ITR-3 FOR THE A.Y 2020-21 IS NOW AVAILABLE
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.
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:
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.
MAJOR CHANGES MADE IN THE FORM ITR-3 FOR THE A.Y 2020-21:
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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