ITR-3 Form Filing in Raipur

ITR-3 Form Filing in Raipur

ITR 3 is a form used by both individuals and Hindu Undivided Families who have income from a proprietary business or profession. This form is specifically designed for taxpayers whose income includes profits and gains from a business or profession, along with other sources such as salary, house property, investment, capital gains, and other sources of income.

ITR-3 is crucial for self-employed individuals, freelancers, and various other professionals such as doctors, lawyers, chartered accountants, and business owners. Unlike other ITR forms that cater to salaried individuals or those with only rental and interest income, ITR 3 is specifically meant for taxpayers with business or professional income. Being a taxpayer is essential to knowing and understanding the various elements and aspects of tax-related information and its liabilities.

Who Should File an ITR-3 Return in Raipur?

The following given individuals and HUFs must file ITR-3 for the purpose of income tax return:

1. Business Owners and Proprietors- Individuals running a business, whether small or large, must file ITR 3 if their income exceeds the exemption limit.
2. Professionals- Doctors, engineers, chartered accountants, architects, consultants, and freelancers earning income from professional services.
3. Partners in a Partnership Firm- If a person is earning income from a partnership firm, excluding salary or remuneration, they need to file ITR 3.
4. The Individuals with Income from Capital Gains- If you have income from the sale of stocks, mutual funds, or property, along with business or professional income, ITR 3 is required.
5. Income from More than One House Property- Individuals who own multiple house properties and earn rental income need to file ITR 3.
6. Directors of Companies- Individuals serving as directors in companies and having additional income from a business or profession.
7. Individuals with Foreign Assets or Income- Those holding foreign bank accounts or shares or earning income from foreign sources must file ITR 3.

Who is Not Eligible to File the ITR 3 Form in Raipur?

1. Salaried Individuals with No Business Income- If a person earns only from salary, house property, or capital gains without business or professional income, they should file ITR 1, 2, or 4 as applicable.
2. Individuals filing a Presumptive Taxation Scheme (ITR 4)- Small business owners and professionals opting for the presumptive taxation scheme under Section 44AD, 44ADA, or 44AE should file ITR 4.
3. Companies and LLPs- Companies and Limited Liability Partnerships (LLPs) must file ITR-6 or ITR-5, respectively.
4. Non-Resident Indians (NRIs) Without Business Income in India- If an NRI earns only from salary, house rent, or capital gains in India, they should file ITR 2 instead of ITR 3.

Due Date for Filing ITR 3 Form in Raipur

The deadline for filing ITR 3 depends on whether the accounts require auditing:

• Non-Auditable Cases: The due date is July 31st of the assessment year.
• Auditable Cases: If the taxpayer’s business or profession requires an audit under the Income Tax Act, the due date is October 31st of the assessment year.
• Revised Return: If corrections are needed, the revised return must be filed by December 31st of the assessment year.

Penalty for Late Filing of ITR 3

Filing an ITR-3 form beyond the due date may attract legal penalties under Section 234F:

1. Up to December 31st– ₹5,000 penalty
2. After December 31st– ₹10,000 penalty
3. For the Taxpayers with Income Below ₹5 Lakh– The maximum penalty is ₹1,000
4. Interest on Tax Due– If there is outstanding tax, interest under Sections 234A, 234B, and 234C is applicable.

Documents Required for ITR-3 Filing in Raipur

1. A PAN Card (Permanent account number) is an essential document.
2. Aadhaar Card.
3. Bank Account Details.
4. Form 16 or Salary Slips (if applicable).
5. Profit and Loss Statement & Balance Sheet.
6. Capital Gains Statement (if any).
7. TDS Certificates (Form 16A, 16B, or 16C).
8. GST Registration Details (if applicable).
9. Investment Proofs (for tax deductions).
10. Foreign Income and Asset Details (if applicable).

Online Process to File ITR-3 in Raipur

1. Login to the Income Tax e-Filing Portal -  First, visit the official website of the Income Tax Department.
2. Select the Assessment Year – Choose the appropriate financial year.
3. Download the ITR 3 Form - Fill out the form using the offline utility or online mode.
4. Enter Personal and Income Details – Provide all required details, including salary, business income, deductions, and exemptions.
5. Compute Tax Liability – Calculate tax and ensure that all deductions are correctly claimed.
6. Pay Self-Assessment Tax – If any tax is due, pay using challan 280.
7. Validate and Submit the Form – After reviewing, submit the ITR 3 form online.
8. E-Verify the Return – Use Aadhaar OTP, net banking, or EVC to verify the return.

Why Choose Us for ITR 3 Filing in Raipur?

1. Expert Assistance – Our tax professionals ensure accurate and hassle-free filing. We have a team of highly-professionals with excellent experience which ensures the path of your filing smooth and error-free without any obstacle, safeguarding your business interests throughout the process, which will help you to growth business in a fruitful manner.
2. Time-Saving – We handle all paperwork and submissions, saving you valuable time, and finish the task in a timely manner.
3. Compliance Assurance – Avoid penalties with timely and error-free filing and work in a hassle-free manner to prevent from unnecessary complications.
4. Affordable Pricing – Transparent and cost-effective services tailored to your needs so that you get the perfect result from our services.
5. 24/7 Support – Get assistance anytime for tax queries and clarifications, we get in your touch on every step to take care of your task.
6. Hassle-Free Process -  We help you simplify your journey of filing, handling all miscellaneous formalities while saving you time and effort in an effective and efficient way. We cover each and every step from beginning to end which is from documentation to submission, we've got it covered.
7. Personalized Support -  Enjoy dedicated assistance at every step. Our support team works closely with you in depth, which helps to ensure prompt responses and clear communication.

Filing ITR 3 in Raipur is a very vital responsibility for individuals and persons who are engaged in business or professional services or other related services. The process ensures compliance with tax regulations and helps taxpayers manage their financial records and data in an effective and efficient manner so that they can avoid unnecessary complications.

Timely filing not only avoids penalties but also provides benefits such as easier access to loans, smoother visa applications, and better financial planning. It is also very important to understand the entire process of ITR filing to get the result on time. With the help of online tax filing, the process has become more convenient, smooth, and simple, enabling taxpayers to complete their returns efficiently from anywhere through electronic media with the best output.