Income Tax Returns-3 Form Filing

What Is Itr 3 Form?

The ITR 3 is meant for persons and HUF who earn their income, profits and gains from business or profession. This means individuals who generate income from the below two sources are should file ITR 3

Have a business or profession
Generate income from your property such as house, salary/pension and other sources

What is the

Who Is Eligible For Filing Itr Form 3?

People who belong to the following category are eligible to file their returns through ITR form 3
Part of an inherited business or Profession
Drawing income from property, salary/pension from other sources.
Individuals and Hindu Undivided Family can file their return through ITR form 3 if their total income includes:

Income from a single or multiple House Property
Income from short or long-term capital gains
Income from business or profession practised under a proprietorship firm owned by the individual or the HUF
Income from winning a lottery, betting on races and other legal forms of gambling Income from foreign assets belonging to the individual.

WHAT IS THE STRUCTURE OF ITR 3?

GEN: General information and Nature of Business

BS: Balance Sheet as of March 31, 2018 of the Proprietary Business or Profession

P & L: Profit and Loss for the Financial Year 2017-18

OI: Other Information (optional if you are not eligible for audit under

QD: Quantitative Details (optional if you are not eligible for audit under Section 44AB)

Part B summarizes the total income and tax computation with respect to income chargeable to tax.

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Frequently Asked Questions (FAQ)

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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 and Income from other sources

How do I file my ITR-3 Form?

A taxpayer has to compulsorily file ITR-3 online. The ITR-3 can be filed Online/Electronically:

By furnishing the return electronically under digital signature
By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V

If you submit your ITR-3 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Remember that ITR-3 is an annexure-less form i.e. you do not have to attach any documents when you send it.

ITR 3 is applicable to whom?

It is mandatory for you to furnish the return electronically if you fall in any of the following categories:

Assessees with income from profit and gain of any business or profession
Assessees having income from partnership firm
Resident assessees having assets outside India
Assessees claiming relief u/s 90, 90A or 91 for whom Schedule FSI & TR are applicable