ITR 3 Return Filing

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About ITR 3 Return 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.

What is the ITR-3 Form?

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :

  • Carrying on a business or profession.
  • The return may include income from House property, Salary/Pension, capital gains and Income from other sources.

Who is not eligible to file ITR 3 Form?

In case if the individual or the Hindu Undivided Family is functioning as a partner of the partnership firm that is carrying out business or profession then he cannot file form ITR 3 as he will be eligible to file Form ITR 2.

Documents Required For ITR-3 Return Filing

  • 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
  • Form 26AS
  • Monthly Purchase Bill
  • Monthly Sales Bill
  • Sales Return Details
  • Purchase Return Details
  • Tax Paid Challans for GST
  • Day to day Administration expenses and General expenses details
  • Fixed Assets Invoice Copy (if Applicable)
  • Investment details made by Cash
  • Investment details made through Bank
  • Proof of Source of Cash In-flow and Cash Out-flow
  • Outstanding receivables and payables
  • Bank Statement
  • Break-up of Bank Statement
  • Loan Details from bank
  • Proof of Foreign Income (if applicable)
  • Details of Foreign Assets (if applicable)

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ITR 3 Return Filing FAQ's

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.

 
Is ITR 3 applicable for all the assesses that have business income?

No, ITR 3 will be applicable for all the individuals or the HUF that have business a professional income not chargeable under the presumptive taxation scheme.

 
Can we file an ITR 3 without an audit?

Yes, ITR 3 filing without auditing and paying the taxes on the intraday turnover.

 
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.

 

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