The taxpayers are facing issues while filing ITR 3. The Individuals and Hindu Undivided Families (HUFs) who have income from business or profession are eligible to file income tax returns using the ITR-3 form. The taxpayers have to file the ITRs before the due dates to avoid penalties.
Form ITR-3 must be filed by taxpayers who derive their income from their businesses or professions but not from salaries or real estate. For taxpayers under 60 years, the basic exemption level is Rs. 2.50 lakhs.
According to the sources, your “income from profits and business profession” must be shown in the balance sheet if it exceeds 2.5 lakhs.If your exemption limit exceeds the limit and is not displayed on the balance sheet, an error message will appear on the portal.
How to Resolve the error: Since your income from company and professional earnings and gains above the minimum threshold, complete the balance sheet with the necessary information. You cannot continue with the filing if the error is not fixed.
The ITR file should be in the .json file. The department has already published the excel utilities for the ITR-3 for the Assessment Year 2023-24.
Read More: Income Tax Update: Dept Releases Excel Utility of ITR-3 for A.Y. 2023-24
The Central Board of Direct Taxes (CBDT) has issued guidelines for selection and procedure for the compulsory scrutiny of Income Tax Returns during the Financial Year 2023-2024. For all the cases selected for Compulsory Scrutiny, service of Notice u/s 143(2) of the Income Tax Act shall be completed within the statutory time line i.e., by 30.06.2023.
Read More: CBDT issues Guidelines and Procedure for Complete Scrutiny of ITRs during FY 2023-24
Please note your errors shown in the income tax portal and rectify it as per the suggestions given.
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