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Faster, easier and secure gateway to e-file income tax return

ITR-3 Form - Eligibility, Form Structure and Income Tax Filing Guidelines

This page explains all essential need-to-know about ITR-3 Form including eligibility, form structure, filing guidelines and related terms and definition. This form is used by the companies who does not claim the exemption mentioned under Section-11. The exemptions mentioned under Section 11 are the ones who earn income from the religious or charitable trust.

A comprehensive guide to understanding the ITR-3 Form

Defining ITR-3 Form

This Income Tax Return Form is meant for individuals and HUF who are partners in a firm; but do not carry business under proprietorship.

itr-3 form

Eligibility to file income tax return with ITR-2A Form

Income Tax Return is prepared on ITR-3 when:

  • An individual or an HUF is a partner in a firm
  • Where income chargeable to income-tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, due to, or received by him from such firm.
  • In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, the assesse shall use this form only; not Form ITR-2.

Ineligible to Use ITR-3 Form to File Income Tax Return

This Return Form should not be used by an individual whose total income for the AY 2015-16 includes Income from Business or Profession under any proprietorship.

The Sections of ITR-3 Form

The form is divided into 2 parts and 23 schedules:

  • Part A - General information
  • Part B - Outline of the total income and tax computation with respect to income chargeable to tax.

The 23 schedules are:

  • Schedule-S: Computation of income under the head Salaries.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule-IF: Information regarding partnership firms in which assessee is a partner
  • Schedule-BP: Computation of income under the head "profit and gains from business or profession" (income by way of salary, interest etc. from firms in which assessee is a partner)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year's losses
  • Schedule-BFLA: Statement 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-VIA: Statement of deductions (from total income) under Chapter VIA
  • Schedule 80G: Statement of donations entitled for deduction under section 80G
  • Schedule SPI: Statement of income arising to spouse / minor child / son’s wife or any other person or association of persons to be included in the income of assessee in Schedules-HP, BP, CG and OS
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule-EI: Statement of Income not included in total income (exempt incomes)
  • Schedule-IT: Statement of payment of advance-tax and tax on self-assessment
  • Schedule-TDS1: Statement of tax deducted at source on salary
  • Schedule-TDS2: Statement of tax deducted at source on income other than salary
  • Schedule TCS: Statement of tax collected at source
  • Schedule-FSI: Statement of income accruing or arising outside India
  • Schedule- TR: Statement of tax relief claimed under section 90 or section 90A or section 91
  • Schedule- FA: Statement of your Foreign Assets
  • Schedule-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
  • Schedule-AL: Statement of your Asset and Liability at the end of the year. It is mandatory if your total income exceeds Rs.25 lakhs.

Filling the ITR-3 Form

Filling instructions for ITR-3

  • If any schedule is not applicable score across as “---NA---".
  • If any item is inapplicable, write “NA" against that item.
  • Write “Nil" to denote nil figures.
  • Except as provided in the form, for a negative figure / figure of loss, write “-" before such figure.
  • All figures should be rounded off to the nearest one rupee. However, the figures for total income / loss and tax payable be finally rounded off to the nearest multiple of ten rupees.

Filling Sequence for parts and schedules

The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return:

  • Part A- General on page 1
  • Schedules
  • Part B-TI and Part B-TTI
  • Verification

This form can be filed with the Income Tax Department by following methods:

Offline:
  • By furnishing the return in a paper form
  • By furnishing a bar-coded return

An acknowledgment will be issued at the time of submission of your physical paper return by The Income Tax Department. The acknowledgment slip must be duly filled that is attached with the form.

Online / Electronically:
  • By filing the return electronically under digital signature
  • By transmitting the data electronically
  • Submitting the verification in Return Form ITR-V

The ITR-V should be printed in two copies, of which one need to be signed by you and sent to the CPC office in Bangalore. The other one you must keep for records.

It is compulsory to e-file income tax returns electronically for the following categories:

  • A resident taxpayer having any foreign assets or signing authority in any account in abroad, must fill out the schedule FA and furnish the return online.
  • Those who earn more than INR 5 lakhs per year.
  • Assesses claiming relief under section 90 / 90A / 91 in Schedule FSI and Schedule TR apply.
No Annexures Required

No attachments or documents including TDS need to be attached while sending ITR-3.