Form ITR-3

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    Other Points to be considered

    • The break-up of all exempt allowances and deductions under Schedule S – Details of income from salary.
    • In Schedule HP, under details of income from house property, the PAN of the tenant in case TDS credit is claimed.
    • In Schedule OS, under any other income chargeable at special rate, taxpayer has to provide the details for each income mentioned therein e.g., interest income, income from units etc. Also, Information has to be provided about accrual/ receipt of income from other sources e.g., winnings from lotteries, crossword puzzles, betting etc for the purpose of calculation of interest under section 234C.
    • In Schedule 80G, bifurcation of donation qualifying for deduction under section 80G into cash and other mode. Similar disclosure to be made under Schedule RA for donations made to research associations under section 35.
    • In Schedule VI-A, introduction of section 80TTB deduction for senior citizen.
    • In Schedule FA, below details, if held during the year:
      Foreign Depository Accounts (including beneficial interest) Foreign Custodial Accounts (including beneficial interest) Foreign Equity and Debt Interest (including beneficial interest) foreign cash value insurance contract or Annuity Contract held (including beneficial interest)
    • In Schedule GST, Information regarding turnover / Gross receipt reported for GST.
    • Now, it is mandatory to mention the Aadhaar number in the return of income or Aadhaar Enrolment ID if applied for.
    • Taxpayers are required to disclose the value of assets and liabilities if their total income exceeds Rs. 50 lakhs and mention the cost of immovable property with details of address, jewellery, bullion, vehicles with details of movable assets, shares, bank and cash balance, etc.
    • New fields have been inserted in schedule ‘OS’ to declare unexplained credit or investment and dividend received from domestic companies above Rs 10 lakhs. Such persons cannot opt for ITR 1 Sahaj.
    • In the Profit and Loss schedule, the GST related details have to be disclosed.
    • A limitation of maximum 40% is placed on depreciation in all depreciation related Schedules.
    • Partners of partnership firms have to file returns in ITR 3 as against ITR 2
    • In the general information tab, an option to select section 115H (who is a non-resident Indian in any previous year, becomes assessable as a resident in India in respect of the total income of any subsequent year) has been added.

    Due Date for filing ITR-3 is 31st July for Individual and 30th November in case of any person liable to get its accounts audited u/s 44AB. Therefore, file your return timely to avoid any interest or penalty.

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