Every taxpayer in India is required to file ITR. Income Tax department has to make process easier and convenient introduced various forms for different taxpayers to make process easier and convenient.
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.
The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3:
a. Carrying on a business or profession (both tax audit and non-audit cases)
b. The return may include income from House property, Salary/Pension, capital gains and Income from other sources
ITR 3 is not applicable to the following persons:
a. Individual having income other than Income from business and filing ITR 2 or ITR 1
b. Company who are filing 6
c. Partnership firm filing ITR 5
d. Limited Liability partnership firm filing ITR 5
e. AOP/ BOI filing ITR 5
f. Cooperative Society filing ITR 5
g. Trust filing ITR 7
h. Local Authority filing ITR 5
In case of person filing ITR 3 the below documents are required:
Aadhaar card copy.
Form 16 issued by employer in case salary income is earned.
Month wise salary slip where form 16 is not been issued by the employer in case salary income is earned.
Rent receipts in case of rental income and rental agreement.
Bank statement for the financial year for interest on savings account.
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
In case of capital gains, tax profit and loss or capital gain statement issued by the Share broker.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees.
Life insurance premium receipt.
Stamp-duty and registration charges.
Principal repayment on your home loan.
Equity Linked Savings Scheme/Mutual funds investment.
Mediclaim payment receipt etc.
Profit and loss statement and Balancesheet for the previous year
Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB.
Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession
You can submit your ITR-1 Form either online or offline. Filing tax online is way much easier now then ever, A taxpayer just needs to upload his total taxable income after claiming eligible deduction and after that a form needs to be filed.
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