The Income Tax Department has enabled ITR-3 which is applicable for individual and HUF who have income from profits and gains from business or profession. A total of four ITR Forms including ITR-1, 2, 3 and 4 has been launched by the department so far.
On April this year, The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19.
Initially, ITR-1 which can be filed by an individual who is resident other than not ordinarily resident, having income up to Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.) has been enabled in the portal.
ITR Form-2 has also been rationalized by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
The persons having income from following sources are eligible to file ITR 3, i.e, (i) carrying on a business or profession, or (ii) Return may include income from House property, Salary/Pension and Income from other sources.
The following changes have been made in ITR-3 for the year 2018-19.
