ITR-3 Return

 
 
INR 4899 All Inclusive
 

Basic

  • Income Tax Return Filing

Expert Assistance for ITR 3 Form Filing

Filing your ITR-3 form can be a complicated and time-consuming process, but Allycon is here to provide expert assistance every step of the way. Our team of seasoned professionals ensures that your tax filing is accurate, efficient, and fully compliant with all applicable regulations. We take pride in offering a seamless, stress-free experience, whether you are an individual taxpayer or a Hindu Undivided Family (HUF) dealing with income from business or profession.

At Allycon, we understand the intricacies of income tax regulations and the need for detailed financial documentation. With our help, you can navigate the complex filing requirements of ITR 3 without any hassle, ensuring that your tax obligations are met in full. Whether you’re a business owner, an HUF, or someone with income from multiple sources, we provide personalized guidance tailored to your unique financial situation.

What is ITR 3 Form?

The ITR 3 Form is specifically designed for individuals and Hindu Undivided Families who earn income from business or professional activities. This form is an essential tool for the Income Tax Department to gather comprehensive financial data from taxpayers, ensuring proper tax compliance.

If you are involved in business activities, either as a sole proprietor or within an HUF structure, the ITR 3 Form is used to report all your financial earnings and liabilities. It covers a broad spectrum of income categories, including business profits, professional income, capital gains, and other sources, allowing the tax department to assess your tax liability accurately.

Our team at Allycon will help you understand every section of the form and make sure that all the required details are accurately filled in. From reporting business profits to disclosing foreign assets, we guide you through every aspect of the ITR 3 filing process.

Who Should File ITR-3 Form?

ITR 3 is applicable to individuals and HUFs who meet specific criteria:
  1. Directorship or Business Involvement: If you are a director in a company or involved in any form of business, you are required to file ITR 3.

  2. Residential Status: The form applies to both residents and non-residents of India, making it relevant for expatriates and those with cross-border income streams.

  3. Income from Pension: Those receiving pension income can file their returns using ITR 3, especially if they are engaged in other professional or business activities.

  4. Income from House Property: If you earn rental income or any form of income from house property, this form is for you.

  5. Investments in Unlisted Equity Shares: If you hold investments in unlisted companies or equity shares, they must be reported via the ITR 3 form.

  6. Profits from Business or Profession: Whether you are earning salary, commission, bonus, or any remuneration from your business or profession, it falls under the taxable category “Profits and Gains of Business or Profession.” Allycon ensures that all these income streams are accurately documented in your tax return.

  7. Income from Multiple Sources: Whether your income includes earnings from lotteries, capital gains, or foreign assets, ITR 3 is the form that encompasses all these different income streams.

At Allycon, we meticulously examine your financial portfolio to determine your eligibility for filing ITR 3 and ensure that all income streams are correctly accounted for, reducing the risk of audits or penalties.

Who is Not Eligible to File the ITR 3 Form?

Certain taxpayers are not eligible to file ITR 3. Specifically, if you are an individual or a Hindu Undivided Family earning income as a partner in a partnership firm engaged in business or professional activities, you must file ITR 2 instead. At Allycon, we provide guidance on the correct form based on your individual financial situation, ensuring that your filing is compliant with tax laws.

Due Date for Filing Form ITR3

Staying compliant with due dates is crucial for avoiding penalties. The due dates for filing ITR 3 vary based on whether the taxpayer is subject to an audit.

  • For Non-Audit Cases: The due date for filing ITR 3 is July 31 of the assessment year. For example, for the Assessment Year 2023-24, the deadline was July 31, 2023.

  • For Audit Cases: If your business requires an audit, the due date extends to October 31 of the assessment year. For AY 2023-24, the deadline was October 31, 2023.

At Allycon, we keep you informed of all upcoming deadlines and ensure your tax returns are filed on time, providing peace of mind and avoiding costly late penalties.

Late Filing Penalties for ITR3 Form

Late filing of ITR 3 can result in significant penalties, and Allycon is here to help you avoid them. The penalties for late filing are structured as follows:

  • If you file 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 after December 31, the penalty increases to ₹10,000.
  • However, if your total income is less than ₹5 lakh, the late fee is capped at ₹1,000.

Allycon takes the stress out of tax filing by ensuring your returns are completed well before the deadlines, avoiding penalties and ensuring full compliance.

Documents required for ITR 3 Form

Having the correct documentation ready is key to a smooth filing process. When working with Allycon, we help you prepare the following essential documents:

  • PAN (Permanent Account Number)
  • Aadhaar Card
  • Bank account details (account number and IFSC code)
  • Form 16, if applicable (for salaried individuals)
  • Details of investments
  • Books of accounts for business or professional income

With our comprehensive support, you’ll be well-prepared to file your ITR 3 form without any delays or missing information.

Sections of the ITR 3 Form

The ITR 3 form is divided into six main sections, each with a specific function:

  1. General Information: Here, you provide personal details like your name, address, and PAN, along with the assessment year. At Allycon, we help you accurately fill in this information to ensure no errors in your return.

  2. Income Details: This section requires detailed reporting of your income from various sources, including salaries, pensions, and other earnings. We help you calculate your total taxable income and determine the tax payable, ensuring all applicable income streams are included.

  3. Deductions and Taxes Paid: You can claim deductions under different sections of the Income Tax Act in this section. You will also need to report any advance tax or self-assessment tax payments.

  4. TDS/TCS Credit: This section deals with any Tax Deducted or Collected at Source credits that apply to you.

  5. Verification and Declaration: Finally, you must verify and validate your return. Allycon ensures your return is properly signed, whether digitally or in hard copy, and helps with submission to the Centralized Processing Center (CPC).

Why Choose Allycon for ITR 3 Filing?

Allycon offers an unparalleled level of expertise, accuracy, and reliability for your ITR 3 filing. From document management to timely filing and post-filing support, we ensure your tax obligations are handled smoothly and efficiently. Our secure platform offers a user-friendly experience, allowing you to focus on your business while we manage your taxes.

Related Business Registrations

In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.