{"id":12818,"date":"2020-09-05T18:44:44","date_gmt":"2020-09-05T13:14:44","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=12818"},"modified":"2020-09-05T18:44:52","modified_gmt":"2020-09-05T13:14:52","slug":"form-itr-3","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/","title":{"rendered":"Form ITR 3: Latest Updates and Procedure to File Online"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201c<strong><em>Form ITR 3<\/em><\/strong>\u201d denotes an <strong><em>Income\nTax Return<\/em><\/strong> (ITR) filed by the <strong><em>Individuals or HUFs<\/em><\/strong> (Hindu Undivided\nFamilies) who are <strong><em>earning income<\/em><\/strong> under the head of <strong><em>PGBP<\/em><\/strong> (<strong><em>Profit\nand Gain from Business or Profession<\/em><\/strong>). However, it <strong><em>does not apply<\/em><\/strong> to <strong><em>individuals<\/em><\/strong>\nwho are filing Form ITR 2.<\/p>\n\n\n\n<p>In this blog, we will talk about the <strong><em>concept\nof Form ITR 3<\/em><\/strong>, together with the <strong><em>Latest Updates<\/em><\/strong> and <strong><em>Procedure\nto File it Online<\/em><\/strong>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a739b7bcd7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a739b7bcd7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Who_are_all_Eligible_to_File_Form_ITR_3\" title=\"Who are all Eligible to File Form ITR 3?\">Who are all Eligible to File Form ITR 3?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Who_are_all_Not_Eligible_to_File_Form_ITR_3\" title=\"Who are all Not Eligible to File Form ITR 3?\">Who are all Not Eligible to File Form ITR 3?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Latest_Updates_on_Form_ITR_3\" title=\"Latest Updates on Form ITR 3\">Latest Updates on Form ITR 3<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Due_Dates_for_Filing_ITR_3\" title=\"Due Dates for Filing ITR 3\">Due Dates for Filing ITR 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Disclosures\" title=\"Disclosures\">Disclosures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Short-Term_or_Long-Term_Gains\" title=\"Short-Term or Long-Term Gains\">Short-Term or Long-Term Gains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_112A\" title=\"Introduction of Schedule 112A\">Introduction of Schedule 112A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#New_Disclosure_Criteria\" title=\"New Disclosure Criteria\">New Disclosure Criteria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#45_as_Rate_of_Depreciation\" title=\"45% as Rate of Depreciation\">45% as Rate of Depreciation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_D1\" title=\"Introduction of Schedule D1\">Introduction of Schedule D1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Bank_Account_for_Refund\" title=\"Bank Account for Refund\">Bank Account for Refund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Separate_Disclosures_for_NRI\" title=\"Separate Disclosures for NRI\">Separate Disclosures for NRI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_TPSA\" title=\"Introduction of Schedule TPSA\">Introduction of Schedule TPSA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_PTI\" title=\"Introduction of Schedule PTI\">Introduction of Schedule PTI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_CFL\" title=\"Introduction of Schedule CFL\">Introduction of Schedule CFL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Introduction_of_Schedule_115AD_1_b_iii_Proviso\" title=\"Introduction of Schedule 115AD (1) (b) (iii) Proviso\">Introduction of Schedule 115AD (1) (b) (iii) Proviso<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Methods_of_Filing_Form_ITR_3\" title=\"Methods of Filing Form ITR 3\">Methods of Filing Form ITR 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Structure_of_Form_ITR_3_for_AY_2020-2021\" title=\"Structure of Form ITR 3 for A.Y. 2020-2021\">Structure of Form ITR 3 for A.Y. 2020-2021<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A\" title=\"Part A\">Part A<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_GEN\" title=\"Part A- GEN\">Part A- GEN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_BS\" title=\"Part A- BS\">Part A- BS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_Manufacturing_Account\" title=\"Part A-\nManufacturing Account\">Part A-\nManufacturing Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_Trading_Account\" title=\"Part A- Trading\nAccount\">Part A- Trading\nAccount<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_P_L\" title=\"Part A- P&amp;L\">Part A- P&amp;L<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_OI\" title=\"Part A- OI\">Part A- OI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_A-_QD\" title=\"Part A- QD\">Part A- QD<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Schedules\" title=\"Schedules\">Schedules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_B\" title=\"Part B\">Part B<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_B_TI\" title=\"Part B TI\">Part B TI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Part_B_TTI\" title=\"Part B TTI\">Part B TTI<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Verification\" title=\"Verification\">Verification<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Procedure_to_file_Form_ITR_3\" title=\"Procedure to file Form ITR 3\">Procedure to file Form ITR 3<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Offline_Procedure_to_File_Form_ITR_3\" title=\"Offline Procedure to File Form ITR 3\">Offline Procedure to File Form ITR 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Online_Procedure_to_File_Form_ITR_3\" title=\"Online Procedure to File Form ITR 3\">Online Procedure to File Form ITR 3<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Download_the_E-Form\" title=\"Download the E-Form\">Download the E-Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Fill_in_the_Details\" title=\"Fill in the Details\">Fill in the Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Verification_of_Form\" title=\"Verification of Form\">Verification of Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Submit_the_Form\" title=\"Submit the Form\">Submit the Form<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/#Performa_of_Form_ITR_3_for_the_AY_2020-2021\" title=\"Performa of Form ITR 3 for the A.Y. 2020-2021\">Performa of Form ITR 3 for the A.Y. 2020-2021<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_all_Eligible_to_File_Form_ITR_3\"><\/span>Who are all Eligible to File Form ITR 3?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"1024\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3-1024x1024.png\" alt=\"Eligibility for File Form ITR 3\" class=\"wp-image-12821\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3-1024x1024.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3-768x768.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Eligible-to-File-Form-ITR-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>individuals<\/em><\/strong> who are <strong><em>earning\nincome<\/em><\/strong> from any of the <strong><em>category<\/em><\/strong> given below are <strong><em>eligible\nto file ITR Form 3<\/em><\/strong>:<\/p>\n\n\n\n<ol><li>Income Earned\nfrom <strong><em>Proprietary\nBusiness<\/em><\/strong>;<\/li><li>Income Earned\nfrom <strong><em>Profession<\/em><\/strong>;<\/li><li>Income Earned\nfrom <strong><em>House\nProperty<\/em><\/strong>;<\/li><li>Any person who\nhas been charged tax under the head <strong><em>Profit and Gain from Business or Profession<\/em><\/strong>\nin the form of <strong><em>Interest, Commission, Bonus,<\/em><\/strong> and <strong><em>Remuneration<\/em><\/strong>.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_all_Not_Eligible_to_File_Form_ITR_3\"><\/span>Who are all Not Eligible to File Form ITR 3?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"1024\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3-1024x1024.png\" alt=\"Not Eligible to File Form ITR 3\" class=\"wp-image-12822\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3-1024x1024.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3-768x768.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-are-all-Not-Eligible-to-File-Form-ITR-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>individuals<\/em><\/strong> who are <strong><em>falling<\/em><\/strong>\nunder any of the <strong><em>category<\/em><\/strong> given below are not <strong><em>eligible to file ITR Form 3<\/em><\/strong>:<\/p>\n\n\n\n<ol><li><strong><em>Individual <\/em><\/strong>who are <strong><em>filling Form ITR 1 and ITR 2<\/em><\/strong>;<\/li><li><strong><em>Company <\/em><\/strong>which is <strong><em>filing Form ITR 6<\/em><\/strong>;<\/li><li><strong><em>Partnership Firm<\/em><\/strong> which is <strong><em>filing Form ITR 5<\/em><\/strong>;<\/li><li><strong><em>LLP <\/em><\/strong>(Limited Liability Partnership) which is <strong><em>filing\nForm ITR 5<\/em><\/strong>;<\/li><li><strong><em>AOP<\/em><\/strong> (Association of Person) which is <strong><em>filing\nForm ITR 5<\/em><\/strong>;<\/li><li><strong><em>BOI <\/em><\/strong>(Body of Individuals) which is <strong><em>filing Form ITR 5<\/em><\/strong>;<\/li><li><strong><em>Local Authority<\/em><\/strong> which is <strong><em>filing Form ITR 5<\/em><\/strong>;<\/li><li><strong><em>Trust<\/em><\/strong> which is filing <strong><em>Form ITR 7<\/em><\/strong>;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Latest_Updates_on_Form_ITR_3\"><\/span>Latest Updates on Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"1024\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3-1024x1024.png\" alt=\"Updates on Form ITR 3\" class=\"wp-image-12823\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3-1024x1024.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3-768x768.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Latest-Updates-on-Form-ITR-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>latest updates <\/em><\/strong>on<strong><em> ITR\nForm 3<\/em><\/strong> are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_Dates_for_Filing_ITR_3\"><\/span>Due Dates for Filing ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <strong><em>change<\/em><\/strong> in the <strong><em>due dates for filing ITR 3<\/em><\/strong>\nof the <strong><em>A.Y. 2020-2021<\/em><\/strong> can be summarised as follows:<\/p>\n\n\n\n<ol><li>For <strong><em>Individuals,<\/em><\/strong>\nthe date has been extended to <strong><em>30.11.2020<\/em><\/strong>;<\/li><li>For <strong><em>Businesses,\n<\/em><\/strong>the date has been extended to <strong><em>30.11.2020<\/em><\/strong>;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclosures\"><\/span>Disclosures<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now,\nthe <strong><em>Taxpayer<\/em><\/strong>\nneeds to <strong><em>disclose the details<\/em><\/strong> regarding the following:<\/p>\n\n\n\n<ol><li>If\nthe <strong><em>Cash\nDeposits<\/em><\/strong> are <strong><em>more than Rs 1 crore<\/em><\/strong> in the <strong><em>Current\nBank Account<\/em><\/strong>;<\/li><li>If\nthe <strong><em>Expenditure\n<\/em><\/strong>incurred on <strong><em>Foreign Travel<\/em><\/strong> is more than <strong><em>Rs 2 lakh<\/em><\/strong>;<\/li><li>If\nthe <strong><em>Expenditure<\/em><\/strong>\nincurred on <strong><em>Electricity <\/em><\/strong>is more than <strong><em>Rs 1 lakh<\/em><\/strong>;<\/li><\/ol>\n\n\n\n<p>Moreover, if a person is either a <strong><em>director in a company<\/em><\/strong> or <strong><em>holds<\/em><\/strong>\n\u201c<strong><em>Unlisted\nEquity Investments<\/em><\/strong>\u201d, then the \u201c<strong><em>type of company<\/em><\/strong>\u201d should be disclosed\nas well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Short-Term_or_Long-Term_Gains\"><\/span>Short-Term or Long-Term Gains<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the case of a <strong><em>Short-term<\/em><\/strong> or <strong><em>Long-term\nCapital Gain<\/em><\/strong> from the <strong><em>Sale of Building, Land, <\/em><\/strong>or <strong><em>Both<\/em><\/strong>,\nthe taxpayers need to provide the <strong><em>details of the Buyer<\/em><\/strong> as follows:<\/p>\n\n\n\n<ol><li>Name;<\/li><li>PAN Card;<\/li><li>Aadhar Card;<\/li><li>Sharing\nPercentage of Ownership; and <\/li><li>Address; <\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_112A\"><\/span>Introduction of Schedule 112A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A <strong><em>separate schedule<\/em><\/strong>, named <strong><em>schedule\n112A,<\/em><\/strong> has been made for the <strong><em>calculation <\/em><\/strong>of the <strong><em>Long-term\nCapital Gains<\/em><\/strong> on the <strong><em>Sale of Shares<\/em><\/strong> and <strong><em>Business\nUnits<\/em><\/strong>, which are liable to <strong><em>STT<\/em><\/strong> (Securities Transaction Tax).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_Disclosure_Criteria\"><\/span>New Disclosure Criteria<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now, the <strong><em>Form ITR 3<\/em><\/strong> has been <strong><em>amended<\/em><\/strong>\nwith a <strong><em>new disclosure criteria<\/em><\/strong> concerning declaring Income under the <strong><em>Presumptive\nIncome Scheme<\/em><\/strong>, such as <strong><em>44AE\/ 44B\/ 44BB\/ 44AD\/ 44ADA\/ 44BBA\/ 44BBB<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"45_as_Rate_of_Depreciation\"><\/span>45% as Rate of Depreciation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Under the head of \u201c<strong><em>Depreciation on Plant and\nMachinery<\/em><\/strong>\u201d, an option of <strong><em>New Rate<\/em><\/strong>, i.e., <strong><em>45%<\/em><\/strong> has been added.<\/p>\n\n\n\n<p>However, such a rate <strong><em>does not apply<\/em><\/strong> to the <strong><em>assets<\/em><\/strong>\non which full \u201c<strong><em>capital expenditure<\/em><\/strong>\u201d is <strong><em>allowable <\/em><\/strong>as a<strong><em> deduction<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_D1\"><\/span>Introduction of Schedule D1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Under this section, the <strong><em>taxpayer<\/em><\/strong>\nneeds to <strong><em>submit details and information<\/em><\/strong> regarding every <strong><em>donation,\ndeposit,<\/em><\/strong> and <strong><em>investments<\/em><\/strong> made by him\/her till&nbsp;<strong><em>31.07.2020<\/em><\/strong>.\n<\/p>\n\n\n\n<p>Further, these investments are\neligible to&nbsp;<strong><em>claim deduction<\/em><\/strong>&nbsp;under&nbsp;<em><strong>chapter\nVI-A&nbsp;<\/strong><\/em>of the Income Tax Act for the&nbsp;<em><strong>Financial Year\n2019-2020<\/strong><\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bank_Account_for_Refund\"><\/span>Bank Account for Refund<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per the <strong><em>amendment<\/em><\/strong> made in the <strong><em>Form ITR 3<\/em><\/strong>, the taxpayer can now <strong><em>choose<\/em><\/strong> more than one <strong><em>bank account<\/em><\/strong> to <strong><em>claim a refund<\/em><\/strong>. <\/p>\n\n\n\n<p>Further, the <strong><em>Centralised Processing Centre<\/em><\/strong> (CPC)\nwill <strong><em>credit\nthe amount<\/em><\/strong> of <strong><em>refund<\/em><\/strong> in one of the bank accounts\nafter <strong><em>duly processing the return<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Separate_Disclosures_for_NRI\"><\/span>Separate Disclosures for NRI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per the <strong><em>new form<\/em><\/strong>, the <strong><em>applicant<\/em><\/strong> who is an <strong><em>NRI<\/em><\/strong>\n(Non Resident Indian) and is <strong><em>not having<\/em><\/strong> a <strong><em>Bank Account in India<\/em><\/strong>,\nbut wants to <strong><em>claim a Refund of Income Tax<\/em><\/strong>, needs to <strong><em>provide<\/em><\/strong> the <strong><em>details<\/em><\/strong>\nas follows:<\/p>\n\n\n\n<ol><li>Name of the\nBank;<\/li><li>Name of the\nCountry;<\/li><li>SWIFT Code;<\/li><li>IBAN\n(International Bank Account Number);<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_TPSA\"><\/span>Introduction of Schedule TPSA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section of the form will include <strong><em>details<\/em><\/strong>\nof the <strong><em>Tax on Secondary Adjustments<\/em><\/strong> according to <strong><em>section 92 CE (2A)<\/em><\/strong>;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_PTI\"><\/span>Introduction of Schedule PTI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This <strong><em>new schedule<\/em><\/strong> will include the\ndetails as follows:<\/p>\n\n\n\n<ol><li><strong><em>Investments<\/em><\/strong> covered under <strong><em>section 115UA <\/em><\/strong>and <strong><em>115UB<\/em><\/strong>;<\/li><li><strong><em>Classification\nof Income<\/em><\/strong> as follows:<\/li><li>Current Year\nIncome;<\/li><li>Share in the\nCurrent Year Loss distributed by the Investment Fund;<\/li><li>Net Income or\nLoss;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_CFL\"><\/span>Introduction of Schedule CFL<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term <strong><em>CFL<\/em><\/strong> stands for <strong><em>Carry Forward Losses<\/em><\/strong>.\nUnder this head, the <strong><em>taxpayer <\/em><\/strong>needs to provide <strong><em>details\nregarding<\/em><\/strong> the <strong><em>Loss Incurred<\/em><\/strong> in the 2 columns,\nnamed as follows:<\/p>\n\n\n\n<ol><li>Normal Loss;<\/li><li>PTI<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_115AD_1_b_iii_Proviso\"><\/span>Introduction of Schedule 115AD (1) (b) (iii) Proviso<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section deals <strong><em>specifically with the NRIs<\/em><\/strong>,\nwho have been <strong><em>engaged<\/em><\/strong> in the <strong><em>Sale of Shares<\/em><\/strong>, or <strong><em>Unit\nof Equity-oriented Fund<\/em><\/strong>, or <strong><em>Unit of a Business<\/em><\/strong> on which <strong><em>Securities\nTransaction Tax <\/em><\/strong>has been <strong><em>paid <\/em><\/strong>under <strong><em>section 112 A<\/em><\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methods_of_Filing_Form_ITR_3\"><\/span>Methods of Filing Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Methods-of-Filing-Form-ITR-3-1024x768.png\" alt=\"Process of Filing Form ITR 3\" class=\"wp-image-12824\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Methods-of-Filing-Form-ITR-3-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Methods-of-Filing-Form-ITR-3-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Methods-of-Filing-Form-ITR-3-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Methods-of-Filing-Form-ITR-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>different methods<\/em><\/strong> of<strong><em>\nFiling Form ITR 3<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>By <strong><em>Electronically\nFiling the ITR under DSC<\/em><\/strong>. However, this method is beneficial for those\ntaxpayers who want to obtain a Tax Audit.<\/li><li>By <strong><em>Electronically\nConveying the data of ITR 3 under EVC<\/em><\/strong> (Electronic Verification Code);<\/li><li>By <strong><em>Electronically\nTransmitting the data of ITR 3<\/em><\/strong>, followed by the Submission of\nVerification Return;<\/li><li>By <strong><em>Mailing\nForm ITR V <\/em><\/strong>to the <strong><em>IT Department<\/em><\/strong>. For this method, the\ntaxpayer must first complete the acknowledgment in <strong><em>Form ITR-V<\/em><\/strong> to file <strong><em>Form\nITR 3<\/em><\/strong>.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Structure_of_Form_ITR_3_for_AY_2020-2021\"><\/span>Structure of Form ITR 3 for A.Y. 2020-2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are <strong><em>4 main heads<\/em><\/strong> in the <strong><em>structure\nof Form ITR 3<\/em><\/strong>, which are as follows:<\/p>\n\n\n\n<ol><li>PART A;<\/li><li>Schedules;<\/li><li>PART B;<\/li><li>Verification;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A\"><\/span>Part A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The sections under Part\nA of the Form are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_GEN\"><\/span>Part A- GEN<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It includes all the <strong><em>General Details <\/em><\/strong>and <strong><em>Nature\nof Business<\/em><\/strong>. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_BS\"><\/span>Part A- BS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It will\ninclude the <strong><em>Balance Sheet as of 31.03.2020<\/em><\/strong>, of the Income Earned under the\nhead of <strong><em>PGBP<\/em><\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_Manufacturing_Account\"><\/span>Part A-\nManufacturing Account<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>All the Details concerning the <strong><em>Manufacturing Account for the\nF.Y. 2019-2020<\/em><\/strong> are covered under this head.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_Trading_Account\"><\/span>Part A- Trading\nAccount<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>All the Details concerning the <strong><em>Trading Account for the F.Y. 2019-2020<\/em><\/strong>\nare covered under this head.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_P_L\"><\/span>Part A- P&amp;L<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>All the Details concerning the <strong><em>Profit and Loss Account for the\nF.Y. 2019-2020<\/em><\/strong> are covered under this head.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_OI\"><\/span>Part A- OI<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It will include all the <strong><em>remaining or other information<\/em><\/strong>.\nHowever, it is <strong><em>optional<\/em><\/strong> for the <strong><em>taxpayer<\/em><\/strong> to fill this head if in\ncase he\/she is <strong><em>not liable<\/em><\/strong> for <strong><em>Tax Audit under section 44AB<\/em><\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A-_QD\"><\/span>Part A- QD<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It will include all the <strong><em>quantitative information<\/em><\/strong>.\nHowever, it is <strong><em>optional<\/em><\/strong> for the <strong><em>taxpayer <\/em><\/strong>to fill this head if in\ncase he\/she is <strong><em>not liable<\/em><\/strong> for <strong><em>Tax Audit under section 44AB<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Schedules\"><\/span>Schedules<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><em>The sections included under the head Schedules are as follows:<\/em><\/strong><\/p>\n\n\n\n<ol><li><strong>Schedule S<\/strong>: Computation of Income Earned under the Head \u201cSalaries\u201d;<\/li><li><strong>Schedule HP<\/strong>: Computation of Income Earned under the Head <br> \u201cIncome from House Property\u201d;<\/li><li><strong>Schedule BP<\/strong>: Computation of Income Earned from \u201cBusiness or Profession\u201d;<\/li><li><strong>Schedule DPM<\/strong>: Computation of&nbsp;Depreciation&nbsp;Charged on Plant and Machinery under the Income Tax Act;<\/li><li><strong>Schedule DOA<\/strong>: Computation of Depreciation Charged on Other Assets under the Income Tax Act;<\/li><li><strong>Schedule DEP<\/strong>: Summary of Depreciation Charged on all the Assets under the Income Tax Act;<\/li><li><strong>Schedule DCG<\/strong>: Computation of the Deemed Capital Gains on the Sale of the Depreciable Assets;<\/li><li><strong>Schedule ESR<\/strong>: Deduction under Section 35 of the Income Tax Act (Expenditure on Scientific Research);<\/li><li><strong>Schedule-CG<\/strong>: Computation of Income Earned under the Head \u201cCapital Gains\u201d;<\/li><li><strong>Schedule 112A<\/strong>: Details of the Capital Gains where section 112 A is applicable;<\/li><li><strong>Schedule 115AD (1) (iii) Proviso<\/strong>: For Non Residents, Details of the Capital Gains where section 112 A is applicable;<\/li><li><strong>Schedule OS<\/strong>: Computation of the Income Earned under the Head \u201cOther Sources\u201d;<\/li><li><strong>Schedule CYLA-BFLA<\/strong>: Statement of the Income after Setting off of the Losses of the Current Year and Statement of Income after Setting off of the Unabsorbed Loss Carried forward from the previous years;<\/li><li><strong>Schedule CYLA<\/strong>: Statement of the Income after Setting off of Losses of Current Year;<\/li><li><strong>Schedule BFLA<\/strong>: Statement of the Income after Setting off of the Unabsorbed Loss Carried forward from the previous years;<\/li><li><strong>Schedule CFL<\/strong>: Statement of the Losses to be Bought Forward to Future Years;<\/li><li><strong>Schedule UD<\/strong>: Statement of the Unabsorbed Depreciation;<\/li><li><strong>Schedule ICDS<\/strong>: Effect of the \u201cIncome Computation Disclosure Standards\u201d on Profit Earned;<\/li><li><strong>Schedule 10AA<\/strong>: Computation of the Deduction under section 10 AA;<\/li><li><strong>Schedule 80G<\/strong>: Statement of the Donations Capable for Deduction under section 80G;<\/li><li><strong>Schedule RA<\/strong>: Statement of the Donations to Research Associations etc, Capable for Deduction under section 35 (1) (ii) or 35 (1) (iia) or 35 (1) (iii) or 35 (2AA);<\/li><li><strong>Schedule 80 IA<\/strong>: Computation of the Deduction under section 80 IA;<\/li><li><strong>Schedule 80 IB<\/strong>: Computation of the Deduction under section 80 IB;<\/li><li><strong>Schedule 80 IC\/ 80 IE<\/strong>: Computation of Deduction under section 80 IC\/ 80 IE;<\/li><li><strong>Schedule VI A<\/strong>: Statement of the deductions (from the total income) under Chapter VI A;<\/li><li><strong>Schedule SPI-SI-IF<\/strong>: Income of the Specified Persons (Minor, spouse, etc) includable in the income of an Assessee, Income chargeable at the Special Rates, and info partnership firms in which Assessee is a partner;<\/li><li><strong>Schedule AMT<\/strong>: Computation of the AMT (Alternate Minimum Tax) Payable under Section 115JC;<\/li><li><strong>Schedule AMTC<\/strong>: Computation of the Tax Credit under section 115JD;<\/li><li><strong>Schedule SPI<\/strong>: Statement of income accruing to spouse\/ minor child\/ son\u2019s wife or any other person or AOP (Association of Persons) to be included in the total income of the assessee in Schedules HP, BP, CG, and OS.<\/li><li><strong>Schedule SI<\/strong>: Statement of the Income which is chargeable to tax at the special rates;<\/li><li><strong>Schedule IF<\/strong>: Information concerning partnership firms in which Assessee is a partner;<\/li><li><strong>Schedule EI<\/strong>: Statement of the Income not included in the total income (exempt income);<\/li><li><strong>Schedule PTI<\/strong>: Pass through income details from an investment fund, or business trust as per section 115 UA, 115 UB;<\/li><li><strong>Schedule TPSA<\/strong>: Secondary Adjustment to transfer price as per section 92 CE (2A);<\/li><li><strong>Schedule FSI<\/strong>: Details of the income earned outside India and tax relief;<\/li><li><strong>Schedule TR<\/strong>: Statement of the tax relief claimed under section 90 or section 90 A or section 91;<\/li><li><strong>Schedule FA<\/strong>: Statement of the Foreign Assets and Income Earned from any source outside India;<\/li><li><strong>Schedule 5A<\/strong>: Information concerning the apportionment of income between spouses regulated by the Portuguese Civil Code;<\/li><li><strong>Schedule AL<\/strong>: Assets and Liabilities at the end of the year (applicable where the total income is more than Rs 50 lakhs);<\/li><li><strong>Schedule DI<\/strong>: Schedule of tax-saving investments or payments or deposits to claim deduction or exemption in the extended period from 01.04.2020 until 30.06.2020;<\/li><li><strong>Schedule GST<\/strong>: Information concerning Annual Turnover\/ Gross receipt reported for GST;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_B\"><\/span>Part B<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The sections under Part\nB of the Form are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_B_TI\"><\/span>Part B TI<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It deals with the <strong><em>Computation of Total Income<\/em><\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_B_TTI\"><\/span>Part B TTI<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It deals with the <strong><em>Computation of Tax Liability on\nTotal Income<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verification\"><\/span>Verification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The last head is verification, under which a\ntaxpayer claims that every detail and information provided by him\/her is the best\nof his\/her knowledge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_to_file_Form_ITR_3\"><\/span>Procedure to file Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are <strong><em>2\nways of filing Form ITR 3<\/em><\/strong>, which are as follows:<\/p>\n\n\n\n<ol><li>Offline Procedure;<\/li><li>Online Procedure;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Offline_Procedure_to_File_Form_ITR_3\"><\/span>Offline Procedure to File Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The&nbsp;<em><strong>modes for Filing Income Tax Return 3&nbsp;<\/strong><\/em>are as follows:<\/p>\n\n\n\n<ol><li>By Furnishing the Income Tax Return (ITR) in a Physical Paper Format;<\/li><li>By Furnishing a Bar-coded Return;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Procedure_to_File_Form_ITR_3\"><\/span>Online Procedure to File Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The steps involved in the&nbsp;<em><strong>procedure to file Form ITR 3<\/strong><\/em><em><strong> online<\/strong><\/em>&nbsp;are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Download_the_E-Form\"><\/span>Download the E-Form<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Firstly, the applicant needs\nto download the E-form by visiting the official IT portal at <a href=\"http:\/\/www.incometaxindiaefiling.gov.in\/home\">http:\/\/www.incometaxindiaefiling.gov.in\/home<\/a>;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fill_in_the_Details\"><\/span>Fill in the Details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Now, the taxpayer&nbsp;<strong><em>requires<\/em><\/strong><strong><em> to fill in details<\/em><\/strong>&nbsp;in different parts of the form.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verification_of_Form\"><\/span>Verification of Form<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Under this step,\nthe taxpayer needs to get his\/her&nbsp;<em><strong>Form\n<\/strong><\/em><em><strong>ITR\n3<\/strong><\/em><em><strong> verified or authenticated<\/strong><\/em>&nbsp;in the ways as follows:<\/p>\n\n\n\n<ol><li>By Getting it signed Digitally;<\/li><li>By  Validating the Form through Electronic Verification Code (EVC);<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit_the_Form\"><\/span>Submit the Form<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Now,\nif the concerned taxpayer needs to submit his\/her form online. Further, he\/she will\nbe sent an acknowledgment on the registered email id.<\/p>\n\n\n\n<p>However,\nif he\/she wants to send it manually by downloading it e-from the official\nportal, the concerned taxpayer is required to courier the same to the Income Tax\nDepartment\u2019s CPC office, located Bangalore, within 120 days, commencing from\nthe date of e-filing.<\/p>\n\n\n\n<p>Moreover,\nit shall be pertinent to note that Form ITR 3 is an annexure less form, i.e.,\nthere is no need to attach any record or document.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Therefore, it will be correct to state that, nowadays,&nbsp;<em><strong>the government<\/strong><\/em>&nbsp;is&nbsp;<em><strong>working hard<\/strong><\/em>&nbsp;to&nbsp;<em><strong>benefit the taxpayers or assesses<\/strong><\/em>&nbsp;of&nbsp;<strong><em>all income levels<\/em><\/strong>&nbsp;in the mid of the&nbsp;<strong><em>COVID-19 crisis<\/em><\/strong>. Further, the same can again be proved by the fact that the&nbsp;<strong><em>due dates for Filing ITR Form 3<\/em><\/strong>&nbsp;have been<strong><em>&nbsp;extended by the Central Government and Income Tax Department to 30.11.2020<\/em><\/strong>.<\/p>\n\n\n\n<p>If still in dilemma, then visit our\u00a0<strong><a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\">Income Tax Return Filing<\/a><\/strong>\u00a0Service Page.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Performa_of_Form_ITR_3_for_the_AY_2020-2021\"><\/span>Performa of Form ITR 3 for the A.Y. 2020-2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/ITR-3_Notified_Form.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">ITR-3_Notified_Form<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important\"><a href=\"https:\/\/swaritadvisors.com\/learning\/complete-guide-to-income-tax-return-filing\/\">Complete Guide to Income Tax Return Filing<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cForm ITR 3\u201d denotes an Income Tax Return (ITR) filed by the Individuals or HUFs (Hindu Undivided Families) who are earning income under the head of PGBP (Profit and Gain from Business or Profession). However, it does not apply to individuals who are filing Form ITR 2. In this blog, we will talk [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":12820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12818"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=12818"}],"version-history":[{"count":10,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12818\/revisions"}],"predecessor-version":[{"id":12835,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12818\/revisions\/12835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/12820"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=12818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=12818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=12818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}