Monthly Archives: November 2016

Filling ITR-3 for AY2016-17

Published November 9, 2016 6:45 pm

I was late at filing my returns for FY2015-16 and today finally finished submitting the returns. This year I used the java utility to complete the form and learnt a few things

  1. Schedule-S – Employer form 16 gross salary and the first entry (1) in the Schedule-S were different. For the former it included the exemptions from section 10 whereas for the latter – expected to be excluded & mention it separately in entry (2).
  2. section 10(14) did not have a sub-item under Schedule-S item (2). I have to add it under 2.iv – other allowances namely child education & conveyance allowance.
  3. With this –  the Schedule-S item (7) – Income chargeable under Head “Salaries” – matched the employee form 16 and ITR form.
  4. Filled Indian stock dividend & long term exempted income under Schedule-EI and did not confused it with Schedule-OS 1.Income – a) Dividends
  5. Schedule VI-A – section 80D – My employer allowed me to contribute extra premium (insurance) to cover parents. With clarification from payroll – I found that it qualifies for Section 80D exemption.
  6. Ensure that Open “Validation” tab – I found a extra space next to the bank account number which I added by cut and paste. That had validation error.
  7. I missed 80D adding in the form. I lost some money. Given that I am filing late returns – cannot revise it.

I wish one day we have all this automated. My PAN card is linked to all my bank accounts, ICICIDIRECT account, TDS by employer – all of this should automatically light up in the form. The tax payer should be relieved of going through the tough task of filling the form & understanding all the sections & schedules.