ITR-3 EFiling Services
Ensure your business tax returns are filed accurately and maintain compliance effortlessly with onBharatCorp Services. Our dedicated accountants are committed to helping you navigate the complexities of business compliance. As your reliable partner, we simplify the process of filing the ITR-3 form, making it straightforward, accurate, and free from stress. We recognize that dealing with income tax returns can be daunting, especially for individuals earning income from business activities or Hindu Undivided Families (HUFs) fulfilling their tax responsibilities. Our expert team is ready to guide you through each phase of the process.
The ITR-3 Form is essential for taxpayers who derive income from business or professional activities. It serves a significant purpose in the Income Tax Department’s mission to gather detailed financial data, thereby ensuring adherence to tax regulations. By utilizing the ITR-3, individuals and HUFs can effectively report their income, which is crucial for maintaining transparency and compliance with tax laws.
The eligibility criteria for filing the ITR-3 Form include various scenarios. Taxpayers who are directors of a company or involved in business activities can utilize this form. Additionally, it accommodates both residents and non-residents of India. Those receiving pension income, earning from house properties, or holding investments in unlisted equity shares also qualify. Furthermore, individuals whose income falls under the category of ‘profits and gains of business or profession’—including salary, interest, commission, bonuses, or remuneration—are also eligible to file using the ITR-3 Form.
Taxpayers are eligible to utilize ITR-3 if their total income encompasses several specific categories. These include income derived from one or more residential properties, as well as earnings from activities such as lotteries, race betting, and other legally sanctioned forms of gambling in accordance with Indian regulations. Furthermore, individuals can report income from both short-term and long-term capital gains, as well as profits generated from a business or profession operated under a proprietorship, whether owned by the individual or a Hindu Undivided Family (HUF). Additionally, income sourced from foreign assets is also applicable. By meeting these outlined criteria, individuals and HUFs can appropriately file their income tax returns using ITR-3, provided their income aligns with the specified categories.
The ITR-3 Form is divided into six distinct sections, each designed to fulfill a specific function. The first section, General Information, requires you to input essential personal details such as your name, address, date of birth, email, and PAN number. Additionally, you will need to indicate the assessment year and confirm whether you are submitting your return as a self-assessment.
The second section, Income Details, focuses on the disclosure of income from various sources, including salaries, pensions, annuities, family pensions, and other income streams. Here, you will also be tasked with calculating your total taxable income along with the associated tax liability. Following this, the Deductions and Taxes Paid section allows you to claim deductions as permitted by different sections of the Income Tax Act, while also requiring you to report any taxes you have already paid during the financial year, such as advance tax and self-assessment tax.
The TDS/TCS Credit section requires you to provide information regarding any Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) credits applicable to you. The final section, Verification and Declaration, involves validating your return through a digital signature or by sending a signed physical copy to the Centralized Processing Center (CPC). In this section, you must also declare that all information provided in your return is accurate and truthful to the best of your knowledge. OnBharatCorp Services simplifies the ITR-3 filing process by offering expert guidance, a user-friendly platform, and comprehensive support throughout the filing journey.
