At IndiaFilings, we're your trusted partner for simplifying the ITR-3 form filing process, making it easy, precise, and stress-free. As a leading online platform specializing in tax and compliance solutions, we understand that navigating the intricacies of income tax returns can be overwhelming. Whether you're an individual with income from business or a Hindu Undivided Family (HUF) looking to meet your tax obligations, our expert team is here to assist you at every step.
The ITR-3 form is crucial for taxpayers earning income from a business or a profession. It plays a vital role in the Income Tax Department's efforts to collect comprehensive financial information, ensuring tax compliance.
The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following eligibility criteria:
Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:
Meeting these eligibility criteria allows individuals and HUFs to use the ITR Form 3 for filing their income tax returns, provided that their income falls into the specified categories mentioned above.
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-3 form, 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:
The penalties for late filing of the ITR-3 form in India are as follows:
If you file your return after the due date but before December 31 of the assessment year:
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-3 form on time to avoid these penalties and any potential legal consequences.
To file your income tax return (ITR) on IndiaFilings for ITR-3, the following documents are needed.
The ITR-3 form is structured into six sections, each serving a distinct purpose:
IndiaFilings is your ideal partner for ITR-3 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. IndiaFilings makes it hassle-free with expert guidance, a user-friendly platform, document management, deduction optimization, review and verification, secure filing, timely reminders, and post-filing support.
Let IndiaFilings 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.
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At IndiaFilings, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission - we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
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