ITR-3 Filing Services - VETRI AUDIT SERVICES PRIVATE LIMITED
What is ITR-3?
ITR-3 is the Income Tax Return form applicable to individuals and Hindu Undivided Families (HUFs) who earn income from business or professional activities. It is specifically designed for taxpayers who operate as sole proprietors or carry on professional practices such as doctors, architects, consultants, or freelancers.
Who Should File ITR-3?
You are required to file ITR-3 if your income includes any of the following:
- Income from a proprietorship business or profession
- Share of profit from a partnership firm (excluding LLPs)
- Combined income from salary/pension and business/profession
- Capital gains, rental income (house property) or other sources along with business income
- Speculative income such as intraday trading
- Income taxable under the head “Profits and Gains from Business or Profession”
Who Should NOT File ITR-3?
You should not use ITR-3 if you fall under the following categories:
- Taxpayers who are companies, LLPs, or other firms (except individuals/HUFs)
- Individuals with only salary, pension, capital gains, or rental income - such taxpayers should use ITR-1 or ITR-2
- Individuals opting for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE - they should use ITR-4
Key Features of ITR-3
| Parameter | Details |
|---|---|
| Applicable To | Individuals and HUFs with income from business or profession |
| Income Sources | Business/profession, salary, house property, capital gains, other sources |
| Filing Mode | Online only (e-filing) via the income tax portal |
| Documents Needed | Profit & loss statement, balance sheet, bank statements, Form 16, audit report if applicable |
Details to be Furnished in ITR-3
While filing ITR-3, you will need to provide:
- Personal details: PAN, Aadhaar, address, and contact information
- Business or profession income: Turnover, gross receipts, expenses, and net profit
- Income from other heads: Salary, capital gains, house property, and other sources
- Audit information: Details of tax audit if applicable under Section 44AB
- Tax deductions: Eligible deductions under Chapter VI-A such as Section 80C, 80D, 80G, etc.
- Tax details: Advance tax, self-assessment tax, TDS, and TCS information
Due Dates for Filing ITR-3
- 31st July of the Assessment Year - If tax audit is not applicable
- 30th September of the Assessment Year - If tax audit is applicable
Example: For Financial Year 2024-25, the due date is 30th September 2025 if your accounts are audited.
Tips for Accurate ITR-3 Filing
- Maintain accurate books of accounts for your business or profession
- Ensure you comply with tax audit requirements if your turnover exceeds the prescribed limits (₹1 crore for business, ₹50 lakhs for profession unless presumptive scheme is adopted)
- Use the pre-filled data provided by the income tax portal to cross-check your figures
- Don't forget to e-verify your return within 30 days of submission
- Seek expert assistance to maximize deductions and reduce scrutiny risk
How VETRI AUDIT SERVICES PRIVATE LIMITED Can Help You
At VETRI AUDIT SERVICES PRIVATE LIMITED, we specialize in seamless ITR-3 filing for professionals and business owners. Our tax experts provide:
- End-to-end assistance from data collection to filing and verification
- Professional bookkeeping and audit coordination
- Review of financial statements and compliance checks
- Guidance on tax-saving investments and eligible deductions
- Timely reminders and status updates
Contact us today to ensure your ITR-3 is filed accurately and on time - while you focus on growing your business, we'll take care of your compliance.
Contact us today for a consultation!
