ITR 3 Form for AY 2018-19

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  • Last Updated on 11 January, 2021

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Individuals or HUF having income from business or profession but not opting the presumptive scheme, can file return in form ITR 3. Assessee can also mention the details of his salary/ pension income, income from other sources, capital gains etc, if any in this ITR form.

New ITR Forms for AY 2018-19:

Central Board of Direct Taxes (CBDT) has notified new ITR forms for the Assessment Year 2018-19 for filing the return of income of Financial Year 2017-18. Certain clauses have been added/ modified in Form ITR-3 in comparison to last year. These are: 1. Levy of late filing fees under Section 234F if return has been furnished belatedly. The late filing fees shall be as under:

Particulars

Cases

Amount of Late Fee

Income up to 5 Lacs

In all cases where the assessee is required to file return

Rs. 1,000/-

Income more than 5 Lacs

If return filed on or before 31.12.2018

Rs.5,000/-

In any other case

Rs.10,000/-
2. In case of transfer of unquoted shares, transferor has to provide relatively more information regarding such transfer such as actual sales consideration, FMV of the shares.
 
3. Reporting of money/immovable property/movable property received without consideration which are taxable as gift as per section 56(2)(x), under the ‘schedule OS’.
 
4. New columns in depreciation schedule are introduced to claim proportionate depreciation in the event of business reorganisation such as demerger/ amalgamation.
 
5. Field is added in the depreciation schedule for disallowance of depreciation in case of non exclusive use of the business asset.
 
6. Additional details such as rate as per treaty, rates as per Income-tax Act, applicable rates, are to be provided so as to claim relief under DTAA.
 
7. Specific columns are introduced to provide information about each capital gain separately.
 
8. Date of transfer of the original asset is to be mentioned while claiming deduction under section 54/54B/54EC/54EE/54F/54GB/115F. Exemption under these sections shall be reported in separate columns.
 
9. Assessee has to report the disallowances @ 30% of the expenditure on failure to deduct or deposit TDS thereon, if expense relate to income from other sources.

10. Assessee has to mention any taxable amount received in respect of the expense which had been claimed by him as deduction against income from other sources. 11. Report income earned from carbon credits and tax thereon. 12. Assessee not only required to mention the net impact of ICDS rather he has to report separate computation of profit and loss in schedule BP (as per Income-tax Act) and schedule ICDS and schedule OI. 13. Reporting of CGST, SGST, IGST, UGST paid by, refunded to the assessee. 14. Removal of “Gender” from the personal information. 15. Non-residents are required to furnish details of any one of their foreign bank accounts for the purpose of payment of Income-tax refund.

Provisions for furnishing return of income in Form ITR-3 for AY 2018-19:

1. E-filing of return is mandatory. 2. For the purpose of verification of return of income in Form ITR- 3, Digital Signature is not mandatory and the following options are also available for verification: 

  • e-verification through Aadhar OTP.
  •  e-verification through net banking if the bank account is linked with  PAN.
  • physical verification by sending the signed ITR-V through post at CPC, Bengaluru.
  • e-verification through EVC generation.
 
Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.
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