Even with the ITR season underway for the 2022-23 fiscal year, the Income Tax Department is now enabling the online ITR-3 form with details already filled. ITR-1, ITR-2 and ITR-4 online forms have been previously enabled by the Income Tax Department, with a deadline of July 31, 2023. ITR-3 is filed by professionals.
Who can submit the ITR 3 form?
The ITR-3 form is for an individual or a Hindu undivided family who has an income under the heading “profit or gain from business or profession” and is not eligible to apply for Form ITR-1 (Sahaj), ITR-2 or Submit ITR -4 (Sugam).
How to submit ITR-3?
You must visit https://www.incometax.gov.in/iec/foportal. Log in to your account and choose the ITR-3 form to submit your ITR.
ITR-3: Which documents are required?
The documents required to submit ITR-3 are PAN, Aadhaar, bank account details, form 16 (if applicable), investment details and accounting.
What are the other ITR forms?
The last date to file income tax returns for fiscal 2022-23 for people who do not need to have their accounts audited is July 31.
ITR-1 is filed by individuals, including paid class and seniors.
ITR-2 is filed by companies and professionals who opted for presumptive taxation and individuals whose annual income does not exceed Rs 50 lakh.
ITR-4 is for resident persons, HUFs and corporations (other than LLP) with total income up to Rs 50 lakh and income from business and occupation calculated under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.