Q. What is the main points related to ITR-3 Form?

Ans.

• ITR-3 is basically applicable for only individual persons, NRI & HUF.
• ITR-3 can contain income like Salary/Pension/House Property Rent/Interest received/Agricultural income/Capital Gains/ Income to Directors/Income from Business.
• Due date to file ITR-3 is 31^st July of every following year. For example, for FY 2018-19, due date was 31^st July 2019, unless otherwise extended. Or if individual is covered in tax audit then due date will be 30^th Sep every year.
• A director of a company or Holder of unlisted equity shares can also file ITR 3 if he/she has business income.
• Quoting of Aadhar Number is mandatory in ITR 3.
• E-Filing is mandatory of this form.

Q. What is the main benefit of filing ITR with filing digits?

Ans. • Proper transaction verification and catching of all source of income in ITR • Accurate tax filing to avoid any tax notices in future • Future support till the ITR get processed with department • Time to time IT refund tracking • Maximum refund eligibility calculation • Time to time suggestion for Investments to save tax

Q. How ITR-3 is different from ITR 1 or ITR 2?

Ans. ITR 3 can contain every type of income earned by a individual person including and mainly income from business as comparison to limited source income in ITR 1 & ITR 2.

Q. Is there any document need to be attached to this form?

Ans. No, there is no need to attach any document with ITR-3.

Q. Can I offer my business income in presumptive taxation scheme in ITR 3?

Ans. No, you cannot offer presumptive taxation income in this form, you have to choose ITR 4.

Q. Who is required to file this return?

Ans. Every person whose total income exceed the exempt income as given in income tax act or having income from business.

Q. How can I prepare ITR-3?

Ans. ITR can be prepared by ITR utilities given by IT department or You can take professional assistance from filingdigits.com to get prepare error free return.

Q. Is there any benefit of filing ITR?

Ans. To carry forward business loss, to Apply Loans, to apply credit cards, to provide income supporting document etc

Q. Is there any penalty for late filing of return?

Ans. Yes, you must Pay Rs 1000 if there is no tax liability in your return or Rs 5000 if there is any tax liability in your return, amount can increase to Rs 10,000 if return filed after 31st Dec.

Q. How can I check my income tax refund status?

Ans. You can visit at https://tin.tin.nsdl.com/oltas/refund-status-pan.html