ITR-3

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  • Here are some key points about ITR-3:

    1. Applicability: ITR-3 is applicable to individuals and HUFs who have income from a proprietary business or profession.
    2. Not for Individuals with Salary Income: Taxpayers who have income from salary, house property, lottery winnings, or capital gains are not eligible to file ITR-3. They should use other applicable forms such as ITR-1 or ITR-2.
    3. Comprehensive Form: ITR-3 is more comprehensive compared to ITR-1 and ITR-2 as it requires detailed information about the taxpayer’s business or profession, including profit and loss account, balance sheet, and other financial statements.
    4. Details Required: Taxpayers filing ITR-3 need to provide details of income from their business or profession, including gross receipts, expenses, depreciation, and any other income earned during the financial year.
    5. Mandatory Audit: Taxpayers filing ITR-3 are required to get their accounts audited if their total income exceeds the threshold limit specified under the Income Tax Act. The audit is conducted by a qualified Chartered Accountant.
    6. Digital Signature: ITR-3 can be filed electronically, and taxpayers are required to digitally sign the return using a digital signature certificate (DSC) or by generating an electronic verification code (EVC).

    7. Verification: After filing the return, taxpayers need to verify the return using one of the prescribed methods, such as Aadhar OTP, net banking, or sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) within 120 days of filing.

  • Applicable for Individuals and HUF only.
  • Having income from Business/ Profession
  • Can be either Proprietor or Partner
  • Can have any other income also such as Salary, House Property, Capital Gain, Other Sources etc.
  • Hindu Undivided Families (HUFs) and individuals with various income sources within a particular assessment year are intended to use the ITR-3 form. It is relevant in particular if the overall revenue consists of:
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  • Income from a Business or Profession: ITR-3 forms must be filed by owners of a proprietorship company. This includes situations about company or professional revenue that are audited or not.

  • Revenue from Residential Properties: ITR-3 allows for reporting revenue from residential properties, whether from one or more.

  • Other sources of Income: In ITR-3, the ‘Income from Other Sources’ category includes those who get awards for winning lotteries, horse racing, and other unspecified activities.

  • Foreign Assets: ITR-3 forms must be filed by anybody with income-producing assets situated outside of India.

  • Capital Gains: To meet their tax reporting requirements, individuals and HUFs that fall under this category, regardless of whether their income is from short-term or long-term capital gains, should choose ITR-3.

  • Comprehending these varied sources of income guarantees precise and thorough reporting via the ITR-3 form.
  • Can’t be used by Persons other than Individual and HUF
  • Can’t be used if any Individual or HUF is not having Income from Business/ Profession
  1. Permanent Account Number (PAN) card.
  2. Aadhaar identity card.
  3. Details of your bank account.
  4. Form 16, if applicable (for salaried individuals).
  5. Investment details.