You can file your income tax return online and verify it by using your digital signature. Taxpayers who are eligible for ITR 3 can submit duly filled ITR form 3 online from the income tax department e-filing portal. You will have to submit the duly completed form to the Income Tax Department’s office within ten days of e-filing or e-verify. You can also download the acknowledgement from the official website. Once you submit an income tax return, you will get an acknowledgement in ITR V from the Department of Income Tax. You can file for an income tax return through the ITR Form 3 by using either online or offline mode. Part B-TTI: Shows computation of tax liability on total Income.
Part B-TI: Shows computation of total income and Schedules: Schedules of ITR 3 forms as valid relating to salary, business or profession, house property, other sources etc. For example, FIFO or weighted average method, amount allowed and disallowed under various sections. The ITR 3 is divided into four major parts – Part A, Schedules, Part B-TI and Part B-TTIġ) Part A-BS: Balance Sheet as of 31 March 2020 of the profession or proprietary businessĢ) Part A-Manufacturing Account- Manufacturing account for the AY 20-21ģ) Part A-Trading Account- Trading account for the AY 20-21Ĥ) Part A-P&L: Profit &Loss Account for AY 2020-21ĥ) Part A-OI : It includes mentioning the method of accounting followed by the taxpayer in the previous year, change in accounting method (change from accrual system of accounting to a cash system, valuation method employed for the stock).
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