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)
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
Who should 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.