ITR-3 – Complete Guide to Your Income Tax Return

What is ITR-3?

ITR-3 is an Income Tax Return form for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. It is also applicable if you earn income from partnership in a firm, in addition to other income sources like salary, house property, capital gains, and investments.

Who Can File ITR-3?

You can file ITR-3 if:

  • You are an Individual or HUF.
  • Your total income includes:
    1. Income from proprietorship business or profession.
    2. Income from partnership firm (excluding salary received as a partner in LLP — that goes in ITR-3).
    3. Salary / Pension income.
    4. Income from more than one house property.
    5. Capital gains (short-term/long-term).
    6. Income from other sources (interest, dividends, etc.).
    7. Foreign income or foreign assets.
  • You are a resident, non-resident, or RNOR.

Who Cannot File ITR-3?

You cannot file ITR-3 if:

  • You are eligible to file ITR-1 or ITR-2 (no business/professional income).
  • You are a company (companies must file ITR-6 or ITR-7 as applicable).

Due Date for Filing ITR-3

  • Non-audit cases: 15th September of the Assessment Year.
  • Audit cases: 31st October of the Assessment Year.
  • Example: For AY 2025-26, last date is 15 Sepember 2025 (non-audit) or 31 October 2025 (audit).

Benefits of Filing ITR-3

  • Mandatory for compliance with tax laws for business owners & professionals.
  • Required for bank loans, tenders, and government contracts.
  • Acts as valid proof of income for visa, property purchase, or investments.
  • Helps claim tax refunds.
  • Avoids late filing penalties.

Documents Required for ITR-3 Filing

  1. PAN Card
  2. Aadhaar Card
  3. Business financial statements (Profit & Loss Account, Balance Sheet)
  4. Audit report (if applicable)
  5. Bank account details & statements
  6. Form 16 / Salary slips (if applicable)
  7. Capital gains statement (shares, property, mutual funds, etc.)
  8. Details of loans, advances, and investments
  9. Foreign income/asset details (if any)
  10. Previous year’s ITR

ITR-3 Filing Process

  1. Maintain proper business accounts and prepare financial statements.
  2. Calculate business/professional income along with other income sources.
  3. Compute total taxable income and tax liability.
  4. Login to the Income Tax e-filing portal.
  5. Select and fill the ITR-3 form with accurate details.
  6. Submit and complete e-verification via Aadhaar OTP, Net Banking, etc.

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