ITR-3 is a tax return form for individuals and Hindu Undivided Families (HUFs) who have income from a business or profession. This form is typically used by taxpayers who are self-employed, business owners, or professionals earning income through a profession such as doctors, lawyers, consultants, and chartered accountants.
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Key Features of ITR-3
Comprehensive Reporting: ITR-3 allows individuals or HUFs to report income from multiple sources including business income, salary, capital gains, and other income.
Business Income Reporting: The form includes detailed sections for reporting business income, expenses, and tax deductions available for business owners.
Professional Income: Professionals like doctors, consultants, and other self-employed individuals can use ITR-3 to report income from their profession along with expenses incurred in the process.
Capital Gains and Foreign Income: You can report capital gains and foreign income in ITR-3, allowing you to accurately calculate your tax liabilities.
Tax Deductions for Business Expenses: You can claim deductions for business expenses such as rent, utilities, employee salaries, and other operational costs that help in reducing your taxable income.
Pre-filled Information: Pre-filled details of TDS, salary, and other income sources make the filing process easier and reduce the chance of errors.
Basic
Accountant
Income Tax Return Filing
Tax Assist
Accountant & HR
GST Return Filing
TDS Return Filing
Income Tax Return Filing