ITR-3 Form Filing

ITR-3 is an Income Tax Return form designed for individuals and Hindu Undivided Families (HUFs) who derive their primary income from business or profession. This includes income from sole proprietorship, partnership firms, and other unincorporated businesses.

Key Sections of ITR-3:

1. Personal Information:
   • Basic details like name, PAN, date of birth, etc.
2. Income from Business and Profession:
   • Gross receipts
   • Expenses incurred
   • Profit or loss from the business or profession
3. Income from Other Sources:
   • Interest income, dividend income, etc.
4. Capital Gains:
   • Short-term and long-term capital gains or losses from the sale of assets.
5. Deductions and Tax Credits:
   • Claim deductions like Section 80C, 80D, 80E, etc., and tax credits like TDS, TCS, etc.

How to File ITR-3:

1. Log in to the Income Tax e-Filing Portal:

   • Visit the official Income Tax e-Filing portal and log in using your PAN and password.

2. Select ITR-3:

   • Choose ITR-3 as the appropriate form for your income profile.

3. Fill in the Details:

   • Provide accurate information in each section, including income, expenses, deductions, and tax credits.

4. Verify and Submit:

   • Review all the information entered to ensure accuracy.
   • Digitally sign the return using your Digital Signature Certificate (DSC) or Aadhaar OTP.
   • Submit the return.

Important Considerations:

• Timely Filing: File your ITR-3 before the due date to avoid penalties.
• Accurate Information: Provide accurate and complete information to avoid discrepancies and potential audits.
• Record Keeping: Maintain proper records of all income, expenses, and tax-related documents.
• Professional Help: If you find the process complex, consult a tax professional or CA.
• E-Verification: E-verify your return to avoid delays in processing.