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

The ITR-3 Form for Assessment Year (AY) 2022-23 is structured as follows:

Part A

1. Part A-GEN: General information and Nature of Business.
2. 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).

Schedules

1. Schedule-S: Income computation under the heading Salaries.
2. Schedule-HP: Computation of income under the heading Income from House Property.
3. Schedule-BP: Calculation of income from a business or profession.
4. Schedule DPM: Income-tax Act computation of depreciation on plant and machinery.
5. Schedule DOA: Income-tax Act computation of depreciation on other assets.
6. Schedule DEP: Income-tax Act summary of depreciation on all assets.
7. Schedule DCG: Calculation of presumed capital gains on the sale of depreciable assets.
8. Schedule ESR: Deduction under section 35 (expenditure on scientific research).
9. 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, particulars of Capital Gains under Section 112A.
10. Schedule-OS: Computation of income under the heading income from other sources.
11. Schedule-CYLA-BFLA: Income statement after set-off of current-year losses and unabsorbed losses carried forward.
12. Schedule-CYLA: Income statement after current-year losses deduction.
13. Schedule BFLA: Income statement after set-off of unabsorbed loss carried forward.
14. Schedule-UD: Unabsorbed depreciation statement.
15. Schedule ICDS: Effect of Income Computation Disclosure Standards on Profit.
16. Schedule 10AA: Deduction computation based on section 10AA.
17. Schedule 80G: Statement of charitable contributions eligible for a deduction under section 80G.
18. Schedule RA: Statement of donations eligible for deduction under section 35.
19. Schedule-80IA: Calculation of the deduction under section 80IA.
20. Schedule 80IB: Calculation of the deduction under section 80IB.
21. Schedule-80IC/80-IE: Deduction computation under sections 80IC/80-IE.
22. Schedule VI-A: Statement of Chapter VIA deductions (from total income).
23. Schedule AMT: Computation of the Alternate Minimum Tax Under Section 115JC.
24. Schedule AMTC: Computation of the tax credit under section 115JD.
25. Schedule SPI: Income from a spouse, minor child, etc.
26. Schedule SI: Statement of income subject to special rates of taxation.
27. Schedule-IF: Information on partnership firms.
28. Schedule EI: Statement of Income not included in total income (exempt payments).
29. Schedule PTI: Pass-through income data from business trust or investment fund.
30. Schedule TPSA: Section 92CE secondary adjustment to transfer price.
31. Schedule FSI: Information on income earned outside of India and tax benefits.
32. Schedule TR: Statement of tax relief claimed under section 90, 90A, or 91.
33. Schedule FA: Statement of Foreign Assets and Income from Any Source Outside India.
34. Schedule 5A: Information on income division between spouses.
35. Schedule AL: Assets and liabilities at the end of the year (applicable if total income exceeds Rs 50 lakhs).
36. Schedule GST: Information on gross receipts/turnover submitted for GST.

Part B

37. Part B-TI: Total Income Calculation.
38. Part B-TTI: Calculation of total income tax liability.
39. Verification.

 

How to File ITR 3 Form Online for AY 2020-21?

To successfully prepare and submit your ITR-3 online using the Income Tax e-Filing portal, follow the steps below:

1. Visit the Income Tax e-Filing portal: Go to the official website of the Income Tax Department at www.incometaxindiaefiling.gov.in.

2. Login to your account: Enter your User ID (PAN), password, and captcha code. Click on the 'Login' button. If you are a first-time user, you'll need to create an account on the portal by following the on-screen instructions.

3. Select 'Income Tax Return': After logging in, click on the 'e-File' menu and select the 'Income Tax Return' option from the dropdown menu.

4. Provide ITR details:
- Your PAN card will be automatically populated.
- Choose the relevant 'Assessment Year' for which you are filing the ITR.
- Select 'ITR Form Number as ITR 3.'

5. Choose filing type:
- Select 'Original' if you are filing the original return.
- Choose 'Revised Return' if you are filing a revised return to replace a previously filed original return.

6. Select 'Prepare and Submit Online':
- Choose 'Prepare and Submit Online' as the submission mode.

7. Fill in the details:
- Fill in the required information about your earnings, deductions, exemptions, investments, TDS/TCS, advance tax, and self-assessment tax payments.
- For each Schedule, correctly fill out the information and periodically click the 'Save Draft' button to save your progress.

8. Verification:
- Under the 'Taxes Paid and Verification' schedule, select the appropriate verification option:
- Choose 'I want to use e-Verify' if you want to electronically verify your return.
- Choose 'I want to e-Verify my application within 120 days after filing' if you intend to verify electronically later.
- If you prefer not to use e-Verification, choose 'I don't want to use e-Verify' and plan to mail a signed ITR-V to the address mentioned within 120 days of filing.

9. Preview and Validate:
- Before final submission, click the 'Preview and Submit' button to review and validate all the details you've entered.

10. Submit your ITR:
- Once you are satisfied with the information and have validated it, click the 'Submit' button to submit your ITR.

After successfully submitting your ITR-3, you will receive an acknowledgment on the portal. Ensure that you keep a copy of this acknowledgment for your records. If you have chosen the e-Verification option, follow the further steps as required for verification. If you have chosen the physical ITR-V submission option, make sure to send the signed ITR-V to the specified address within the stipulated timeframe.

Please remember that tax laws and procedures can change, so it's always a good idea to consult official government resources or a tax professional for the most up-to-date and accurate information regarding income tax filing.

For the evaluation year 2020-21, who should file ITR 3?

ITR-3 is applicable to those who have income from a proprietary business or profession and who meet certain conditions.

1. Applicability of ITR-3:
 ITR-3 is applicable to both individual taxpayers and HUFs.
 It is specifically for individuals and HUFs who have income from a proprietary business or profession.

2. Income from Proprietary Business or Profession:
If an individual taxpayer or HUF has earned income from a proprietary business or by carrying on a profession during the financial year, they fall under the purview of ITR-3.

3. Exceeding Basic Exemption Level:
- ITR-3 is applicable when the total income of an individual taxpayer or HUF exceeds the amount not subject to income tax, prior to claiming deductions under Chapter VI-A of the Income-tax Act.

4. Specific Scenarios Requiring ITR-3 Filing:
 The taxpayer serves as a director of a corporation.
During the fiscal year, the taxpayer holds investments in unlisted equity shares.
The taxpayer is a partner in a business and earns income from it.
Amounts deposited in one or more current accounts held by the taxpayer exceed Rs 1 crore.
The taxpayer bears the cost of travel to a foreign country, where the total cost exceeds Rs. 2 lakhs.
The taxpayer incurs an expense of more than Rs. 1 lakh due to power consumption.

5. Scope of Income Sources:
Along with income from the proprietary business or profession, taxpayers can also report income from other sources, such as pay or pension, house property, and other income.

It's important to note that tax laws and requirements can change, and individual circumstances may vary. Therefore, it's recommended to consult with a tax professional or refer to the official guidance from the Income Tax Department to ensure accurate and up-to-date information regarding ITR filing obligations.