Income Tax Department Releases Updated Excel Utility and Schema of ITR-3 for AY 2024-25

Income Tax Department Releases Updated Excel Utility and Schema of ITR-3 for AY 2024-25

Introduction

The Income Tax Department has recently unveiled the updated Excel Utility and Schema for the ITR-3 form, applicable for the Assessment Year 2024-25. This move comes as part of the department’s ongoing efforts to streamline the tax filing process and enhance user experience for taxpayers.

Understanding ITR-3

What is ITR-3?

ITR-3 is an income tax return form primarily meant for individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession. It is used to declare income earned from such sources and calculate the tax liability accordingly.

Who should file ITR-3?

Individuals and HUFs falling under the following criteria are required to file ITR-3:

Significance of Updated Excel Utility and Schema

The release of the updated Excel Utility and Schema holds significant importance for taxpayers, as it simplifies the process of filing returns and ensures compliance with the latest regulations set forth by the Income Tax Department.

Features of the Updated Excel Utility

The updated Excel Utility boasts several features aimed at enhancing user convenience and accuracy in filing tax returns:

How to Use the Updated Excel Utility

Using the updated Excel Utility for filing ITR-3 is a straightforward process:

Benefits of the Updated Schema

The updated Schema accompanying the Excel Utility offers the following benefits:

Important Dates to Remember

Taxpayers are advised to take note of the following important dates related to the updated Excel Utility and Schema:

Documents: 

Utility Excel Based  

Schema 

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