ITR-3 Return Filing
ITR-3 Return Filing
ITR-3 is the Income Tax Return (ITR) form for individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. It applies to freelancers, self-employed professionals, and business owners who do not opt for the presumptive taxation scheme under ITR-4.
📌 Who is Eligible for ITR-3 Filing?
✔️ Individuals & HUFs with Business Income (Proprietors, Small Business Owners)
✔️ Self-Employed Professionals (Doctors, Lawyers, Architects, Consultants, Freelancers)
✔️ Directors of a Company
✔️ Individuals with Investments in Unlisted Equity Shares
✔️ Partners in a Firm (Without Salary & Interest from Firm)
✔️ Individuals with Capital Gains & Multiple Income Sources
🚫 Who is NOT Eligible for ITR-3?
❌ Individuals with salary income only (Use ITR-1 or ITR-2)
❌ Individuals opting for presumptive taxation under Section 44AD, 44ADA, or 44AE (Use ITR-4)
Importance of ITR-3 Filing
✅ Mandatory for Business & Professional Income Earners – Ensures tax compliance for self-employed individuals.
✅ Avoid Penalties & Legal Issues – Late filing can attract fines up to ₹10,000 under Section 234F.
✅ Claim Deductions & Tax Benefits – Save tax by reporting eligible expenses and deductions.
✅ Crucial for Loan & Visa Approvals – Essential for financial credibility.
✅ Facilitates Business Growth – Helps in availing business loans and funding opportunities.
how we help
Great Support for Funding & Compliance
Documents Required for ITR-3 Filing
📌 PAN Card & Aadhaar Card – For taxpayer verification.
📌 Bank Account Details – For tax refund processing.
📌 Profit & Loss Statement – Details of income and expenses for business/profession.
📌 Balance Sheet – Required for financial reporting.
📌 GST Returns (if applicable) – For businesses registered under GST.
📌 TDS Certificates (Form 16A/16C/26AS) – For tax deducted at source.
📌 Capital Gains Statement – If applicable from shares, property, or mutual funds.
📌 Investment Proofs – Deductions under 80C, 80D, etc.
📌 Details of Foreign Assets & Income – Required for NRIs and foreign investors.
Benefits of ITR-3 Filing
✅ Ensures Legal Compliance – Avoid penalties and scrutiny from the Income Tax Department.
✅ Helps in Business Growth – Facilitates easier access to business loans and funding.
✅ Claim Maximum Deductions – Reduce tax liability with deductions on expenses, depreciation, and investments.
✅ Quick Tax Refund Processing – Timely filing ensures faster refunds.
✅ Improves Financial Credibility – Essential for visa applications and creditworthiness.