01 Jun

ITR 3 - What is ITR3 Form

ITR 3 - What is ITR3 Form

Guide to understanding the ITR-3 form

What is ITR-3 Form?

ITR 3 applies to individuals and HUFs who have profits and profits from the business or professionals. Individuals with income from the following sources are eligible to file ITR 3:

· Business or Profession (both tax audit and non-audit cases)

· Returns may include income from home property, salary/pension, capital gains and income from other sources.

Note:

In the case of a taxpayer subject to a non-tax audit, the due date for filing ITR-3 for AY 2022-23 (FY 2021-22) is  31st July 2022. The deadline for submission of the tax audit report is 31st October 2022

ITR-3

The current ITR3 form will be used by an individual or a Hindu Undivided Family who owns a business income or is running a business. Individuals with income from the following sources are eligible to file ITR 3:

·        Doing business or profession

·        If you are a personal director in a company

·        If you have ever invested in unlisted equity shares during the financial year

·        Reimbursement may include income from home property, salary/pension and income from other sources.

·        Income of a person as a partner in the firm

Frequently Asked Questions

Q:- I am a person who has income from business and I have chosen the option of presumptive taxation. Does ITR 3 apply to me?

A:- No, ITR3 will not apply to you if you choose to levy a presumptive tax for business or occupation. ITR 4 will apply to you.

Q:- Does ITR-3 apply to all taxpayers with business income?

A - No, ITR-3 will apply to individuals with business and professional income or to HUFs who are not charged under the presumptive tax.

 

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