salaries, house property, business or profession, short term capital gain, long term capital gain, other sources, profit from owning and maintaining race horses

    • Income for current year for the different sources of income

    • House property loss of current year set off

    • Business loss

    • Other sources loss of the current year set off

    • Current year’s income remaining after set off

    • Total loss set off

    • Loss remaining after set off

    Schedule BFLA – Details of income after set off of brought forward losses of earlier years

    You will have to fill out the following details:

    • Source of income: Salaries, house property, business or profession, short term capital gain, long term capital gain, other sources, profit from owning and maintaining race horses

    • Income after set off, if any, for the current year’s losses for the source of income

    • Brought forward loss set off for the source of income

    • Current year’s income remaining after set off for the different source of income.

    • Total of brought forward loss set off

    • Current year’s income remaining after set off for the different source of income

    Schedule CFL – Details of losses to be carried forward to future years

    The following will have to be filled in for the various assessment years:

    • Assessment years are: 2004-05, 2005-06, 2006-07, 2007-08, 2008-09, 2009-10, 2010-11, 2011-2012

    • The following details have to be filled out for the above assessment year: Date of filing, house property losses, business or profession, short term capital loss, long term capital loss, other sources loss

    • Total of earlier year losses

    • Adjustment of above losses in Schedule BFLA

    • Current year losses

    • Total loss carried forward for future years

    Schedule VIA – Deductions under Chapter VI-A

    The following deductions will have to be filled out:

    • 80C

    • 80CCC

    • 80CCD

    • 80CCF

    • 80D

    • 80DD

    • 80DDB

    • 80E

    • 80G

    • 80GG

    • 80GGA

    • 80GGC

    • 80QQB

    • 80RRB

    • 80U

    • Total deductions

    Schedule 80C – Details of donations entitled for deduction under Section 80G

    The following is to be included in this section:

    • Donations entitled for 100% deduction without qualifying limit: Name and address of donee, PAN of donee, Amount of donation, eligible amount of donation and total

    • Donations entitled for 50% deduction without qualifying limit: Name and address of donee, PAN of donee, Amount of donation, eligible amount of donation and total

    • Donations entitled for 100% deduction subject to qualifying limit: Name and address of donee, PAN of donee, Amount of donation, eligible amount of donation and total

    • Donations entitled for 50% deduction subject to qualifying limit: Name and address of donee, PAN of donee, Amount of donation, eligible amount of donation and total

    • Total donations made under the above mentioned donations.

    Schedule SPI – Income for specified person includable in income of the assessee

    This section requires you to fill out the following:

    • Name of person

    • PAN of person

    • Relationship

    • Nature of Income

    • Amount in Rupees

    Schedule SI – Income chargeable to Income Tax at special rates IB

    You will be required to fill out the following:

    • Section code: 1A, 22, 21, 5BB

    • Special rate in percentage: 15, 10, 20, 30

    • Income

    • Tax thereon

    Section E1 – Details of exempt income

    You will have to fill out the following:

    • Interest income

    • Dividend income

    • Long term capital gains on which Securities Transaction Tax is paid

    • Net agriculture income or any other income for rate purpose

    • Share in profit of Firm or AOP, etc.

    • Others

    • The total of the above

    Schedule IT – Details of advance tax and self-assessment tax payments of Income Tax

    You will have to provide the following information:

    • BSR Code

    • Date of deposit

    • Serial number of Challan

    • Amount in Rupees

    Schedule TDSI – Details of tax deducted at source from salary

    You will be required to fill out the following:

    • Tax Deduction Account Number of the employer

    • Name of employer

    • Income chargeable under salaries

    • Total tax deducted

    Schedule TDS2 – Details of tax deducted at source on income

    You will be required to furnish the following details:

    • TAN number of the deductor

    • Name of deductor

    • Unique TDS certificate number

    • Financial year in which TDS is deducted

    • Total tax deducted

    • Amount that is claimed this year

    Schedule TR – Details of Tax Relief claimed under Section 90 and Section 90A or Section 91

    You will have to furnish the following details:

    • Country name

    • Country code

    • TAN number of the taxpayer in the respective country

    • Income in Rupees

    • Tax paid in Rupees

    • Total tax relief claimed in Rupees

    Schedule FA – Details of Foreign Assets

    The following details will have to be furnished:

    • Details of foreign bank accounts: country name, country code, name and address of the bank, name mentioned in the account and peak balance during the year in Rupees

    • Details of financial interest in any entity: country name, country code, name of entity, name and address of entity and total investment in Rupees

    • Details of immovable property: country name, country code, address of property and total investment in Rupees

    • Details of any other asset: country name, country code, nature of asset and total investment in Rupees

    • Details of account or accounts in which you have signing authority and which has not been included: name of the institution in which the account is held, address of institution, name mentioned in the account and the peak balance during the year in Rupees

    How to file ITR 3?

    The above sections will have to be addressed in the form. Please note the following:

    • The schedule that is not applicable to you, just put ‘----NA----‘.
    • If there is no figure to denote, put Nil.
    • If there is a negative balance and you are writing it against a profit column, then put ‘-‘sign before the figure.
    • Round off the figures to the nearest one rupee.
    • The total income or loss payable must be rounded off the nearest multiple of Rs.10.
    • Fill out the Sections in Part A, then move on to fill the 23 Schedules in Part B. Finally verify the document.

    The ITR 3 can be filed in two ways:

    • Offline: You can furnish the return in a paper form and through a bar-coded return
    • Online: You can furnish the return electronically using a digital signature. The data can be transmitted after submitting the verification of the return.
    • Assessee has to print out two copies of the ITR form when he is filing the return online.

    The returns have to be filed electronically when:

    • The resident assessee has assets outside India or if the signing authority is located outside India.
    • Assessees with more than Rs.5 lakh total income are required to furnish the returns electronically.
    • Assessees claiming relief under Section 90, 90A or 91 for whom Schedule FSI and Schedule TR applies must file the returns electronically.
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