The Central Board of Direct Taxes (CBDT) has updated the offline utility for filing of Income Tax Returns (ITR 3). The department has already enabled the common offline utility for ITR-1, ITR-2, ITR-3 and ITR-4. You can download the utility from the official website of the income tax.
Read More: Income Tax Portal Update: Common Offline Utility available for Filing ITR-1, ITR-2, ITR-3 and ITR-4
The ITR-3 form is a designated Income Tax Return form that individuals and Hindu Undivided Families (HUFs) can use to report their income from business or profession. It is an official form provided by the Income Tax Department of India for the purpose of filing annual income tax returns.
The taxpayers who are not qualified to file ITR-1 (Sahaj) or ITR-2 forms must use the ITR-3 form. It is specifically made for people and HUFs who earn money via running a business, holding a partnership firm partner position, or getting money from any other source except a salary, a house, a property, or capital gains.
The due date to file the income tax returns without fine is 31st July 2023. Taxpayers are given advance notice of the income tax rate. In addition to incurring late filing fines, filing taxes late will reduce your ability to obtain a loan or a travel visa. Also, it may attract heavy penalties.
The taxpayers have to file the ITR through the income tax portal (https://www.incometax.gov.in/iec/foportal/). The department has rendered the means to submit the returns before the deadline both offline and online. The utilities were issued later, even though the filings began on April 1st, 2023.
Read More: 50 Days Left to file Income Tax Returns (ITR): All You Need to Know
Recently, two jewellery directors were given 6 months rigorous imprisonment by the Additional Chief Metropolitan Magistrate of Delhi for failing to file the income tax returns of their jewellery firm on time vide judgment pronounced in the month of April 2023.
Read More: Delay in Filing of Income Tax Returns: Two Jewellery Directors get 6 Months Rigorous Imprisonment
Remember to file the income tax returns without error and before the due date after consulting with tax professionals.
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