ITR-3 Filing

File Your Income Tax Return Efficiently with 24efiling.   

What is ITR 3? 

ITR 3 is an income tax return form used in India by individuals and Hindu Undivided Families (HUFs) who derive income from business or profession. This includes income from: 

  • Sole proprietorship businesses 

  • Partnership firms (individuals holding partnership) 

  • Freelance work (excluding those under the presumptive taxation scheme)

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Benefits of Filing ITR 3:

  • Fulfills legal obligation: Filing your ITR 3 ensures you comply with tax regulations and avoid penalties. 

  • Loan applications: Having a filed ITR is often mandatory for securing loans like mortgages or business loans. 

  • Visa applications: ITRs can be required for visa applications to demonstrate financial stability. 

  • Claim tax refunds: If you've paid more tax than owed, filing your ITR 3 allows you to claim a refund. 

  • Carry forward certain losses: ITR 3 allows you to carry forward business losses to future years, potentially reducing your tax liability. 


Drawbacks of Not Filing ITR 3: 

  • Penalties: The Income Tax Department can impose penalties for late filing or non-filing of ITRs. 

  • Interest on tax dues: If you have any tax liabilities, interest will accrue on the unpaid amount. 

  • Reputational damage: Not filing ITRs can negatively impact your credit score and future financial dealings. 


Documents Required for ITR 3: 

  • PAN card 

  • Aadhaar card (optional but recommended) 

  • Bank statements

  • Investment proofs 

  • Business income and expense records 

  • Proof of deductions claimed (e.g., medical bills, donations) 


Eligibility for Filing ITR 3: 

  • Individuals and HUFs with income from business or profession (excluding those opting for the presumptive taxation scheme covered under ITR 4). 

  • Individuals with income from other sources exceed the basic exemption limit. 

 

You shouldn't file ITR 3 if you fall under any of the following categories: 

  • Individuals with income only from salary, one house property, and capital gains: If your income solely comes from these sources, you can file ITR 1 (Sahaj) instead.

  • Individuals or Hindu Undivided Families (HUFs) with income under the presumptive taxation scheme: This scheme applies to specific businesses and professions with a turnover limit. If you qualify for this scheme, you can file ITR 4. 

  • Individuals or HUFs whose total income doesn't exceed the basic exemption limit: The current basic exemption limit in India varies depending on your age and filing status. If your income falls below this limit, you generally don't need to file an ITR. 

Why Choose 24efiling for ITR 3 Filing? 

Filing ITR 3 can be complex, but 24efiling simplifies the process. With our user-friendly platform, guided assistance, and tax expert support, you can file your ITR 3 accurately and efficiently. We also ensure secure data storage and a streamlined filing experience. 

Get started with your ITR 3 filing today with 24efiling!

Faq

We Made Things Easy For You!

A: Individuals and HUFs with income from business or profession (excluding those under the presumptive taxation scheme) should file ITR 3.

A: The deadline for filing ITR 3 for the current assessment year (AY 2023-24) is July 31st, 2024.

A: 24efiling offers a user-friendly platform, guided assistance, tax experts for support, secure data storage, and efficient filing process.

Filing ITR 3 can be complex, but 24efiling simplifies the process. With our user-friendly platform, guided assistance, and tax expert support, you can file your ITR 3 accurately and efficiently. We also ensure secure data storage and a streamlined filing experience.

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