The Income Tax Department enabled the filing of Income Tax Returns (ITR)-3 in online mode with pre-filled data for the Assessment Year 2023-24 on 7th June 2023 in the income tax website.
For those who have income from a business or profession, such as individuals and Hindu Undivided Families (HUFs), the Income Tax Return form (ITR-3) is required. It is one of the forms offered by the income tax department for the filing of income tax returns.
The Individuals and HUFs mandatorily offer supporting papers with their ITR-3 filings, such as profit and loss statements, balance sheets, audit reports (if necessary), and other documentation pertaining to business revenue.
Recently, the department has released the excel utility for the Assessment Year 2023-24. You can download the utility from the official website of the Income Tax Department.
How to Download Excel Utility
Read More: Income Tax Update: Dept Releases Excel Utility of ITR-3 for A.Y. 2023-24
Also, the Guidelines for selection and procedure for the compulsory scrutiny of income tax returns during the Financial Year 2023–2024 have been released by the Central Board of Direct Taxes (CBDT).
Read More: CBDT issues Guidelines and Procedure for Complete Scrutiny of ITRs during FY 2023-24
The late filing or non-compliance of ITR -3 may attract penalties such as interest on unpaid taxes, late filing fees, and other consequences as per the Income Tax Act.
The ITR-3 filings can be made offline or online. On the e-filing website of the Income Tax Department, the online filing can be completed. As an alternative, the form may be manually completed and delivered to the specified Income Tax Office.
On April 1st 2023, the CBDT notified the filing of Income Tax Returns and Income Tax Return Acknowledgement for the Assessment Year 2023-24. The forms include ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and the Indian Income Tax Return Acknowledgement.
Read More: CBDT notifies ITR Forms and Income Tax Return Acknowledgement for AY 2023-24
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
