ITR 3 Return Filing

What is the ITR 3 Form's structure for AY 2022-23?

ITR-3 is split into 3 sections.

Part A

• Part A-GEN: General information and Nature of Business
• Part A-BS: Balance Sheet of the Proprietary Business or Profession as of March 31, 2021
• Manufacturing Account (Part A): Manufacturing Account for the fiscal year 2020-21
• Part A: Trading Account: Trading Account for the 2020-21 fiscal year
• Profit and Loss for the Financial Year 2020-21 (Part A-P&L)
• Other Information (Part A-OI) (optional in a case not liable for audit under Section 44AB)
• Quantitative Details (Part A-QD) (optional in a case not responsible for audit under Section 44AB)

The schedules after that are as follows:

• Schedule-S: Income computation under the heading Salaries.
• Computation of income under the heading Income from House Property (Schedule-HP).
• Calculation of income from a business or profession (Schedule BP)
• Schedule DPM: Income-tax Act computation of depreciation on plant and machinery Schedule DOA: Income-tax Act computation of depreciation on other assets Schedule DEP: Income-tax Act summary of depreciation on all assets
• Calculation of presumed capital gains on the sale of depreciable assets (Schedule DCG)
• Schedule ESR deduction under section 35 (expenditure on scientific research)
• Schedule-CG: Income computation under the heading Capital gains.
• Schedule 112A: Particulars of Capital Gains in Cases Where Section 112A Applies
• 115AD(1)(b) of the Schedule (iii)
• For Non-Residents, there is a provision. Particulars of Capital Gains in Cases Where Section 112A Applies
• Computation of revenue under the heading income from other sources on Schedule-OS.
• Schedule-CYLA-BFLA: Income statement after set-off of current-year losses and income statement after set-off of unabsorbed losses carried forward from previous years.
• Schedule-CYLA: Income statement after losses from the current year have been deducted.
• Schedule BFLA: Income statement after set-off of unabsorbed loss carried forward from previous years.
• Schedule-UD: Unabsorbed depreciation statement.
• Effect of Income Computation Disclosure Standards on Profit (Schedule ICDS)
• Schedule 10AA: Deduction computation based on section 10AA.
• Schedule 80G: A statement of charitable contributions eligible for a deduction under section 80G.
• Schedule RA: Statement of donations to research associations and other organisations eligible for a deduction under section 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(1)(iv) or 35(1)(iv) or 35(1)(iv) or 35(1)(iv) or 35(1)(iv) or 35(1)(iv) or 35(1)(i (2AA)
• Calculation of the deduction under section 80IA on Schedule-80IA.
• 80IB Schedule: Calculation of the deduction under section 80IB.
• Schedule-80IC/80-IE: Deduction computation under sections 80IC/80-IE.
• Schedule VI-A: Statement of Chapter VIA deductions (from total income).
• Computation of the Alternate Minimum Tax Due Under Section 115JC (Schedule AMT)
• Computation of the tax credit under section 115JD on Schedule AMTC
• Schedule SPI: Income from a spouse, minor child, son's wife, or other individual or group should be included in the assessee's income in Schedules HP, BP, CG, and OS.
• Schedule SI: Statement of income subject to special rates of taxation.
• Information on partnership firms where the assessee is a partner (Schedule-IF).
• Statement of Income not included in total income (Schedule EI) (exempt payments)
• Schedule PTI: As required by sections 115UA and 115UB, pass-through income data from business trust or investment fund.
• Schedule TPSA: Section 92CE secondary adjustment to transfer price (2A)
• Schedule FSI: Information on income earned outside of India and tax benefits
• Statement of tax relief claimed under section 90, section 90A, or section 91 (Schedule TR).
• Statement of Foreign Assets and Income from Any Source Outside India (Schedule FA).
• Schedule 5A: Information on how the Portuguese Civil Code regulates income division between spouses.
• Assets and liabilities at the end of the year (Schedule AL) (applicable where the total income exceeds Rs 50 lakhs)
• Schedule GST: Information on gross receipts/turnover submitted for GST.
• Part B-TI: Total Income Calculation
• Part B-TTI: Calculation of total income tax liability.
• Verification

Frequently Asked Questions

I am a person with a business income who has chosen presumptive taxes. Is ITR 3 applicable to me?

If you choose presumptive taxation for your business or profession, ITR3 will not apply to you. For you, ITR 4 will be appropriate.

Is ITR-3 applicable to all taxpayers with a business income?

ITR-3 will not apply to individuals or HUFs with business or profession income that is not subject to presumptive taxation.

ITR 3 vs ITR 4: What's the difference?

A person or a HUF with income from any business or profession are not eligible to use ITR 4; you must use ITR 3.

Who is ineligible to file an ITR-3?

Individuals or HUFs who generate income as partners in a partnership firm engaged in a business or profession are not eligible to file Form ITR-3.

Is it possible for a paid employee to submit an ITR 3?

ITR-3: If you get income through a salary, a business or profession, a house property (one or multiple), capital gains, or other sources, you can submit an ITR-3 as a salaried employee.

Is it possible to submit ITR 3 without an audit?

Yes, you can submit ITR 3 without going through an audit. In the case of intraday trading, turnover is the total of profits and losses. You can pay tax on 6% of your revenue and file an ITR-3 without being audited.

Is a balance sheet required for the ITR 3?

ITR 3 Financial Statements - Balance Sheet and Profit and Loss (P&L)
It is obligatory to report financial accounts in the Income Tax Return if the taxpayer receives income from a business or profession and does not elect Presumptive Taxation. The two financial statements are the profit and loss statement and the balance sheet.

Why are 2021 claims taking so long?