How to File ITR-03 through Web-e-Tax?
Category: Income Tax, Posted on: 30/10/2021 , Posted By: Webtel
Visitor Count:221

If you are constantly boggling your mind that you are an individual or belong to a Hindu undivided family having income from both the business and profession which ITRs you should file, then it is the ITR-03 to be taken into consideration. To smoothen the process of filing your ITR hassle-free with Webtel's income tax return filing software, Web-e-Tax, here is the stepwise guide to make the ITR filing process simpler for all the taxpayers out there.

Also Read: Everything about ITR-03

Come let’s file your ITR-03 with Web-E-Tax

Check out the documents required for filing the ITR-03 so that you can keep them handy.

Documents Required To File ITR-03 Are As Follows:

  • PAN Number

  • Form 16 issued by the employer in case of salary income

  • Profit & Loss Account and Balance sheet of the Previous Year

  • Books of Accounts

  • Investment Proof

  • Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB

For filing the ITR-03 through Web-e-TAX Software users need to follow the below-mentioned six steps.

Steps to File ITR-03 Through Web-e-Tax:

  1. In the first step create the assessee master details for which you want to file the ITR and the Assessee Master contains basic information like Name, PAN, Address, Date of Birth, Business Code, Details of Auditor, and select the Source of Income also, In the 2nd section provide the Bank Details of the assessee/taxpayer then click on Save to save the assessee master details.

    Create the assessee master details for which you want to file the ITR and the Assessee Master

    Create the assessee master details for which you want to file the ITR and the Assessee Master

    Create the assessee master details for which you want to file the ITR and the Assessee Master

    Create the assessee master details for which you want to file the ITR and the Assessee Master

    • Creation of Assessee master data will be a one-time process. No need to create an assessee master again and again in Web-e-TAX software.

    • An option has been provided in the Assessee master to import the master details through a Prefilled JSON file from the income tax portal.

    Create the assessee master details for which you want to file the ITR and the Assessee Master

  2. In the next step select the created assessee master from the list (Shortcut Key-F3).

    Selection of created Assessee Master

  3. After the selection of assessee master, Click on the Balance Sheet to fill in the details of the balance sheet.

    Fill in the details of the balance sheet

    In the Balance Sheet, we have provided an option related to manual data punching and tagging of the balance sheet and Profit & Loss Account data through excel.

    Click on the Open Balance sheet Mode option to enter the details manually otherwise click on the Open Tagging Mode option to tag the data through Excel

    Balance sheet Mode to enter the details manually & Tagging Mode to tag the data through Excel

    Enter the details in the Balance sheet manually.

    Enter the details in the Balance sheet manually

    In Tagging Mode option, tag the data through excel template.

    In Tagging Mode option, tag the data through excel template

    Similarly, fill in the details in the Profit & Loss Account.

    Fill in the details in the Profit & Loss Account

    Fill the details in the Profit & Loss account manually or Tag the data through Excel and then click on Save.

    Fill the details in the Profit & Loss account manually or Tag the data through Excel

    Fill the details in the Profit & Loss account manually or Tag the data through Excel

  4. After providing the details in the Balance sheet and Profit & Loss account fill in the income and deduction details of the assessee in the computation.

    Fill income and deduction details for computation

    In the computation, double click on any head in which you want to fill the income details of the assessee like the Income from Business or Profession and other income heads.

    Fill income details of assessee

    To provide the details of the Schedule Business or Profession, double click on the Non-speculative business option and fill the details, Click on Data from P&L and your Profit from the Profit & Loss account will reflect automatically.

    Provide details of Schedule Business or Profession

    Similarly, provide the deduction details and as per the income and deduction details in the software, the tax will be calculated as per the slab rates. And in the computation, your tax will be calculated as per both the tax regimes for the tax comparison.

    Get your tax calculated as per both the tax regimes for the tax comparison

  5. After providing all the income and exemption details, go to "Generate JSON" option to generate the JSON file and directly upload it on the income tax portal.

    Generate JSON file

  6. Form 3CD: After the generation of JSON file, fill in the details in Form 3CD, in case audit is applicable.

    Fill in the details in Form 3CD

  7. Fill the details in the Form 3CD and Audit Form 3CD contains 43 Clauses. Provide the details in the clauses.

    Audit Form 3CD contains 43 Clauses. Provide the details in the clauses

    After providing all the details in Form 3CD, click on the "Generate XML" option to generate the XML of Form 3CD.

    Generate the XML of Form 3CD

You might be surprised and wonder why you have not taken the assistance of our compliance solution Web-e-tax before filing your ITRs because it has simplified the procedure of filing ITRs for you.

After going through all the above-mentioned steps if you still have even the slightest doubt or query you can contact us via mail at contactus@webtel.co.in or call on 7303393220 without giving out a second thought. If you want to know all its features, then you can click here to get full information about Webtel’s Income Tax Filing Software Web-e-Tax.

Also Read: Latest Updates about Income Tax Return


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