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ITR-3 Return Filing
ITR-3 Return Filing Made Simple with Petax Filings
Ensure seamless tax compliance and accurate filing of your ITR-3 return with Petax Filings. Our dedicated tax experts and advanced filing platform help individuals and Hindu Undivided Families (HUFs) with income from business or profession file their tax returns with ease and efficiency.
What is ITR-3 Form?
The ITR-3 Form is specifically designed for individuals and HUFs earning income from a business or profession. This tax return form plays a crucial role in ensuring proper financial reporting and compliance with the Income Tax Department.
Who Should File ITR-3?
The ITR-3 form applies to individuals and HUFs who meet the following criteria:
- Income from business or profession (proprietorship or freelance work)
- Holding a directorship in a company
- Income from salary or pension
- Earning income from house property
- Investments in unlisted equity shares
- Foreign assets or foreign income
- Income from short-term or long-term capital gains
- Income from other sources such as lotteries, betting, and gambling
Who is Not Eligible to File ITR-3?
- Partners in a partnership firm earning income from the firm (should file ITR-2 instead)
- Individuals whose income is only from salary, house property, and other sources (should file ITR-1 or ITR-2)
ITR-3 Filing Deadline
- Non-Audit Cases: July 31, 2024
- Audit Cases: October 31, 2024
Ensure timely filing to avoid penalties and interest charges.
Late Filing Penalties
- Filed after the due date but before December 31: Penalty of ₹5,000
- Filed after December 31: Penalty of ₹10,000
- For taxpayers with total income below ₹5 lakh: Maximum penalty capped at ₹1,000
Required Documents for ITR-3 Filing
To streamline your filing process, ensure you have the following documents:
- Identity & Financial Details:
- PAN Card
- Aadhaar Card
- Bank Account Details (Account Number & IFSC Code)
- Income-Related Documents:
- Form 16 (if salaried)
- Monthly Sales & Purchase Bills
- Proof of Rental Income (if applicable)
- Proof of Investments for Tax Exemptions
- Form 26AS (Tax Credit Statement)
- Foreign Income and Asset Details (if applicable)
- Business-Related Documents:
- Day-to-Day Expense Reports
- GST Payment Challans
- Outstanding Receivables & Payables
- Bank Statements
- Fixed Asset Invoice Copies (if applicable)
ITR-3 Form Structure
The ITR-3 form consists of six key sections:
- General Information – Personal details such as name, address, PAN, and filing type
- Income Details – Income from salary, pension, house property, business, or profession
- Deductions & Tax Paid – Tax-saving deductions and advance tax details
- TDS/TCS Credit – Details of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS)
- Verification & Declaration – Self-verification of tax return details
Modes of Filing ITR-3
- Offline Filing (for senior citizens aged 80 and above) – Submit a paper return or bar-coded form
- Online Filing – Electronically submit your ITR with or without a digital signature
Why Choose Petax Filings for ITR-3 Filing?
- Expert Assistance: Dedicated tax professionals to ensure accurate filing
- Error-Free Compliance: Minimize tax-related errors with precise calculations
- Secure & Hassle-Free Filing: End-to-end digital filing with data security
- Timely Reminders: Never miss your tax deadlines
- Post-Filing Support: Get assistance for refunds, notices, and further queries
Simplify Your ITR-3 Filing Today!
Petax Filings makes tax filing effortless and compliant. Contact us now to ensure accurate and timely ITR-3 filing. Get started today!
Contact Us
Ready to Simplify Your Compliance Journey?
- 90030 22270
- Petaxfilings@gmail.com
- 848 Anna Salai, Saidapet, Chennai
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