ITR - 3 Return

Every taxpayer in India is required to file ITR. Income Tax department has to make process easier and convenient introduced various forms for different taxpayers to make process easier and convenient.

 

ITR 3 is the form used by the individuals and Hindu Undivided Families who are registered as ‘Partners’ in a firm. This form is not applicable to the proprietors of the firm. This is applicable for the professionals but in a partnership profession. The partner must be earning income in the form of interest, salary, bonus, commission, etc.

Choose Your Package

Silver

₹ 3999/-

  • Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs
  • Accounting and Book Keeping

Gold

₹ 6999/-

  • Income tax return filing for a taxpayer with taxable income of less than Rs.50 lakhs
  • Accounting and Book Keeping

Platinum

₹ 10999/-

  • Income tax return filing for a taxpayer with taxable income of Rs.20 lakhs to Rs.100 lakhs.
  • Accounting and Book Keeping

 

Who is eligible to file ITR 3?

 

 

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3:

 

a. Carrying on a business or profession (both tax audit and non-audit cases)

 

b. The return may include income from House property, Salary/Pension, capital gains and Income from other sources

 

 

Who is not eligible to file ITR 3?

 

ITR 3 is not applicable to the following persons:

 

a. Individual having income other than Income from business and filing ITR 2 or ITR 1

 

b. Company who are filing 6

 

c. Partnership firm filing ITR 5

 

d. Limited Liability partnership firm filing ITR 5

 

e. AOP/ BOI filing ITR 5

 

f. Cooperative Society filing ITR 5

 

g. Trust filing ITR 7

 

h. Local Authority filing ITR 5

 

 

Documents required for filing ITR 3?

 

 

In case of person filing ITR 3 the below documents are required:

 

Aadhaar card copy.

 

Form 16 issued by employer in case salary income is earned.

 

Month wise salary slip where form 16 is not been issued by the employer in case salary income is earned.

 

Rent receipts in case of rental income and rental agreement.

 

Bank statement for the financial year for interest on savings account.

 

Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.

 

In case of capital gains, tax profit and loss or capital gain statement issued by the Share broker.

 

Chapter VIA Investment details for claiming deduction as follows:

 

Receipt of children’s school tuition fees.

 

Life insurance premium receipt.

 

Stamp-duty and registration charges.

 

Principal repayment on your home loan.

 

Equity Linked Savings Scheme/Mutual funds investment.

 

Mediclaim payment receipt etc.

 

Profit and loss statement and Balancesheet for the previous year

 

Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB.

 

Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession

 

 

How Do I File My ITR-1 Form?

 

 

You can submit your ITR-1 Form either online or offline. Filing tax online is way much easier now then ever, A taxpayer just needs to upload his total taxable income after claiming eligible deduction and after that a form needs to be filed.

 

 

 

File Your ITR With Upriselegal

 

 

With our experienced and skilled personnel, We at UpriseLegal makes process of ITR very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to file your ITR, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow!  You may get in touch with our compliance manager on 9173512402 or email us at [email protected] for free consultation.