Online Income Tax Return (ITR-3) Form Filling

Income Tax Return (ITR-3) Form must be filled by taxpayers (individual and HUF’s) who have income from carrying on a profession & proprietary business.

• How Income Tax Return (ITR-3) Form works at Real Tax?

Same as ITR-1 Form.

• Who can use ITR-3 Form?

ITR-3 Form must be filed by individuals and HUF’s who have income from carrying on a profession or from proprietary business.

• Who are required to prepare Profit/Loss and Balance Sheet?

Persons who are not availing the benefit of Presumptive taxation and who are liable to get audited under 44AB.

• Who should not file ITR-3?

If an individual/ is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he required to file ITR-2.

• What is the due date of filing of ITR-3?

Due date of filing Income Tax Return is 31st July for individuals and 30th September for Business.

Download ITR-3 Form?

• Why Real Tax?

Same as Private Limited Company.

Online Income Tax Return (ITR-4) Form Filling

Income Tax Return (ITR-4) Form must be filled by taxpayers who have opted for the presumptive income scheme as per section 44AD, 44ADA & 44AE of income tax ACT 1961.

• How Income Tax Return (ITR-4) Form works at Real Tax ?

Same as Income Tax Return (ITR-1) Form.

• Who can use ITR-4 Form?

ITR-4 must be filed by Individual/HUF’s and Professional who have opted for the presumptive income scheme as per section 44AD, Sec 44ADA and Sec 44AE of the income tax Act.

• Who can avail benefits of Presumptive taxation?

Persons who are having turnover below 2 Crore can avail the benefits of presumptive taxation.

• Who should not file ITR-4?

ITR-4 cannot be filed by the taxpayers who fall into the below category:

• Business with turnover of over Rs. 2 Crores.
• Professionals with gross receipt exceeding Rs. 50 Lakhs.

In the above cases, ITR-3 should be filed.

Companies cannot file ITR-4 as it is applicable only for individuals/HUF’s and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.

• What is the due date of filing ITR-4 Form?

Due date of filing Income Tax Return is 31st July for individuals and 30th September for Business.

Download ITR-4 Form?