With the opening of E Filing portal For Income Tax Returns for the Ass Year 2013-14, now you can file your Income Tax Return electronically if you are eligible for filing in ITR-3.
Who can use this Return Form
This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession under any proprietorship.
Note:
A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in the manner provided at either 5(ii) or 5(iii) .
From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 5(ii) or 5 (iii). Also in case of an assessee to whom Schedule FSI and Schedule TR apply, has to furnish the return in the manner provided at 5(ii) or 5 (iii).
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