ITR-3 Return Filing

An individual or Hindu Undivided Family (HUF) earning income as a partner of a partnership firm engaged in a business or profession is not eligible to file ITR-3. In such cases, they should file ITR-2 instead.

The due date for filing the ITR Form 3, which is the income tax return, varies depending on whether the case is an audit case or a non-audit case for different assessment years:

• For Assessment Year 2023-24:

• Non-audit Cases: The due date is July 31, 2023

• Audit Cases: The due date is October 31, 2023

• These dates are subject to change by the income tax authorities, so it's essential to stay updated with any revisions or extensions of the due dates.

The penalties for late filing of the ITR3 form in India are as follows:
If you file your return after the due date but before December 31 of the assessment year:

• A late filing fee of ₹ 5,000 may be levied.

• If you file your return after December 31 of the assessment year: A late filing fee of ₹ 10,000 may be levied.

It's important to note that the late filing fee may vary based on the taxpayer's total income and other factors. Additionally, if your total income is less than ₹ 5 lakh, the maximum late filing fee is capped at ₹ 1,000. Therefore, it's advisable to file your ITR form 3 on time to avoid these penalties and any potential legal consequences.

To file your income tax return (ITR) on PKRIDS for ITR-3, the following documents are needed.

• PAN (Permanent Account Number)

• Aadhaar Card

• Bank account details (account number and IFSC code)

• Form 16, if applicable (for salaried individuals)

• Details of your investments

• Books of accounts (if you have a business or professional income)

• Having these documents ready will make the ITR filing process smoother and more efficient.

The ITR 3 Form is structured into six sections, each serving a distinct purpose:

• General Information: In this segment, you are required to provide your personal particulars, including your name, address, date of birth, email address, and PAN number. Additionally, you'll specify the assessment year and indicate whether you are filing your return as a self-assessment.

• Income Details: This section necessitates the disclosure of your income from various sources, encompassing salaries, pensions, annuities, family pensions, and other avenues. You will also calculate your total taxable income and the corresponding tax liability.

• Deductions and Taxes Paid: In this category, you have the opportunity to claim deductions permitted under various sections of the Income Tax Act. Additionally, you must report the taxes you have paid during the financial year, such as advance tax and self-assessment tax.

• TDS/TCS Credit: This division mandates the inclusion of details regarding any Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) credits that are applicable to you.

• Verification and Declaration: In this final section, you are tasked with validating your return through either a digital signature or by dispatching a physical copy of the signed return to the Centralized Processing Center (CPC). Moreover, you must make a declaration affirming that all the information furnished in the return is accurate and true to the best of your knowledge.

PKRIDS is your ideal partner for ITR3 Form filing, offering expert guidance, accuracy, timely filing, documentation assistance, and a secure platform. We simplify the process, ensuring your compliance with tax regulations.

Filing your ITR-3 form accurately and on time is crucial. PKRIDS makes it hassle-free with expert guidance, a user-friendly platform, document management, deduction optimization, review and verifying ITR 3 applicability, secure filing, timely reminders, and post-filing support.

Let PKRIDS assist you in filing your ITR-3 form, allowing you to focus on your business and financial well-being. Contact us today for expert assistance in meeting your tax obligations and ensuring a smooth filing experience.

The ITR-3 form is an income tax return form used in India for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession.

Individuals or HUFs should file the ITR-3 form if they meet specific criteria, including being a company director, receiving pension income, earning income from house property, or having investments in unlisted equity shares.

Individuals or HUFs earning income as a partner of a partnership firm engaged in a business or profession fall out of ITR 3 applicability. They should file the ITR-2 form instead of the ITR-3.

The due date for non-audit cases for the assessment year 2023-24 is July 31, 2023.

If filed after the due date but before December 31 of the assessment year, a late filing fee of 5,000 may be levied. If filed after December 31, a late filing fee of 10,000 may be levied. The fee may vary based on income and other factors.