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Income Tax Returns Salary, salary tax returns
Income Tax Returns Salary

ITR-3 : BUSINESSES & PROFESSIONALS (EXCLUDING PRESUMPTIVE)

The ITR 3 Form has to be filed by individuals and HUFs who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3:

  1. Carrying on a business or profession (where tax audit is required or not)
  2. The return may include income from House property, Salary/Pension, capital gains and Income from other sources

A taxpayer has to compulsorily file ITR-3 online. The ITR-3 can be filed Online/Electronically:

(1) By furnishing the return electronically under digital signature

(2) By transmitting the data electronically and then submitting the verification of the return in Form ITR-V

The due date for filing ITR-3 in case of a taxpayer subject to tax audit has been extended to 30 November from 31 October for the AY 2020-21 (FY 2019-20). The due date for filing tax audit report is extended to 31 October from 30 September.

INFORMATION SUBMITTED THROUGH ITR-3

ITR-3 calls for a significant amount of data and it is divided into two parts:

PART- A

Part A-GEN: General information and Nature of Business

Part A-BS: Balance Sheet as of March 31, 2020, of the Proprietary Business or Profession

Part A- Manufacturing Account: Manufacturing Account for the financial year 2019-20

Part A- Trading Account: Trading Account for the financial year 2019-20

Part A-P&L: Profit and Loss for the Financial Year 2019-20

Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)

Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)

SCHEDULES

 

INCOME COMPUTATION RELATED

Schedule-S: Computation of income under the head Salaries.

Schedule-HP: Computation of income under the head Income from House Property

Schedule BP: Computation of income from business or profession

Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act

Schedule DOA: Computation of depreciation on other assets under the Income-tax Act

Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets

Schedule-OS: Computation of income under the head Income from other sources.

Schedule FSI: Details of income from outside India and tax relief

 

CAPITAL GAINS RELATED

Schedule-CG: Computation of income under the head Capital gains.

Schedule 112A: Details of Capital Gains where section 112A is applicable

Schedule 115AD(1)(iii)Provison: For Non Residents Details of Capital Gains where section 112A is applicable

 

DEDUCTION RELATED

Schedule ESR: Deduction under section 35 (expenditure on scientific research)

Schedule- 10AA: Computation of deduction under section 10AA.

Schedule 80G: Statement of donations entitled for deduction under section 80G.

Schedule RA: Statement of donations to research associations etc. entitled for deduction under section 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)

Schedule- 80IA: Computation of deduction under section 80IA.

Schedule- 80IB: Computation of deduction under section 80IB.

Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.

Schedule VIA: Statement of deductions (from total income) under Chapter VIA.

Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020

 

SET-OFF & CARRY FORWARD RELATED

Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.

Schedule-CYLA: Statement of income after set off of current year’s losses

Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.

Schedule CFL: Statement of losses to be carried forward to future years.

Schedule- UD: Statement of unabsorbed depreciation.

Schedule ICDS – Effect of Income Computation Disclosure Standards on Profit

 OTHER PERSON INCOME & CLUBBING RELATED

Schedule SPI-SI-IF: Income of specified persons(spouse, minor etc) includable in income of the assessee, Income chargeable at

special rates, info partnership firms in which assessee is a partner.

Schedule-IF: Information regarding partnership firms in which assessee is a partner.

Schedule PTI: Pass through income details from a business trust or investment fund as per section 115UA, 115UB

Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, BP, CG and OS.

 OTHERS

Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC

Schedule AMTC: Computation of tax credit under section 115JD

Schedule SI: Statement of income which is chargeable to tax at special rates

Schedule EI: Statement of Income not included in total income (exempt incomes)

Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)

Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.

Schedule FA: Statement of Foreign Assets and income from any source outside India.

Schedule 5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code

Schedule AL: Asset and Liability at the end of the year(applicable where the total income exceeds Rs 50 lakhs)

Schedule GST: Information regarding turnover/ Gross receipt reported for GST

Part B-TI: Computation of Total Income.

Part B-TTI: Computation of tax liability on total income.

RETURN VERIFICATION

APPLICABILITY OF AUDIT

APPLICABILITY OF AUDIT FOR PROFESSIONALS

1) Turnover is more than ₹ 50 L audit is applicable
2) Turnover is less than 50L and profit is less than 50% audit is applicable
 

APPLICABILITY OF AUDIT FOR BUSINESS

1) Turnover is more than ₹ 5 Cr. audit is applicable.
 
2)Turnover is more than ₹ 2 Cr but less than ₹ 5 Cr
a) Cash Receipt is more than 5% of turnover and/or cash payments audit is applicable
b) Cash Receipt is less than 5% of turnover and/or cash payments audit is NOT applicable
 
3)Turnover is more than ₹ 1 Cr but less than ₹ 2 Cr 
 a) Profit is less than 8% of turnover and/or cash payments audit is applicable
b) Profit is less more 8% of turnover and/or cash payments audit is NOT applicable

4) Turnover is less than ₹ 1 Cr audit is NOT applicable

PLANS FOR PROFESSIONALS

Total Income is less than ₹ 12L and profit less than 50% of turnover

Only Audit ₹ 2499
Accounts and Audit ₹ 4499

Total Income is more than ₹12L but less than ₹50L with profit less than 50% of turnover 

Only Audit ₹ 5999
Accounts and Audit ₹ 8999

Total Income is more than ₹50L 

Call for customised quote

PLANS FOR BUSINESS

Total Turnover is less than ₹ 1Cr. 

Turnover upto ₹25L  – ₹ 5499
Turnover ₹25L – ₹50L – ₹ 7499
Turnover ₹50L – ₹1Cr – ₹ 9999

Total Turnover ₹1 Cr. but less than ₹2 Cr.  

Profit more 8% of turnover ₹ 9999
Profit less 8% of turnover ₹ 19999

Total Turnover ₹2 Cr. but less than ₹5 Cr.  

Cash less than 5% of turnover ₹ 14999
Cash more than 5% of turnover ₹ 24999

DOCUMENTS FOR INCOME TAX FILING

  1. PAN Card Copy.
  2. Aadhaar Card Copy.
  3. Income-Tax Portal Login ID
  4. e-mail ID
  5. Mobile Number.
  6. Bank Name and Account Number
  7. IFSC Code of the Bank branch.
  8. Bank statement with business or profession transactions.
  9. Business or Profession details.
  10. Investments, Sales and Purchase details
  11. Form – 26 AS
  12. House Loan Statement
  13. Rental information.
  14. House Property related.
    1. Rent receiving house property address.
    2. Rental Income.
    3. Municipal tax paid copy.
    4. Tenant Name.
    5. If it is Co-Owned Property, Co-owner name and PAN
  15. Any other sources of incomes.

ADVANTAGES OF TIMELY FILING OF INCOME-TAX

  1. LOAN PROCESSING: While applying for loans, the eligibility and quantum of loan would depend on one’s income which can be established through filed ITRs. All major banks and NBFCs will ask for income-tax returns of 2-3 years for two-wheeler to car to housing and even expensive durables. Since there is time limit for filing a return, if missed there is no option available to file it later.  
  2. TDS REFUND: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. Unless income tax returns are filed early they will get refunds early. Since there is time limit for filing a return, if missed there is no option available to file it later refunds will be lost.
  3. CARRY-FORWARD OF LOSSES: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. If income-tax returns are not filed then it is a loss for the individual or organisation as the case may be.
  4. ESTABLISHING INCOME PROOF IN COMPENSATION CASES: The ITR, especially in case of self-employed persons serves as a collateral evidence of the income of an individual on the basis on which compensation to be granted is to be computed.

INCOME-TAX FILING PROCESS

FAQs ON INCOME-TAX FILING

Tax will be paid directly to the Government on the official website of the IT Department. It can be done through net banking, along with Challan 280. We will handhold you through the process
Assessee can claim for refund of your excess tax amount while filing your IT Return. The refund will be credited directly into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form. Refunds can typically be expected between 90-120 days of filing of return
ITR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return.
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