The income tax department has made available the ITR 3 form for filing tax returns for AY 2020-21. The ITR 1, 2, & 4 for AY 2020-21 were earlier made available for e-Filing. The Department has informed that other ITRs will be available shortly. In July, the ITR 1 and ITR 4 utilities were updated for calculations of Section 234B, Section 234C and Section 234A.
The CBDT had earlier notified the Income Tax Return Form 1 to Form 7 for the assessment year (AY) 2020-21. However, the income tax return filing was available only for those who wish to file ITR 1, ITR 2 and ITR 4 for AY 2020-21.
The income tax department has informed that ITR 1, 2, 3 & 4 for AY 2020-21 is available for e-Filing by downloading either excel or Java utility while other ITRs will be available shortly. ITR 3 is to be used by individuals and HUFs having income from profits and gains of business or profession.
A taxpayer has to compulsorily file ITR-3 online. The ITR-3 can be filed Online/Electronically:
1. By furnishing the return electronically under digital signature
2. By transmitting the data electronically and then submitting the verification of the return in Form ITR-V
The Finance Minister Nirmala Sitharaman had already in one of her press conferences, that the last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended from July 31 of 2020 to November 30, 2020.