The Income Tax Department has released the online ITR-3 form for filing income tax return. Taxpayers whose income is from business or profession are required to fill ITR-3 form.
The last date for filing ITR is 31 July 2023. Taxpayers should file their income tax return well in time to avoid all kinds of hassles. Do not wait for the last date for this work. Otherwise, heavy penalty may have to be paid if the return is not filed by the due date.
As the deadline for filing ITR is nearing, the Income Tax Department has released the online ITR-3 form on its official website. The Income Tax Department had already made available online forms for ITR-2, ITR-1 and ITR-4. There are 7 ITR forms for individuals, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
ITR-3 is to be used by an individual or a Hindu Dividend Family having income under the head “Profits of business or profession” and filing Form ITR-1, ITR-2, ITR-4 not eligible.
Steps to fill ITR-3 Form
- You can fill ITR-3 form by filing it electronically under digital signature.
- Can fill ITR-3 Form by communicating the data in Form ITR-3 electronically under Online Verified Code
- By electronically transmitting the data in Form ITR-3, followed by submission of return verification in Return Form ITR-V to the Income Tax Office by mail.
ITR filing deadline
The last date for filing Income Tax Return (ITR) for Financial Year 2022-23 or Assessment Year 2023-24 is 31 July 2023. ITR should be filed by the prescribed date, failing which a penalty ranging from Rs 1000 to Rs 5000 will be imposed. Not all ITRs are suitable for everyone, so it is important to know which of these forms is applicable to them. Going through only the notified ITR forms can help.
When is Form 16 issued?
Salaried employees waiting for their Form 16 should receive it today or tomorrow to start the process of filing their ITR. Form 16 issued by an employer has two parts. Part A and Part B. Part A contains the total tax deducted by the employer, while Part B contains the gross salary and other allowances paid to the employee during the financial year.