SERVICE: Income Tax Return for Business or Professional Income

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PRICE: 999.00

    The taxpayers having income from profit and gains of business or profession income are required to file Income Tax Return through form ITR-3.

    Type of Taxpayer Income Tax Return for Business

    Income tax return for business only be filed by Individuals (Indian Resident/Non Resident/Resident but not ordinarily resident) and HUFs having income from profit and gains from business or profession and from following sources:

    ITR 3 Sources

    Note:
    A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their return.

    A partner in a firm is also required to file ITR-3

    How to Get your Income Tax Return filed today by TaxHelpdesk

    TaxHelpdesk Service Process

    Once your order is placed, TaxHelpdesk’s dedicated team for reviewing of documents will check the documents uploaded by you within 24 working hours. After reviewing documents, a Tax Expert will be assigned and your order will be processed. Apart from this, you also will be able to check the status of the order in your assigned account.

    Tax Slabs Rates applicable on Income of Individuals

    Income Tax Return for Income from Salary: IT Slabs Income Tax Slabs

    Note:
    1.
    The rates of Surcharge, Marginal Relief and SHE Cess are same under both the tax regimes and shall be levied, where applicable. 
    2. Rebate u/s 87-A Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes

    Incomes on which Individuals can get benefit

    The individual can claim Income Tax benefit on Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹2 lakh. However, this deduction is not available for person opting for New Tax Regime.

    List of deductions that can be claimed by Individuals

    Section 80C

    Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.

    1,50,000

    Section 80CCC

    Annuity plan of LIC or other insurer towards Pension Scheme

    Section 80CCD

    Pension Scheme of Central Government

    Section 80D

    Deduction towards payments made to Health Insurance Premium & Preventive Health check up

    25,000 / ₹50,000

    Section 80DD

    Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability.

    75,000 / ₹1,25,000

    Section 80DDB

    Deduction in respect of medical treatment, etc.

    40,000 / ₹1,00,000

    Section 80E

    Deduction towards interest payments made on loan for higher education of Self or relative

    Total amount paid towards interest on loan taken

    Section 80EE/EEA

    Deduction towards interest payments made on loan taken for acquisition of residential house property

    50,000 / ₹1,50,000

    Section 80EEB

    Deduction towards interest payments made on loan for purchase of Electric Vehicle

    1,50,000

    Section 80G

    Deduction towards Donations made to certain Funds, Charitable Institutions, etc.

    2,000

    Section 80GG

    Deduction towards rent paid for house & applicable only for whom HRA is not part of Salary

    Least of the following:
    Rent paid reduced by 10% of Total Income before this deduction,
    ₹5,000 per month
    25% of Total Income before this deduction

    Section 80GGA

    Deduction towards Donations made for Scientific Research or Rural Development

    2,000 (if in cash)

    Section 80GGC

    Deduction towards Donations made to Political Party or Electoral Trust

    Any amount other than cash

    Section 80TTA

    Deduction on interest received on saving bank accounts by Non

    10,000

    Section 80TTB

    Deduction on interest received on deposits by Resident Senior Citizens

    50,000

    Section 80U

    Deductions for an individual taxpayer with Disability

    75,000/ ₹1,25,000

    Procedure of filing of ITR-3
    Documents needed for ITR-3 filing

    – PAN Card copy
    – Aadhaar Card copy
    – Bank account details
    – Email and mobile number
    – Form 16
    – Housing loan interest certificate
    – House Rent details
    – Interest certificate
    – Bank statement
    – Receipts for deductions
    – DEMAT account statement
    – Foreign assets/income details
    – Details of assets sold and purchased
    – Details of income from any other sources
    – Balance sheet of Individual
    – Profit and Loss A/c of Individual

    Due dates for filing returns of income/loss

    Particulars

    Due Dates

    Individual/HUF whose accounts are to be audited

    31st October ​of the assessment year

    Individual/HUF whose accounts are not to be audited

    31st July of the assessment year

    *The due dates are subject to change

    Note:
    The due dates for filing of Income Tax Return for FY 2020-21 | AY 2021-22 Individual/HUF whose accounts are not to be audited has been extended to 30th September, 2021

    FAQs

    No, ITR-3 will be applicable for Individuals or HUF having business and profession income not chargeable under presumptive taxation.

    If a person who is required to furnish a return of income under section 139​ and fails to do so within time prescribed in sub-section (1) , you will have to pay interest on tax due. Further, as per section 234F, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

    Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment could be 6 months to 7 years).​​

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