Income Tax Return For Partner In Firm -Income Tax Return-3

Income Tax Return ITR 3 Forms is applicable to individual or HUF who are Partners In Firm. Individual/HUF Karta who earned Income ifrom the head of Business or Profession under any Proprietorship can’t use this ITR Form

  1. Applicability of ITR 3

    Income Tax Return ITR 3 form is to be used by an Individual or a Hindu Undivided Family and who is a partner in a fir

  2. Who cannot use this form

    This return form should not used by an Individual who earned Income includes from the head of Business or Profession under any Proprietorship. In case of Partner in the Firm does not have any income from the Firm by way of Interest, Salary etc.

  3. Applicable Assessment Year:

    This Return Form is relates to Income earned in Financial Year 2011-12 and its applicable for assessment year 2012-13.

  4. Filling out the Acknowledgement

    Only one copy of this return form is required to be filled. Where the return form is furnished in the in the manner the return in the paper form or by furnishing a bar- coded return.

  5. Obligation to file return:

    Every Individual and HUF has to furnish the return of his Income if his total Income before allowing deductions under Chapter VI-A of the Income Tax Act, exceed the maximum amount not chargeable to Income Tax is obligated to furnish his return of income.

The maximum amount not chargeable to Income Tax in different case of different categories of Individuals is as follows:

S.No.CategoryAmount
(In Rs.)
(i)In case of individual below the age of 60 years (other than woman)1,80,000
(ii)In case of women below the age of 60 years1,90,000
(iii)In case of individuals who are of the age of 60 years or more at any time during the financial year2011-122,50,000
(iv)In case of individual who are of the age of 80 years or more at any time.5,00,000

Necessary item for filling Income Tax Return form:

  1. Please provide your bank details in all situations irrespective of whether you have refund or not you have to quote the MICR code of the bank, MICR CODE is the combination of the PIN code of the place where your branch is situated and serial of the branch.
  2. Fill your Permanent Account Number. Make sure that you fill your PAN carefully. Ensure that your enter PAN on the top of every page and in your PAN, first five and last one digit are alphabets and the remaining four digits are numerals.
  3. Please sign in the box given and complete the verification section without signature your form won’t be accepted by the Income Tax Department.

Download ITR Form In Excel Format, Download ITR-3

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