ITR-3 Return Filing
ITR-3 is applicable to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. It is also used by partners in partnership firms to report their income such as interest, salary, bonus, or commission received from the firm.
Suitable for taxpayers having business turnover, professional practice earnings, capital gains, income from multiple house properties, or foreign assets.
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For resident salaried/pension earners with total income up to ₹50 lakh, one house...
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For individuals/HUFs whose income includes business or professional profits...
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For all companies except those claiming charitable or religious exemption...
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ITR-3 Filing
ITR-3 is one of the Income Tax Return forms designed for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. It is applicable to taxpayers whose income cannot be filed under simpler forms like ITR-1 or ITR-2 due to the presence of business income, presumptive income under Sections 44AD, 44ADA, or 44AE, or income from partnership firm.
Filing ITR-3 requires detailed reporting of books of accounts, balance sheets, profit and loss statements, and financial information related to business operations. GST Shine provides expert assistance in compiling accurate financial data and filing ITR-3 seamlessly, ensuring tax compliance and maximum accuracy at every stage.
What is ITR-3 Form?
The ITR-3 Form is applicable to individuals and HUFs who earn profits and gains from business or professions. It also covers income from salary, pension, multiple house properties, capital gains, other sources, and foreign assets when applicable. It is a detailed form requiring extensive financial disclosures.
ITR-3 enables taxpayers to declare income from professional consultancy, freelancing, manufacturing, trading businesses, and profit-sharing from firms. It supports both audited and unaudited business filings depending on turnover requirements.
Who Can File ITR-3?
ITR-3 should be filed by Individuals & HUFs who meet the following criteria:
- Income from Business or Profession (including freelancers and professionals)
- Income from Proprietorship business
- Income from presumptive business under Sections 44AD, 44ADA & 44AE
- Income as a partner in a partnership firm (other than salary & interest)
- Income from salary or pension
- Income from more than one house property
- Capital gains (Short-Term or Long-Term)
- Income from foreign assets or foreign income
- Income from agricultural sources above ₹5,000
ITR-3 is designed specifically for those involved in business or professional activities. Individuals without business income should file ITR-1 or ITR-2 depending on eligibility.
ITR-3 Due Date
The due date for filing ITR-3 is July 31st for taxpayers whose accounts do not require auditing, and October 31st for those whose accounts are subject to tax audit. Filing on time helps avoid penalties and ensures smooth tax processing and refunds.