itr 3

ITR-3 Return Filing

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1 Year GST Filing, TDS Filing and Income Tax Filing through LEDGERS Platform. Accountant will be assigned on request of client through LEDGERS Platform.

This Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).

Document required

 Form 16 / Salary Slips (in case of income from salary)

 Rental Agreement, if any

 Proof of Rental Income if any

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itr3

ITR 3 Form Filing

ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession.If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.

Eligibility for filing ITR-3 Form

ITR 3 For is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business. ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:

  •  Income from carrying a profession

  •  Income from proprietary business

  •  Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources

Instruction for filing ITR 3 Form

  •  If in case the Schedule is not applicable to the assessee, then the assessee has to just put -NA-

  •  In case if there is no figure to denote, mention Nil

  •  If there is a negative balance and you are writing it against a profit column then the" - " sign needs to be added before the figure.

  •  Round off the figures to the nearest one rupee.

  •  The total income or the payable loss should be rounded off to the nearest multiple of Rs.10.

  •  The total income or the payable loss should be rounded off to the nearest multiple of Rs.10.

How to file ITR 3 Form?

ITR 3 Form can be filed either offline or online:

  •  Offline: The returns can be furnished electronically using the Digital Signature Certificate. This data can be transmitted after submitting the verification of the return.

  •  Online: The returns can be furnished in a paper format through a bar-coded return

The assessee must have two print copies of the ITR 3 Form when he is filing the returns online. Electronic returns can be filed when: The assessee is a resident of India or if the signing authority is located outside India. The assessee with more than Rs.5 lakh total income are required to furnish the returns electronically. Assessee that are claiming relief under Section 90, 90A,91 for whom the schedule FSI and Schedule TR that applies must file the returns electronically.

Documents Required For ITR-3 Return Filing

Form 26AS
Form 16 / Salary Slips (in case of income from salary)
Rental Agreement, if any
Proof of Rental Income if any
Proof of Investments to claim Tax Exemption
Purchase Return Details
Tax Paid Challans for GST
Sales Return Details
Purchase Return Details
Fixed Assets Invoice Copy (if Applicable)
Investment details made by Cash
Loan Details from bank

ITR-3 Return Filing FAQ's

1. Is the balance sheet mandatory for ITR 3 Filing?

The list of documents necessary for balance ITR 3 filing are: Balance sheet and profit and loss statement, bank account statement, and the passbook.

2. Can we file an ITR 3 without an audit?

Yes, ITR 3 filing without auditing and paying the taxes on the intra-day turnover.

3.What is the difference between ITR 3 and ITR 4?

Income Tax Return Form 3 is for all the individuals and HUFs with income under the head profits or gains from business or profession and who are not eligible to file ITR 4 should file ITR 3.

4. Is it possible to shift from ITR 3 to ITR 4?

Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses he needs to choose ITR3.

5. Is ITR 3 Applicable for individuals under the presumptive taxation scheme??

No in case the individual has opted for a presumptive taxation scheme ITR 3 is not applicable for him. He can file ITR4 instead.