The ITR-3 form applies to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession. It is often considered a comprehensive form, as it allows individuals and HUFs to report all possible sources of income in a single return.
Complete Your ITR Filing
Ready Your ITR 3 Return Filing with Auriga Accounting
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR 3 Return Filing.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR 3 Return Filing
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR 3 Return Filing.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR 3 Return Filing
The ITR-3 form is intended for individuals and Hindu Undivided Families (HUFs) engaged in a business or profession that requires maintaining detailed books of accounts. This includes professionals such as chartered accountants, doctors, lawyers, engineers, and others whose income is computed based on actual profits. Additionally, individuals earning from salaried employment and those with income from freelancing or part-time business activities can also use the ITR-3 form to file their income tax returns.
These guidelines assist in filling out the Income-tax Return (ITR) Form-3 for the Assessment Year 2021-22, which corresponds to the Financial Year 2020-21. If you have any doubts, please refer to the relevant provisions of the Income-tax Act, 1961, and the Income-tax Rules, 1962.
This return form applies only to the Assessment Year 2021-22, which pertains to income earned during the Financial Year 2020-21.
Now that you have a basic understanding of ITR-3, let’s go through the eligibility criteria for filing returns using this form:
Any individual earning income under the head “Profits or Gains from Business or Profession”, who is not eligible to file ITR-1, ITR-2, or ITR-4, must file Form ITR-3.
Individuals or Hindu Undivided Families (HUFs) must file ITR-3 if they have any of the following:
However, ITR-3 is not applicable to individuals whose income comes only from salary, house property, or capital gains.
Before starting the filing process, ensure you have the following documents:
Filing ITR-3 after the due date can result in penalties and other consequences:
Additionally, a 1% interest per month is charged on unpaid taxes until the ITR is filed. If the return is not filed by December 31st, taxpayers must file an updated return and pay an additional 25% tax until March 31, 2024, and 50% tax until December 31, 2024.
Non-compliance with ITR filing, despite reminders, may lead to: A 50% penalty for underreporting income. A 200% penalty for providing incorrect information
ITR-3 is a mandatory form for individuals and HUFs earning income from a business or profession. Timely filing helps avoid penalties and ensures compliance with tax regulations. Follow the steps outlined above to successfully file ITR-3 online before the due date.
Step 1: Login
Step 2: Link Your PAN
Step 3: Pre-Fill Your Personal Information
Step 4: Edit and Review Details
Step 5: Report Business or Professional Income
Step 6: Tax Deductions and Savings
Step 7: Enter Tax Paid Details
Step 8: Schedule AL and Other Disclosures
Step 9: Review Tax Summary & Choose Tax Regime
Step 10: Self-Declaration
Step 11: Pay Taxes (If Applicable)
Step 12: Submit & e-Verify
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