ITR 3 Form Filing

ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession.

If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.

ITR 3 Form can be filed either offline or online:

• Offline: The returns can be furnished in a paper format through a bar-coded return.
• Online: The returns can be furnished electronically using the Digital Signature Certificate. This data can be transmitted after submitting the verification of the return.

The assessee must have two print copies of the ITR 3 Form when he is filing the returns online.

Electronic returns can be filed when:

The assessee is a resident of India or if the signing authority is located outside India.

The assessees with more than Rs.5 lakh total income are required to furnish the returns electronically.

Assessees that are claiming relief under Section 90, 90A,91 for whom the schedule FSI and Schedule TR that applies must file the returns electronically.

Instructions to be followed while filing ITR 3 Form

The Sections mentioned above will have to be addressed in the Form. But here is the list of important instructions that are to be followed while filing the ITR 3 Form:

• If in case the Schedule is not applicable to the assessee, then the assessee has to just put -NA-
• In case if there is no figure to denote, mention Nil.
• If there is a negative balance and you are writing it against a profit column then the" - " sign needs to be added before the figure.
• Round off the figures to the nearest one rupee.
• The total income or the payable loss should be rounded off to the nearest multiple of Rs.10.
• The Section in Part A needs to be filled after that 23 schedules are to be filled in Part B, Finally, you need to verify the document.