ITR 3 Return Filing
ITR-3 is designed for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession, salary or any other sources. It is applicable when the taxpayer has income from:
Business or Profession
Capital Gains
Any other source (excluding income from the lottery, racehorses, and speculative businesses)
Documents Required:
Sales or Service Invoice
Purchase Invoices
Saving or FD Interest Certificate
Bank Statement Current and Saving (both) of relevant FY
Tax Saving Proofs (LIP, Mediclaim, FD over 5 years receipts etc.)
Home Loan Interest Certificate
Details of any other income
Rental Receipts
Donation Receipts
Tution Fees Receipts
Capital Gain reports
List of Foreign Assets holding
Business Owners: If you run a business, whether as a sole proprietorship or in partnership, ITR-3 is your designated form. It accommodates income from business or profession, making it a must-have for entrepreneurs.
Professionals: Professionals like doctors, chartered accountants, company secretaries, cost and management accoutants, lawyers, architects, or consultants should opt for ITR-3 if their income isn't just from salaries but also stems from their professional practice.
Partners of a Firm: Individuals who are partners in a firm or association of persons (AOP) should choose ITR-3 to report their share of income from the partnership.