Form ITR-3- It is now available for e-filing

Last Updated On: Aug. 1, 2020, 1:50 p.m.


The Income Tax Department has now made ITR-3 form for filing the tax returns for A.Y 2020-21. Earlier, the form ITR-1, ITR-2, ITR-4 was made available on the portal for e-filing. ITR-1 and ITR-4 utilities were updated for calculations section 234B, section 234C, and Section 234D.

 The Income Tax Department has Informed that ITR-1, ITR-2, ITR-3, and ITR-4 for A.Y 2020-21 is available for e-filing by downloading either Excel or Java utility, while other ITR forms have been made available.


Who can file ITR-3 form?

The Form is to be filed by an individual or HUF who has income from profits and gains from carrying business or profession. The persons who are having income from the following are eligible to file Form ITR-3.

  • Carrying on a business or profession (both tax audit and non-audit cases).
  • The return may include income from House property, Salary/Pension, capital gains, and Income from other sources.

In case of the taxpayer subject to a tax audit, the due date for filing ITR-3 has been extended to 30th  November from 31 October for the AY 2020-21 (FY 2019-20). The due date for filing the tax audit report is extended to 31 October from 30 September.

The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.


A taxpayer has to compulsorily file ITR-3 Form to avoid the consequences later. The ITR-3 can be filed electronically in the following ways:

  • By furnishing the return electronically under digital signature
  • By transmitting the data electronically and then submitting the verification of the return in Form ITR-V.

The acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Remember that ITR-3 is an annexure-less form i.e. you do not have to attach any documents when you send it.



  • The taxpayer should disclose the amount of cash deposits above Rs 1 crore in the current accounts with a bank, expenditure incurred above Rs 2 lakh on foreign travel, expenditure incurred above Rs 1 lakh on electricity.
  • In case an individual is a director in a company or holds unlisted equity investments, the ‘type of company’ should also be disclosed.
  • In case of short-term or long term capital gains from the sale of land or building or both, the details of the buyer(s) i.e. name, PAN, or Aadhaar, percentage share of ownership and address have to be given.
  • A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
  • Under ‘income from other sources’, a taxpayer should provide the details of ‘any other income’.
  • The details of the deductions against ‘income from other sources’ should be provided.
  • The ‘Schedule VI-A’ for tax deductions is amended to include deduction under section 80EEA and section 80EEB.
  • In the case of a business trust or investment fund, the details of ‘capital gains’ income and ‘dividend’ income should be provided.
  • The details of tax on secondary adjustments to transfer price under section 92CE(2A).
  • The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
  • While providing the details of bank accounts, if a taxpayer selects multiple bank accounts for credit of refund, the income tax department may choose any account for processing the refund.


The Last date for filing the ITR forms for A.Y 2020-21 has been extended from July 31st,2020 to 30th November 2020.

You can File your returns by yourself or take the help of our Professional by visiting at LegalSuvidha For any queries you connect with us we are looking forward to help you in filing your Income Tax returns


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