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ITR 3 Form Filing

ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession.
If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.


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Who can file ITR 3?

ITR 3 For is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business. ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:

  • Income from carrying a profession
  • Income from proprietary business
  • Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.

Who is not eligible to file ITR 3 Form?

In case if the individual or the Hindu Undivided Family is functioning as a partner of the partnership firm that is carrying out business or profession then he cannot file form ITR 3 as he will be eligible to file Form ITR 2.

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ITR-3 is divided into:

Part A includes-

Schedules include:

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The Sections mentioned above will have to be addressed in the Form. But here is the list of important instructions that are to be followed while filing the ITR 3 Form:

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ITR 3 Form can be filed either offline or online:

The assessee must have two print copies of the ITR 3 Form when he is filing the returns online.

Electronic returns can be filed when:

The assessee is a resident of India or if the signing authority is located outside India.

The assessees with more than Rs.5 lakh total income are required to furnish the returns electronically.

Assessees that are claiming relief under Section 90, 90A,91 for whom the schedule FSI and Schedule TR that applies must file the returns electronically.


The Changes that are incorporated in the ITR 3 Form are:

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Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

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Income tax return filing for a taxpayer with taxable income of less than Rs.50 lakhs.

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Income tax return filing for a taxpayer with taxable income of Rs.20 lakhs to Rs.100 lakhs.

[/gva_pricing][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 Is a balance sheet mandatory for ITR 3 filing?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]The list of documents necessary for balance ITR 3 filing are:
Balance sheet and profit and loss statement, bank account statement, and the passbook.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 Is ITR 3 is applicable for all the assesses that have business income?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]No, ITR 3 will be applicable for all the individuals or the HUF that have business a professional income not chargeable under the presumptive taxation scheme.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 Can we file ITR 3 without an audit?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]Yes, ITR 3 filing without auditing and pay the taxes on the intraday turnover.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 What is the difference between ITR 3 and ITR 4?” tab_id=”1634375208465-1b41807f-303f”][vc_column_text]Income Tax Return Form 3 is for all the individuals and HUFs with income under the head profits or gains from business or profession and who are not eligible to file ITR 4 should file ITR 3.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 Is it possible to shift from ITR 3 to ITR 4?” tab_id=”1634375207194-feeb45e1-ec4e”][vc_column_text]Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses he needs to choose ITR3.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.6 Is ITR 3 applicable for Individuals under the Presumptive Taxation scheme?” tab_id=”1634380574907-529ce678-6f81″][vc_column_text]No in case the individual has opted for a presumptive taxation scheme ITR 3 is not applicable for him. He can file ITR4 instead.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row][vc_row custom_background=”bg-theme”][vc_column][gva_call_to_action title=”Need any further assistance with business compliances and filings?” button_align=”button-center” style_button=”btn-white” text_link=”Contact us” link=”/contact-us/”][/gva_call_to_action][/vc_column][/vc_row]