726 (Income Tax) Where to find and download ITR 3 income tax - TopicsExpress

726 (Income Tax) Where to find and download ITR 3 income tax Excel return Video Link - https://youtube/watch?v=Pp7XzZlFudQ Solution - By Amlan Dutta Selection of a income tax return depends on the person and the income head Person can be individual , HUF , AOP , LLP , Trusts , companies etc For individuals , the returns applicable is ITR 1/2/3/4/4S For HUF , the returns applicable are ITR 2/3/4/4S Further narrowing down to the return depends on whether the return contains all the income heads for the assesse so that all income added reflects the actual gross total income For example , if a assesse has income from 2 house property , Capital gains , then he is supposed to select ITR 2 because ITR 2 has schedule HP and schedule CG using which this income can be clearly declared The purpose of a return is to show all income from various heads -salary , House property , Capital gains , Business professions , other sources and then also savings availaed under VI A deductions so that Total income can be arrived at and tax computed ( through TTI schedule ) It is then on the assesse to ensure that such taxes have been paid either through TDS and if not , then pay of the balance using challan 280 and reflect those details in schedule IT (income tax ) Now , that we have seen returns for individual , let us also focus on returns for firms , trust and companies Here selection is definite since return has all income heads applicable to the specefic person For example , ITR 5 is applicable for Firms, AOP (association of persons ), BOI (Body of individuals ) and LLP (limited liability partnership firm The ITR 5 now contains all income heads so if the person is filing return in the capacity of Firm / AOPO/BOI/LLP , then there is no need to look further Similarly for companies , ITR 6 is the return to fill ...it contains all the neccessary schedules etc that need to be filled ....further selection bvased on income head is not required because the return itself contains all schedules required to file return (This companies are not the companies seeking exemption under section 11 ) If the person is filing the return in the capacity of trust , then ITR 7 is applicable ...trusts are required to file the return under section 139 (4A)/139 (4B)/139 (4C)/139 (4D) In the tutorials , we understand the return selection as also the process of downloading them free from the income tax website . Peace , Amlan

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