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Who Should File the ITR-3 Form?


1. Individuals and HUFs who:

  • Run a proprietorship business.
  • Earn income from a profession (e.g., doctors, consultants, freelancers).
2. Taxpayers with Multiple Sources of Income, such as:
  • Income from one or more house properties.
  • Pension or salary income combined with business income.
  • Short-term or long-term capital gains.
  • Investments in unlisted equity shares.
3. Taxpayers with Foreign Income or Assets:
  • Disclosure of income and ownership of assets located outside India.
4. Income from Other Sources:
  • Lottery winnings, betting income, or other legal forms of gambling.
5. Directors of Companies:
  • If the taxpayer holds a directorship in a company.

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Who Should NOT File the ITR-3 Form?

• Individuals with only salaried income (use ITR-1 or ITR-2).
• Partners in a partnership firm (use ITR-2).
• Individuals with agricultural income exceeding ₹5,000 (use ITR-2).

Key Features of the ITR-3 Form

1. Covers a Wide Range of Incomes:
• Income from business or professional activities.
• Capital gains and foreign assets.
• Rental income from house properties.

2. Structured for Detailed Reporting:
• The form includes multiple schedules to accommodate different income types, tax-saving deductions, and exemptions.

3. Audit-Ready:
• Taxpayers under audit as per Section 44AB can use this form for proper disclosure.

4. E-Filing Friendly:
• Must be filed online using digital signatures or e-verification (via Aadhaar OTP or Net Banking).






Structure of the ITR-3 Form



1. Part A: General Information

• Basic details: Name, PAN, Aadhaar, address, DOB.
• Nature of business or profession.
• Assessment year and filing type (original, revised, or in response to a notice).

2. Part B: Computation of Total Income

• Gross total income from all sources.
• Deductions under Chapter VI-A (e.g., Sections 80C, 80D, etc.).
• Taxable income after deductions.

3. Part B-TTI: Tax Liability Computation

• Total tax payable after deductions, rebates, and cess.
• Taxes already paid (advance tax and self-assessment).

4. Schedules:

• Schedule BP: Profits and Gains of Business or Profession.
• Schedule HP: Income from House Property.
• Schedule CG: Capital Gains.
• Schedule OS: Income from Other Sources.
• Schedule VI-A: Tax-saving deductions under various sections.
• Schedule TDS/TCS: Details of tax deducted or collected at source.

5. Tax Payments:

• Disclosure of taxes already paid (advance tax, TDS, TCS).

6. Verification:

• Declaration of authenticity by the taxpayer.
• Verification can be done digitally or by sending a signed ITR-V to the Income Tax Department.


Documents Required to File ITR-3

To file ITR-3, the following documents are typically needed:

  • 1. Personal Information:
    • PAN and Aadhaar details.
    • Bank account details (account number and IFSC).
  • 2. Income Proof:
    • Salary slips or Form 16 (if applicable).
    • Profit & loss statement and balance sheet for business or profession.
  • 3. Investment Proof:
    • Details of tax-saving investments (ELSS, PPF, etc.).
    • Details of property sales and purchases.
  • 4. Tax Payment Receipts:
    • Advance tax and self-assessment tax challans.
  • 5. TDS Certificates:
    • Form 16A, Form 16B, and Form 16C for TDS on salary, property, or other sources.
  • 6. Audit Reports (if applicable):
    • For audit cases under Section 44AB.

How to File ITR-3?

Due Dates for Filing ITR-3

For any Assessment Year Non-Audit Cases Audit Cases
Due Date July 31, of Assessment Year October 31, Assessment Year

Penalties for Late Filing

Penalty Type Amount
1. Late Fees under Section 234F: ₹5,000 if filed after the due date. Reduced to ₹1,000 for taxpayers with income below ₹5,00,000.
2. Interest on Tax Due: Interest under Section 234A for late filing. Interest under Sections 234B and 234C for late payment of taxes.

Special Provisions

Tips for Filing ITR-3

This comprehensive guide provides everything you need to understand and file ITR-3 effectively. If you have specific questions or need further assistance, feel free to ask!



Why to choose Accountant Factory LLP


Accountants Factory LLP provides expert assistance for filing ITR-3, ensuring accuracy and compliance for individuals and HUFs with income from business, profession, or other eligible sources. Our team simplifies the complex tax filing process by offering tailored solutions, from document preparation to tax computation and e-filing. We also provide guidance on deductions, capital gains, and foreign asset disclosures, ensuring you maximize savings while meeting statutory deadlines. Whether you’re a professional, business owner, or investor, Accountants Factory LLP ensures a seamless and stress-free ITR-3 filing experience.

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