ITR 1 and ITR 2 were done in last lecture
ITR 3 will be done in few seconds
Friends, what is ITR 3?
I have already opened it in front of you
Go to the same portal
Go to Downloads
Go to Common Utility
You must have already downloaded Common Utility
Go to that common utility and see ITR 3
What does it say?
For individuals and HUFs having income from profit and gain
of business or profession
For individuals and HUFs
We are not talking about companies here
We are talking about individuals and HUFs
Sorry We are talking about individuals and HUFs
For individuals and HUFs who have income from business or
profession
They will be included in ITR 3
Nothing to do
Click on Utility
Extract Files are being extracted
Let's skip and extract
ITR 3
We are talking about online mode
We will learn in online mode
There are many schedules
Let's talk with common sense
We are talking about business and profession
There will be a profit and loss account
I have to put details in Profit and Loss account
There can be a manufacturing account
I have to put details about manufacturing account
There will be a balance sheet for my balance sheet
I have to put details about assets and liabilities
I have to put details subject Mathematics course by
I'll put the user ID and then we'll continue.
Here it is, sir. Let's continue.
And here we have logged in.
As you see every time, as soon as I log in, my profile
opens up on the Income Tax portal.
My name is here, my PAN is here, my assessment year is here.
I will reach the file return.
Since I am an individual, I have selected on the point of
individual.
And the name is ITER3.
Proceed with ITER3.
Let's get started.
First of all, the general information.
Why do you want to file your return?
Brother, we want to file because the government has said
that if you earn more than 2.5 lakhs, then you have to file.
Otherwise, we are not interested in spitting out our
internet.
Do you understand?
Are you filing the income tax return for any of the
following purposes?
Any of the following reasons?
I said, yes, we are filing.
Here, taxable income is more than the basic exemption limit.
This is why I am filing.
Okay, continue.
Here it is, a general column has come.
The general column will ask you general things and these
are mandatory things.
Come, let's continue.
What does it say?
There are some questions.
For now, let's skip it.
Come on.
We have to give confirmation.
It will ask all the schedules.
See, I have just clicked on the general.
And go to the general and see, friends, it asks you
personal information.
That this is personal information.
Do you agree with it?
I asked your name.
I asked your last name.
You have a PAN.
The details of date of birth have come.
The number of Aadhar card has come.
Date of commencement of the business.
What date did you start your business?
Suppose I enter 1st March, 2022.
Okay, no problem.
Contact details have come.
Your address has come.
Under which section do you want to file your return?
139.1.
Or is there any billeted return?
Suppose I am filing my return after due date.
That is why I am filing my return in 139.4.
If it is 139.5.
Yes, I had filed a return earlier.
I feel now that the return has gone to the wrong amount by
mistake.
Now I want to revise that return.
If you want to revise it, put it in 139.5.
Okay, sir.
No problem.
It will ask for other residential status.
Whatever you are, resident or non-resident, put those
things.
Okay, sir.
If you have any issues of the directorship,
whether you were director in a company at any time during
the previous year,
answer it in yes or no.
If you have any unlisted equity shares, answer it.
Save it.
For now, it is showing an error because we have not
answered it in yes or no.
Now come to audit information.
It asks you in audit information that brother 44 AA,
will someone tell me what 44 AA was?
Will someone tell me what 44 AA was?
Friends, it was compulsory maintenance of books of accounts.
What are you doing?
It was compulsory maintenance of the books of accounts.
Some professionals, some businessmen,
had to maintain some books of accounts compulsorily
so that the assessing officer can calculate my income.
So, it is asking whether you are liable in 44 AA
to maintain books.
Answer in yes or no.
Simple.
It asks you whether you are declaring your income in 44 AE,
AD, truck sections, presumptive income.
Whether your accounts have been audited by a chartered
accountant.
These are all things.
In 92E, is there any transfer pricing of international
taxation?
Does it require your audit?
It asks all general things related to audits.
And then it will ask for your bank details.
It will ask for your bank details
so that if I get a refund,
it will come directly to my bank account.
Confirm all these things.
It is showing an error.
As of now, we have not put anything.
Okay, sir.
This is the general information.
Now, let's talk about the nature of the business.
In the nature of the business,
you have to tell what type of business you have.
These are the codes.
What type of business do you have?
Growing and manufacturing of tea, coffee.
Do you have a chemical business?
Do you have a soft drink business?
Do you have a Pepsi company?
Do you make mineral water?
Manufacturing of textiles?
Manufacturing of clothes?
Do you have a leather business?
This is a very long list.
And they have given a wholesome list.
All the businesses that can exist,
they have given all of them here.
Someone will say, I have a share market business.
If you have a share market business, then look at the
financing and investment activities.
Investment activities.
Someone will say, we have a shop.
Look, you have a retail sale business.
You have a retail sale business.
Wholesaler business.
Look at the wholesaler business.
Renting, renting business.
Renting of water transport equipment.
Machinery.
You pay on rent.
Renting of the office machines.
Renting of other machines.
Real estate.
You will get all these things.
Look, it is a very long list.
Look, there are restaurants.
Right?
Guest houses have come.
Short stay accommodations have come.
Our casinos have come.
Packers, movers, air transport.
Look at this.
Postage and courier.
Finance, leasing, commercial.
Look at this.
Mutual funds, investment activities.
You can put all these things.
What is the name of your business?
As it happens that someone's name is
GNK Industries.
Reliance Industries.
Look, Reliance is not an individual.
Like an individual runs on his name.
Like for example, I am.
So, Shrey Gupta Associates.
Right?
Something of this type will happen.
It can be run under the name of Shrey Gupta & Company.
It will come here.
In the description, tell me what activities are there here.
Like for example, if I have a share market job.
Investment activities are my job.
And my proprietorship.
I am actually telling you this.
I am a proprietor in a company.
In which investment activities work.
Its name is Goldsmiths Investments.
Goldsmiths Investments.
So, here I will give the description.
What is my job?
Buying and selling of the shares.
Buying and selling of bonds.
Buying and selling of gold.
Investing in IPOs.
All these jobs are done.
Okay, sir?
Now, I am cancelling it.
You have to add it.
Okay, sir?
Now, look at this.
Part A BS.
BS means balance sheet.
Here you have to put the details of your balance sheet.
As you have the format of the balance sheet.
Similarly, you have all these.
Your proprietor fund.
Reserves.
Revaluation reserves.
Statutory reserves.
All your loan funds will have liabilities.
Current liabilities, non-current liabilities.
Unsecured loans.
Sources of the funds will be there.
Okay?
Now, look at the application.
Your assets are there in the application.
Fixed assets.
Gross block.
Depreciation.
Capital work in progress.
Some investment details will be there.
Some short term investments.
Some long term investments.
you have to hit the table with your balance sheet.
You know what is table?
In childhood, we used to do homework.
We used to do homework with the copy of a friend.
Because we never had complete homework.
If we go to school, the teacher will hit us.
So, it was better that we use the friend's copy and show
the homework.
What did you do? We used to hit the table.
You have to hit the table.
Under the condition that you have your balance sheet
properly made.
You don't have to do anything else but hitting the table.
You can see it.
Friends, this is applicable only when you do manufacturing.
For example, if you have a trading job.
Or for example, I talk about myself.
I have a job of investment activities.
I am not manufacturing anything.
So, what will happen in that case?
Friends, in that case, I don't have to put the details of
manufacturing account.
In that case, I have to put the details of trading account.
Do you understand trading account?
I made trading account in 11th standard.
Opening stock, closing stock, purchase, sales.
My expenses, etc.
So, all those will come there.
It seems that my server has become slow.
What should I do?
Either I will go back.
I won't be able to go back.
If I cross it, everything will be lost.
What should I do?
I will do one thing.
I will open it again quickly.
Give me 2 minutes.
I will open it in 2 minutes.
Because it will be a big problem.
How will we record the second video?
So, friends, we were talking about trading account.
Do you understand trading account?
I will put the details of trading account.
So, till now, I have put my personal information.
I have put my balance sheet.
If I have a manufacturing account, then I have put the
details of manufacturing account.
If I have, then I will put my trading account.
I will have a trading account.
I will have an opening stock.
I will know what I have purchased.
I will have a sales or closing stock.
I will have all these things.
Okay.
I will put that.
After that, friends, I have a schedule of depreciation.
I will have a schedule of depreciation.
Basically, I don't have to do anything.
I will hit the total of depreciation.
I don't have to hit the total.
I will have a regular schedule.
I will know which assets I have purchased.
Which assets I have used for less than 180 days.
Which assets I have used for more than 180 days.
All these details are also there.
Basically, the PGPP chapter you have read is being revised.
Nothing else is happening.
One minute, please.
Sometimes, the server gets slow.
I will open it again, you don't take tension friends, you
just keep your focus on the concept.
We have done all these things, let's continue this, this is
continued, this is continued, skip the questions and see
this, we had come here, manufacturing account and then
trading account, in trading account we have our sales
figures, closing stock details, opening stock purchases,
like I was telling you, direct expenses, cost of the goods
purchased, symbols are the same, nothing new, just like I
am telling you in every video, you should have details, how
much is your expense, where is the
you should have those details and second, you should have
some knowledge, where to put what, it is just a
presentation thing, nothing else, nothing like this has
happened in this, let's see P&L account, what all are
getting credited in profit and loss account, what all
entries have been credited, see this is opened, from where
income is coming, you need rent, commission, dividend,
interest, profit on sale of fixed assets, see this, if
there is any other income, its details will be added here,
is very simple, see the expenses of debit, freight, power,
fuel, rent, compensation to the employees, expenses of
salary, insurance, commission, royalty, guest
house, telephone, conveyance, all expenses have come,
expenses of the world, if there is anything else, you can
add, okay sir, provision for tax you have put here, if
there is presumptive income, in case if there is
presumptive income, you will put it here, trading account
is done, your P&L has been made, other income, what is in
other information, let's see, in other information, he is
asking you, have you changed the method of accounting
during the year, it is not that you were maintaining
on cash basis and now you have reached on accrual basis,
you have not done like this, if you have done like this,
then you will have to mention MITRE here, method of
valuation of the closing stock, all these things you will
have to mention here, amount not credited to the P&L
account, what all amounts are there, see this, escalation
claims etc., all these things you will have to put here, in
very detail, do you remember the section of 43B, in 43B, in
PGBP, we had read that there are some
whose deductions are made on the actual payment only,
please tell us what were those, there was an expense of
interest, there was a tax, bonus commission, any sum for
the use of railway assets, all these were there,
advertisement which we used to do on that, see this is the
same, interest of loan etc., all these expenses are there,
there is nothing in this, there is no issue of salary, put
your salary detail here, if it is of any other business
profession, compute it here, if it is a
business, put it here, if it is a gambling business of
yours, you can play gambling also, it is not a big deal, in
Dream 11 and in Rummy Circle, all are gambling, put the
income of speculative business, if it is a specified
business like yours, 2 star and above category, do you
remember that 35AD business, slurry ore, there was a
pipeline of iron ore, hospital of 100 beds, do you remember
the one above 100 beds, hotels, 2 star above category, all
those 35AD businesses,
put their details here, and see this, intra head, set off,
this chapter of set off, this is behind you, this chapter
of set off will not leave you till you leave the income
tax, if you want to get some name in the world of income
tax, then you have to read this chapter of set off
properly, because usually what do the kids do, 4-5 head of
income increases, they feel that they have got the income
tax, usually kids do this, but these 2 chapters of set off
and clubbing are like this, they keep
their life, they will not leave the chapter of set off so
easily, it is not that easy, and there is nothing in it,
either it is such a tough thing that I agree, see this,
this is the schedule of depreciation,
do you remember the block of assets I had made you read, in
the chapter of PGPP, I had discussed about the block of
assets in section 32, in depreciation, in that I had said
that the same rate of depreciation, same class of assets,
put them in one block, that is what he did, see in plant
and machinery, 15% are in one block, 30% are in one block,
40% are
in one block, 45% are in one block, WDV, the WDV of the
first day, I have taken it out, 180 days, I have added it,
see there is nothing, the same things are there, which I
have done, there is nothing new, it is just a matter of
presentation point of view, your concepts will be clear,
presentation is like this, whatever comes out, it comes out
of knowledge, there will be knowledge, you will play, sir,
Virat Kohli is also running in the market, that is why it
is running, its basics are clear,
yes, presentation is a different thing, how it looks, how
it conducts itself, it is absolutely right, it also has
numbers, but ultimately, what is its basic, it has got the
ball and where to fly it, it knows this, it has expertise
in this, keep the skill set strong in life always, increase
the knowledge always, sir, you don't know where the
knowledge will take you, billionaires, billionaires also
bow down in front of knowledge, sir, in olden times, the
kings used to bow down in front of the
our country has run on the basis of knowledge only, Chanakya
see, how much knowledge that person had, and only on the
basis of knowledge, Chandragupt
Maurya's empire was built, see, knowledge has value
everywhere, friends, you run after money, if you run after
knowledge, money is a by-product, you think money is a
result, money is not a result, money is always a
by-product, the real success is knowledge, your capability,
you will get extra money.
Additional depreciation.
Depreciation on other assets.
5-10-40% rate
on other assets.
Depreciation on intangible assets.
Depreciation on capital gains.
on horrid states.
Depreciation on collateral liquidation.
Depreciation on variance of
Venezuela. Depreciation 13-8-9.
Depreciation of some other country's assets.
on lawyers' savings.
Depreciation on shares of trade.
Depreciation on capital gain.
You have to set off your losses, you have to set off your
broad forward losses, I told you this is a ghost, this is
not a chapter, this is a ghost.
The more you run away from it, the more it will run after
you, but once you read it, understand it, put it in your
blood, my dear, it can't even scratch your hair.
This is the thing.
See, the talk of unabsorbed depreciation came up, 10 AA,
then your deductions started here.
All the deductions came up, ATG, ATGG, GA, see the
deductions of Part C, if anyone wants to see, all the
deductions came up because of you, see if there is anything
else.
With this, you will calculate your alternate minimum tax
here, you will compute the total income, here your tax
calculation will come.
Tax calculation is done, first your tax payable will be
taken out, see, tax payable is taken out, after that let's
see if there is any TDS, they will make it less, and tax
payable and credit will come out.
Tax is paid, minus it, and finally your amount payable will
come out.
Yes, it will be compared, when your tax will come out, it
will be compared with alternate minimum tax.
Whatever is more will be paid.
Now you will get a refund, your amount payable will come.