ITR-3

What Is the ITR 3 Form?

ITR 3 Form is a return form that individual taxpayers and members of Hindu Undivided Families can use to file income tax returns. To be eligible to file ITR with this form, you must have a proprietorship or a business as one of your income sources.

ITR 3 has various tabs for you to report your source of income as salary, capital gains and house property. You can file tax returns with ITR Form 3 online by visiting the official portal of the Income Tax Department. You must verify your details in this form physically or electronically before the final submission.

Who Is Eligible to File ITR 3 Form?

Now that you have a brief idea of what ITR 3 means, let’s take you through the eligibility criteria that you must fulfil to file returns with it.

• Individuals with proprietary business as their source of income
• Individuals whose income source is a profession
• Income by way of interest, salary, bonus, commission or remuneration received by him from a partnership firm.
• If a person is earning from house property, pension or salary, their source of income falls under income from other sources. Such individuals can file returns with ITR 3.
• Non-Resident Individual
• Anybody with income-producing assets situated outside of India.

In short, any individual earning income under the head “profits or gains from profession or business” who is not eligible to file ITR-1, ITR-2 or ITR-4, has to file Form ITR-3.

Documents required for ITR 3 Form

To file your income tax return (ITR) on Taxvisor for ITR-3, the following documents are needed.

• PAN (Permanent Account Number)
• Aadhaar Card
• Bank account details (account number and IFSC code)
• Form 16, if applicable (for salaried individuals)
• Details of your investments
• Books of accounts (if you have a business or professional income)
• Having these documents ready will make the ITR filing process smoother and more efficient