ITR-3 form is for an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession”
Even as the ITR season is going on for the financial year 2022-23, the income tax department as now enable the online ITR-3 form with already-filled data. ITR-1, ITR-2 and ITR-4 online forms were already enabled earlier by the income tax department, with the deadline being July 31, 2023. ITR-3 is filed by professionals.
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Who Can File ITR 3 Form?
The ITR-3 form is for an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR‐1 (Sahaj), ITR‐2 or ITR‐4 (Sugam).
How to File ITR-3?
You need to visit https://www.incometax.gov.in/iec/foportal. Login into your account and choose ITR-3 form for filing your ITR.
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ITR-3: What Documents Are Needed?
The documents required to file ITR-3 are PAN, Aadhaar, bank account details, Form 16 (if applicable), investments details, and books of accounts.
What Are the Other ITR Forms?
The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31.
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ITR-1 is filed by individuals, including salaried class and senior citizens.
ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn’t exceed Rs 50 lakh.
ITR-4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.
