ITR-3 Return Filing
At Gubera Consultancy, we understand the complexities of tax filing and the importance of accurate and timely submission. That’s why we offer efficient ITR-2 return filing services to streamline your tax filing process.
By choosing Gubera Consultancy, you can rest assured that your tax strategy will be optimized and your refunds maximized. Our goal is to help you navigate the complex world of taxes and ensure compliance with tax regulations.
Contact us today to streamline your tax filing process and experience the benefits of our efficient ITR-2 return filing services. Let us take care of your tax filing needs so that you can focus on what matters most to you.
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Expert Assistance for ITR-3 Form Filing
Navigating the complexities of tax filing, especially with the ITR-3 form, requires expertise and attention to detail. At Gubera Consultancy, we provide tailored assistance to individuals and Hindu Undivided Families (HUFs) to ensure seamless and accurate filing of their income tax returns.
What is ITR-3 Form?
The ITR-3 form is a crucial document for taxpayers earning income from business or profession activities. It is designed to capture comprehensive financial information and ensure tax compliance.
When it comes to filing your income tax returns, it is essential to understand the specific forms that apply to your financial situation. The ITR-3 form is specifically for individuals and HUFs who have income from a business or profession. This form allows you to report your income, expenses, and deductions related to your business or profession accurately.
Whether you are a self-employed professional, a freelancer, or a small business owner, filing the ITR-3 form correctly is crucial to avoid any penalties or legal complications. However, the process can be complex and time-consuming, requiring a deep understanding of tax laws and regulations.
That’s where our expert assistance comes in. Our team at Gubera Consultancy has extensive experience in tax filing and can provide you with the guidance and support you need to navigate the intricacies of the ITR-3 form.
Who Should File ITR-3 Form?
Individuals or HUFs meeting the following criteria should file the ITR-3 form:
- Directors of companies or engaged in business activities
- Residents or non-residents of India for tax purposes
- Individuals receiving pension income or earning from house property
- Investors in unlisted equity shares
- Those with income taxable under “Profits and Gains of Business or Profession”
Who is Not Eligible for ITR-3?
Partners of partnership firms should file ITR-2 instead of ITR-3.
Due Date for Filing Form ITR-3
The due date for filing ITR-3 varies based on audit requirements:
- Non-audit cases: July 31, 2023
- Audit cases: October 31, 2023
Late Filing Penalties and Importance of Timely Filing for ITR-3 Form in India
When it comes to filing your ITR-3 form, it’s important to do so within the designated time frame. Late filing can result in penalties, which vary depending on the time of filing and the taxpayer’s total income.
Penalties for Filing After the Due Date:
If you file your ITR-3 form after the due date but before December 31 of the assessment year, a late filing fee of ₹ 5,000 may be levied. However, if you file after December 31 of the assessment year, the late filing fee increases to ₹ 10,000.
It’s important to note that these penalties may differ based on individual circumstances. If your total income is less than ₹ 5 lakh, the maximum late filing fee is capped at ₹ 1,000.
Importance of Timely Filing:
To avoid penalties and ensure compliance, it’s advisable to file your ITR-3 form on time. By doing so, you not only avoid financial penalties but also demonstrate your commitment to fulfilling your tax obligations as a responsible taxpayer.
Documents Required for ITR-3 Form Filing.
When filing your income tax return (ITR) using the ITR-3 form, you’ll need to have the following documents ready:
- PAN (Permanent Account Number)
- Aadhaar Card
- Bank Account Details (Account Number and IFSC Code)
- Form 16 (if applicable, for salaried individuals)
- Details of Investments
- Books of Accounts (if you have business or professional income)
Having these documents ready will facilitate a smooth and efficient filing process. It’s important to gather all the necessary information and ensure its accuracy before proceeding with the filing.
Sections of the ITR-3 Form.
The ITR-3 form consists of six sections, each serving a specific purpose. It’s important to complete each section accurately for a successful ITR-3 filing. The sections include:
- General Information: Personal particulars, assessment year, and filing method.
- Income Details: Disclosure of income from various sources and calculation of total taxable income.
- Deductions and Taxes Paid: Claiming deductions under various sections of the Income Tax Act and reporting taxes paid.
- TDS/TCS Credit: Details of tax deducted at source (TDS) or tax collected at source (TCS) credits.
- Verification and Declaration: Validating the return and declaring the accuracy of the information provided.
By carefully filling out each section, you ensure that all relevant information is provided and that your tax return is complete and accurate.