Income Tax Return: ITR-3 Form Available For Download Now; Check Details Here

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The income tax department has released the ITR-3 form online on its official website ahead of the deadline for ITR filing.

ITR Filing 2023: Ahead of the income tax returns (ITR) filing deadline, the income tax department has released the ITR-3 form online on its official website. The ITR-3 form, which is designed especially for individuals and Hindu Undivided Families (HUFs) whose source of income comes from “profits or gains of business or professions”, is available for download on the portal.

Read More: Income Tax Standard Deduction: Don’t Forget To Claim This In ITR, Check Details Here

ITR-3 Form: Different Methods To File

1. You can file it electronically under a digital signature
2. Adding the data electronically in the ITR-3 form via an electronic verification code
3. You will first need to add the data in the ITR-3 form electronically and then submit the return verification in Return Form ITR-V to the Income Tax office by mail.

ITR Filing

The deadline to file income tax returns is July 31, 2023 (Monday). If taxpayers fail to file their returns by the last date, then they may be liable to pay a penalty.

Read More: EXPLAINED Section 54F of Income Tax Act: How to minimise capital gains tax on gold, residential property

Check Form 26AS

All taxpayers must check their Form 26AS while filing their ITR 2023 as it is a document that contains details of all the taxes that have been deducted from your income during the financial year. Checking Form 26AS before filing your income tax returns is crucial to ensure that all the tax deductions have been correctly accounted for.

Include All Sources of Income

Another big mistake most of taxpayers make during the filing of their ITR is not including all sources of income while filing income tax returns. All sources of income including salary, interest income, rental income, and capital gains, should be included in your tax returns.

Read More: Last date! Advance income tax payment deadline today: A step-by-step guide on how to do it online

Claim All Deductions

Tax deduction is important to reduce your tax liability and many times taxpayers forget to claim deductions such as those for investments under Section 80C or medical expenses under Section 80D. You need to make sure to claim all the deductions that you are eligible for.