Step by Step Guide to File ITR 3 Online for AY 2024-25 with Due Dates

The Central Board of Direct Taxes (CBDT) issued the Guidelines for filling ITR-3 to help the taxpayers for filing the particulars in ITR-3 return filing for the Assessment Year 2024-2025 relating to the Financial Year 2023-2024. The ITR-3 Form is for individuals and HUFs having income from profits and gains of business or profession. The current article briefs the Guidelines for ITR 3 filing online for AY 2023-2024. Know more about Form ITR-3 for AY 2024-2025 File your ITR-3 before the deadline with IndiaFilings experts!! [shortcode_22]

Eligibility Criteria for ITR 3 filing

The ITR-3 form is to be filed by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (SAHAJ), Form ITR-2, or Form ITR-4 (SUGAM) and who is having any income under the head “Profits or gains of business or professions. Thus persons having income from the following sources are eligible for ITR 3 filing:

- Income from House Property(Income Can be from more than one house property)
- Income from Salary and Pension
- Income from Capital Gains or loss on the sale of property (Both Short Term and Long Term)
- Income from Other Sources (including Winning from Lottery, bets on Race Horses, and other legal means of gambling)
- Income from Foreign Assets
- Agricultural Income more than Rs.5000

Assessment Year for which this Return Form is applicable

The ITR-3 is applicable for the assessment year 2024-2025 only, that is, it relates to income earned during the Financial Year 2023-2024.

Tax Computation Details

The Computation for ITR 3 return filing is tabulated here: Tax computation for every individual other than the resident individual who is of the age of 60 years or more at any time during the financial year 2019-2020 is as follows:

Sl.No	Income	Tax Liability
1	Upto Rs.2,50,000	Nil
2	Between Rs.2,50,001 – Rs.5,00,000	5% of income in excess of Rs.2,50,000
3	Between Rs.5,00,001 – Rs.10,00,000	Rs.12,500 + 20% of income in excess of Rs.5,00,000
4	Above Rs.10,00,000	Rs.1,12,500 + 30% of income in excess of Rs.10,00,000

Tax liability for an individual who is of the age of 60 years or more but less than 80 years at any time during the financial year 2019-2020 is as follows:

Sl.No	Income	Tax Liability
1	Upto 3,00,000	Nil
2	Between 3,00,001 – 5,00,000	5% of income in excess of 3,00,000
3	Between 5,00,001 – 10,00,000	10,000 + 20% of income in excess of 5,00,000
4	Above 10,00,000	1,10,000 + 30% of income in excess of 10,00,000

In case of a resident individual who is of the age of 80 years or more at any time during the financial year 2019-2020

Sl.No	Income	Tax Liability
1	Upto 5,00,000	Nil
2	Between 5,00,001 – 10,00,000	20% of income in excess of 5,00,000
3	Above 10,00,000	1,00,000+ 30% of income in excess of 10,00,000

Procedure for filing and verification of ITR-3

The applicant can file the ITR-3 form electronically on the e-filing web portal of the Income-tax Department and verify in any one of the following manners:

Digitally signing the verification part
Authenticating by way of electronic verification code (EVC)
Aadhaar OTP
By forwarding duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address
- Centralized Processing Centre
- Income Tax Department
- Bengaluru— 560500
- Karnataka

The applicant is required to furnish the following details in the income tax return form-3 (ITR-3):

Part A: General Information
Audit Information
Details of the Balance Sheet
Manufacturing Account Details
Trading Account Details
Details of the profit and loss account
Details of income from the business of plying, hiring, or leasing of goods carriages on a presumptive basis as per section 44AE
Quantitative details of trading and manufacturing account
Details of Income from any business activity on a presumptive basis as per section 44AD
Schedule S -Details of income from salaries
Schedule HP- Details of income from House Property
Schedule BP – Computation of income from business or profession
ScheduleDPM - Computation of depreciation admissible under the Income-tax Act
Schedule DOA - Computation of depreciation admissible under the Income-tax Act
Schedule DEP - Summary of depreciation admissible under the Income-tax Act
Schedule DCG - summary of deemed short-term capital gains on the sale of a depreciable asset
Schedule ESR - details of expenditure on scientific research
Schedule CG - Computation of income under Capital gains
Schedule OS - Computation of income under Income from other sources
Schedule CYLA- Statement of income after set off of current year’s losses
Schedule BFLA: Details of income after set off of unabsorbed loss brought forward from earlier years
Schedule CFL- Statement of losses to be carried forward to future years
Schedule-UD - Unabsorbed depreciation and allowance under section 35(4)
Schedule-ICDS- Effect of Income Computation Disclosure Standards on profit
Schedule-10AA-Deduction in respect of units located in Special Economic Zon
Schedule 80G- Statement of donations entitled for deduction under section 80G
Schedule 80D - Deduction in respect of health insurance premium
Schedule- RA- Details of donations to research associations etc. [deduction under sections 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)]
Schedule- 80IA, Schedule- 80IB, Schedule- 80IC, and Schedule-80-IE - details of deduction in relevant Schedule for each undertaking
Schedule-VIA-Deductions under Chapter VI-A
Schedule AMT – Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC- Computation of tax credit under section 115JD
Schedule SPI- Income of specified persons (spouse, minor child, etc.) includable in the income of the assesses as per section 64
Schedule-SI –Income chargeable to tax at special rates
Schedule-IF- Information regarding partnership firms in which you are a partner
Schedule-EI – Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)
Schedule PTI-Pass through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule FSI- Details of Income from outside India and tax relief
Schedule TR- Summary of tax relief claimed for taxes paid outside India
Schedule FA- Details of Foreign Assets and Income from any source outside India
Schedule 5A- Information regarding apportionment of income between spouses governed by Portuguese Civil Code
Schedule AL- Assets and Liabilities at the end of the year
Schedule DI – Details of Investments
Schedule GST - Information regarding turnover/gross receipt reported for GST
Details of payments of Advance Tax and Self-Assessment Tax
Details of Tax Deducted at Source from Salary
Details of Tax Deducted at Source (TDS) on Income

Note: The Form ITR-V should reach within 120 days from the date of e-filing the return The confirmation of the receipt of ITR V (Income Tax Return Verification Form) at Centralized Processing Centre will be sent to the taxpayer through mail ID registered in the e-filing portal. In this way, you can successfully complete the ITR 3 return filing.

Filling out the ITR V- Income Tax Return Verification Form

After filing the ITR form – 2, the taxpayer needs to print out the Form ITRV- Income Tax Return and send it to Processing Centre, Income Tax Department, Bengaluru- 560500 (Karnataka) by ordinary post or speed post.

Obligation to File Return

Every individual or HUF whose total income before allowing deductions under Chapter VI-A of the Income-tax Act exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income in form ITR-2. The maximum amount which is not chargeable to income tax for Assessment Year 2020-2021 for different categories of individuals/HUF is as follows:

Sl.No	Category	Amount
1	An individual whose age is below 60 years or a Hindu Undivided Family (HUF)	Rs.2,50,000
2	An individual, being resident in India, who is of the age of 60 years or more at any time during the previous year 2019-2020 but below the age of 80 years	Rs 3,00,000
3	An individual, being resident in India, whose age is 80 years or more at any time during the previous year.	Rs.5,00,000

If a person whose total income before allowing deductions under Chapter VI-A of the Income-tax Act or deduction for capital gains (section 54 to 54GB), does not exceed the maximum amount which is not chargeable to income-tax but fulfils one or more conditions mentioned below is obligated to furnish his return of income

Deposit of amount or aggregates of the amount exceeding one crore in one or more current accounts
Incurred expenditure of an amount or aggregate of the amount exceeding two lakhs for travel to a foreign country for yourself or any other person
Incurred expenditure of amount or aggregate of the amount exceeding one lakh on the consumption of electricity

If a person whose total income before allowing deductions under Chapter VI-A of the Income-tax Act or deduction for capital gains (section 54 to 54GB) or exempt long term capital gains (section 10(38)), does not exceed the maximum amount which is not chargeable to income-tax but fulfils one or more conditions mentioned below is obligated to furnish his return of income

Deposit of amount or aggregates of the amount exceeding Rs.1 crore in 1 or more current accounts
Incurred expenditure of an amount exceeding two lakhs for travel to a foreign country for yourself or any other person
The aggregate of the amount exceeding one lakh on the consumption of electricity

Please click on the official link Guidelines for ITR 3 filing online for AY 2024-2025 for reference.

Due Dates for ITR-3 filing for AY (2024-2025)

If you are an individual with business income and require an audit, the deadline to file ITR-3 for the 2023-24 financial year (AY 2024-25) is October 31, 2024. Businesses not requiring an audit and individuals using ITR-1 (SAHAJ) and ITR-4 (SUGAM) have a deadline of July 31, 2024. IndiaFilings streamlines your ITR-3 filing process!! [shortcode_22]