The Income Tax Department has said that the ITR-3 form has now become available on the e-filing portal. Taxpayers waiting for this form can now file online returns. Till now only offline utility was available for returns filing only. This time the last date for filing income tax returns is 15 September. There is usually a deadline to file 31 July return.
Doctors, lawyers, cousins can use
The Income Tax Department has said on the social media platform x about this, “Pay attention to taxpayers! Now ITR-3 form is available to file online returns.” The ITR-3 form is for individual and Hindu undivided family (HUFS). Taxpayers who have income from business or profession can use this form. Especially in a firm partners and doctors, lawyers and consultants can use this form.
If there is income from business and assets abroad, you will have to use
If someone has to use ITR-3 if someone has received income from speech activities such as F&O trading, intra-day trading or currency/commodity trading. If a taxpayer has more than one house, has a capital gains, assets abroad and business income, then it will have to use ITR-3. If a taxpayer has selected the Principal Taxation, but the income is higher than the fixed limit or he wants to use ITR-3 if he wants to declaring less than the limit fixed under section 44 AD, 44 ADA or 44AE.
New rules of Capital Gens will have to be used
Taxpayers will have to take care of the new tax rule on the capital gains. The new rules are applicable from July 23, 2024. If units of the equity scheme of share or mutual funds are sold within 12 months, it will be considered a short term capital gain. This will be charged 20 percent tax. If sold after 12 months, it will be considered as a long term capital gain. This will be taxed at the rate of 12.5 percent. If there is a capital gains before July 23, 2024, then short -term capital gains will be taxed 15 percent and long -term capital gains will be taxed.