What is ITR Filing?
ITR, also known as Income Tax Return, is a form which an assessee or a taxpayer has to file mentioning his income earned and the tax which is applicable to him to the Income Tax Department. Tax is extremely important for the development of the country for all the public expenditure and thus every person must file the tax which he has to. The Tax Department has declared and issued 7 different forms, namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. These forms are divided in accordance with the type and sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to, for example, individuals, HUF, Company, etc and are online ITR filing services
In India, it becomes necessary and mandatory for ITR filing online, if any of the following which is mentioned below are applicable to you. These conditions are:
If the gross annual income ranges from Rs. 2.5 lacs to Rs. 5 lacs, depending on the different age categories.
If there is more than one source of income such as house property, Capital gains, etc.
If in the financial year, you have invested and earned from foreign assets.
In case if the taxpayer is either a firm or a Company, the ITR has to be filled necessarily.
If you want to apply for a loan or visa, it is required
If there is a need to claim an income tax refund from the department.
About ITR 3
This FORM ITR-3 is applicable to all those individuals and Hindu Undivided Families who have incomes from either a proprietory business or profession.
Methods of filing
The methods of filing the ITR 3 Form are as follows:
Using the digital signature certificate
Transmitting data in ITR 3 Form under electronic verification code
Transmitting the data electronically and thereafter mailing the data in the form
By the means of Return Form ITR-V of the Income Tax Office.