ITR- 3 Filing
At Filingall, we're your trusted partner for simplifying the ITR-3 form filing process, making it easy, precise, and stress-free. As a leading online platform specializing in tax and compliance solutions, we understand that navigating the intricacies of income tax returns can be overwhelming. Whether you're an individual with income from business or a Hindu Undivided Family (HUF) looking to meet your tax obligations, our expert team is here to assist you at every step.
Understanding ITR-3 Form
The ITR-3 form is crucial for taxpayers earning income from a business or a profession. It plays a vital role in the Income Tax Department's efforts to collect comprehensive financial information, ensuring tax compliance.
Who Should File ITR-3 Form?
The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following eligibility criteria:
- Directorship: The taxpayer is a director of a company or is engaged in a business.
- Residential Status: The taxpayer's residential status can be either resident or non-resident of India.
- Residential Status: The taxpayer's residential status can be either resident or non-resident of India.
- House Property Income: The taxpayer is earning income from house property.
- House Property Income: The taxpayer is earning income from house property.
- Income Under 'Profits and Gains of Business or Profession: The taxpayer's income is taxable under the category of 'profits and gains of business or profession.' This can include income elements such as salary, interest, commission, bonus, or remuneration.
- Income from a single-house property or multiple-house property.
- Income from activities like lotteries, betting on races, and other legal forms of gambling as per Indian law.
- Income from short-term or long-term capital gains.
- Income earned from a business or profession conducted under a proprietorship firm owned by the individual or a Hindu Undivided Family (HUF).
- Income earned from foreign assets.
Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:
Meeting these eligibility criteria allows individuals and HUFs to use the ITR Form 3 for filing their income tax returns, provided that their income falls into the specified categories mentioned above.