Complete ITR 3 Filing with computation
The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. This short training program will help learners to understand the Filing of ITR 3 along with computation sheet.
Topics covered under this session-
- Finalizing Balance sheet & PnL for ITR Filing
- Computing income under the head PGBP
- Computation of Depreciation schedule
- Reconcile Form 26AS, AIS & Books
- Computing income under the head Capital Gain.
- Computation of Tax Payable
- How to prepare challan for self assessment tax.
What is the structure of the ITR-3 Form for AY 2021-22?
ITR-3 is divided into:
- Part A
- Part A-GEN: General information and Nature of Business
- Part A-BS: Balance Sheet as of March 31, 2021, of the Proprietary Business or Profession
- Part A- Manufacturing Account: Manufacturing Account for the financial year 2020-21
- Part A- Trading Account: Trading Account for the financial year 2020-21
- Part A-P&L: Profit and Loss for the financial Year 2020-21
- Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)
- Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)
After this, there are the following schedules.
- Schedule-S: Computation of income under the head Salaries.
- Schedule-HP: Computation of income under the head Income from House Property
- Schedule BP: Computation of income from business or profession
- Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
- Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
- Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
- Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
- Schedule ESR: Deduction under section 35 (expenditure on scientific research)
- Schedule-CG: Computation of income under the head Capital gains.
- Schedule 112A: Details of Capital Gains where section 112A is applicable
- Schedule 115AD(1)(b)(iii)Proviso: For Non Residents Details of Capital Gains where section 112A is applicable
- Schedule-OS: Computation of income under the head Income from other sources.
- Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.
- Schedule-CYLA: Statement of income after set off of current year’s losses
- Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
- Schedule CFL: Statement of losses to be carried forward to future years.
- Schedule- UD: Statement of unabsorbed depreciation.
- Schedule ICDS – Effect of Income Computation Disclosure Standards on Profit
- Schedule- 10AA: Computation of deduction under section 10AA.
- Schedule 80G: Statement of donations entitled for deduction under section 80G.
- Schedule RA: Statement of donations to research associations etc. entitled for deduction under section 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)
- Schedule- 80IA: Computation of deduction under section 80IA.
- Schedule- 80IB: Computation of deduction under section 80IB.
- Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
- Schedule VI-A: Statement of deductions (from total income) under Chapter VIA.
- Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
- Schedule AMTC: Computation of tax credit under section 115JD
- Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, BP, CG and OS.
- Schedule SI: Statement of income which is chargeable to tax at special rates
- Schedule-IF: Information regarding partnership firms in which assessee is a partner.
- Schedule EI: Statement of Income not included in total income (exempt incomes)
- Schedule PTI: Pass through income details from a business trust or investment fund as per section 115UA, 115UB
- Schedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)
- Schedule FSI: Details of income from outside India and tax relief
- Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
- Schedule FA: Statement of Foreign Assets and income from any source outside India.
- Schedule 5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code
- Schedule AL: Asset and Liability at the end of the year(applicable where the total income exceeds Rs 50 lakhs)
- Schedule GST: Information regarding turnover/ Gross receipt reported for GST
- Part B-TI: Computation of Total Income.
- Part B-TTI: Computation of tax liability on total income.
What Will I Learn?
- Learn ITR Filing
- Learn Income Tax Calculation
- Understand ITR 3 Form
- Finalize books of account
Topics for this course
Overview of ITR 3
Overview of ITR 3 & Schedules01:09:05
ITR 3 Filing
ITR 3 Filing01:30:09
About the instructor
Professionally I am a Tax consultant having experience of more than 6 years field of taxation, handling GST & Income Tax compliance along with giving online practical sessions and webinar to students and professionals. By our courses learner continue to learn & expanded their perspective & sharpened their skills in Indirect Taxation. I try to break down the complex provisions of GST & Income Tax in such a lucid manner that a learner could easily understand the theme and objective of law.