As the deadline for filing income tax returns (ITRs) is approaching, the income tax department has released the online ITR-3 form on its official website. The tax department had already made available online forms for ITR-2, ITR-1, and ITR-4.
There are seven ITR forms for individuals, namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7. However, not all ITRs suit everyone, which is why one must know which of these forms apply to them.
Who is eligible to file ITR-3?
ITR-3 is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR‐1 (Sahaj), ITR‐2 or ITR‐4 (Sugam).
What are the different methods of filing ITR-3 form?
Three methods for Filing the Income Tax Return ITR-3 Form:
-By filing it electronically under digital signature.
-By conveying the data in ITR-3 form electronically under an electronic verification code.
-By transmitting the data in the ITR-3 form electronically followed by the submission of return verification in Return Form ITR-V to the Income tax office via mail.
ITR filing deadline
Last date for income tax return (ITR) filing for the financial year 2022-23 or for the assessment year 2023-24 is 31st July 2023. The ITR must be filed by the due date, non-compliance of which will invite a penalty ranging between ₹1000 and ₹5000Not all ITRs suit everyone, which is why one must know which of these forms apply to them. Just looking at the notified ITR forms can help, though a detailed assessment can help avoid the trouble of filling out and submitting the wrong form.
When is Form 16 issued to employees?
Salaried individuals waiting for their Form 16 to start the process of filing their ITR should get the same today or tomorrow. Form 16 issued by an employer has two parts – Part A and Part B. Part A includes the total tax deducted by an employer, whereas Part B contains gross salary, and other allowances paid to an employee during the financial year.
Source By: livemint
