ITR-3 option is missing while trying to file income tax

Taxation
1

My main income is from Adsense, Long-term capital gains in the Indian market, and short-term capital gain in the U.S market. Also, savings interest, Fixed deposit interest, dividends, interest from SGB, REIT dividend/interest.

ITR-3 option is missing while trying to file income tax.

There is only ITR-1, 2, and 4.

I want to show my LTCG in the Indian market and house rent exemption and 80C.

My LTCG is only 70K (under 1L)

ITR-1 doesn’t have the option to show house rent exemption for other income (it has house rent exemption only for the salary)

What should I do?

2

Infosys the IT vendor responsible for the new IT portal is still working on making these missing features available. We will have to wait untii this is completed.

3

Hi @MKDan

ITD has not released the utilities for filing ITR-3. Once the utilities are out you will be able to see the option for filing ITR-3 where you can report all of your incomes.

Hope this helps!

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4

@Quicko Also, is ITR 3 is what should I go for?

(To exempt the LTCG from Indian stocks and house rent paid exemption and 80C exemption) (Also need exemption for - electricity, domain & hosting, internet, Employee salaries, travel related to blogging expense, and exception for the Laptop RAM I bought for blogging)

My LTCG is only 70K (under 1L)

My main income is from Adsense, Long-term capital gains in the Indian market, and short-term capital gain in the U.S market. Also, minor income from savings interest, Fixed deposit interest, debt mutual fund, dividends, interest from SGB, REIT dividend/interest, Amazon afilitate.

And is it possible to mention my intraday loss in it, to carry forward?

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5

Is ITR 3 the best option for me?

7

Hey @MKDan,

Any income which is in nature of business or profession (Including freelancing incomes) will be taxed under the head of “profit and gains from business and profession”.

Further, income or loss arises from F&O and intraday trading must be reported under the same head in ITR-3.

You can refer below article for more insights:

Hence, in your case ITR-3 will be applicable.

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8

@Quicko Quicko Do you have any idea about when will ITR-3 will be available?

9

Hi @MKDan, as you are aware the ITD went through a major overhaul with IT portal 2.0 with that third parties involved in the ecosystem need to update their systems.
Looks like ITR 3 filing for FY 2020-21 (AY 2021-22) will be enabled in mid-August. We’ll keep you posted!

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10

ITR-3 is now available for me!

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