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ITR 3 Return Filing

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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)

Who can File ITR 3?

  • 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.
  • 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