ITR-3 Return Filing
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ITR-3 is a specific Income Tax Return (ITR) form in India for individuals and Hindu Undivided Families (HUFs) who have income from a business or profession. It is a comprehensive form that allows for the reporting of various income sources, making it a crucial tool for a wide range of taxpayers.
At FileMyFirm, we are your trusted partner in simplifying the ITR-3 filing process, ensuring accuracy, compliance, and peace of mind.
Who Must File ITR-3?
The ITR-3 form is applicable to individuals and HUFs with income from the following sources:
- Business or Profession: This includes income from a proprietary business, freelancing, or professional practice (e.g., doctors, lawyers, consultants).
- Directorship: Individuals who are a director in a company.
- Capital Gains: Both short-term and long-term capital gains from the sale of investments or property.
- Foreign Assets or Income: Taxpayers with foreign income or who hold foreign assets.
- Winnings: Income from lotteries, horse races, or other legal gambling.
- Investments: Individuals with investments in unlisted equity shares.
- Other Income Sources: This includes salary, pension, and income from a single or multiple house properties.
Important Note: An individual or HUF who is a partner in a partnership firm and earns income from that firm (e.g., salary, interest, commission) is required to file ITR-3. They are not eligible to file ITR-2.
Due Dates and Penalties for ITR-3 Filing
Meeting the ITR-3 due date is crucial to avoid penalties.11 The deadlines vary depending on whether the taxpayer’s accounts are subject to an audit.
- Non-Audit Cases (AY 2025-26): The due date is September 16, 2025.
- Audit Cases (AY 2025-26): The due date is October 31, 2025.
If you miss the deadline, you may face a late filing fee:
- ₹5,000: If the return is filed after the due date but before December 31 of the assessment year.
- ₹10,000: If the return is filed after December 31.
Note: The late fee is capped at ₹1,000 if your total income is less than ₹5 lakh.
Key Sections of the ITR-3 Form and Required Documents
The ITR-3 form is structured to collect comprehensive financial information.
Sections of the Form:
- Part A: General Information (PAN, Aadhaar, address, etc.).
- Part B: Computation of Total Income and Tax Liability.
- Schedules: The form contains numerous schedules to provide detailed breakdowns of various income sources, deductions, and tax calculations.21 This includes schedules for business/professional income (Schedule BP), capital gains (Schedule CG), and income from other sources (Schedule OS).
Documents Required:
While the ITR-3 form is “attachment-less,” you must have the following documents ready for accurate data entry:
- PAN and Aadhaar Card: For identification and verification.
- Form 16: If you are a salaried individual.
- Form 26AS/AIS/TIS: To reconcile your tax credits.
- Bank Statements: To verify interest income and other financial transactions.
- Books of Accounts: Mandatory for businesses and professionals to report their income, expenses, and assets.
- Investment Details: For reporting income from investments and capital gains.
How FileMyFirm Simplifies Your ITR-3 Filing
Filing ITR-3 can be complex, but our platform makes it hassle-free with:
- Expert Guidance: Our tax professionals help you understand the ITR-3 applicability and ensure all details are filled accurately.
- User-Friendly Platform: We simplify the data entry process, guiding you through each section of the form.
- Deduction Optimization: We help you identify all eligible deductions to minimize your tax liability.
- Secure Filing: We use a secure platform to protect your financial data and ensure your return is filed on time.
Contact FileMyFirm today for expert assistance and a smooth ITR-3 filing experience.
Frequestly asked questions ( FAQ )
ITR-3 is the Income Tax Return form specifically for individuals and Hindu Undivided Families (HUFs) who have income from a business or profession. It is designed to accommodate complex income structures, including business turnover, profits, and related expenses, in addition to all other types of personal income.
The ITR-3 form must be filed by individuals and HUFs whose income includes any of the following:
Income from carrying on a Proprietary Business or Profession (e.g., self-employed individuals, doctors, consultants, freelancers).
Income earned as a Partner in a Partnership Firm (salary, interest, or commission).
Income from Capital Gains (short-term or long-term) or income from Multiple House Properties, along with income from business or profession.
Being a Director in a company.
Having investments in Unlisted Equity Shares.
The ITR-3 form is specifically for taxpayers with income from a business or profession. Therefore, it cannot be filed by:
Companies (who must use ITR-6).
Firms, LLPs, or AOPs (who must use ITR-5).
Individuals or HUFs whose sole income sources are Salary/Pension, House Property, Capital Gains, and Other Sources, but have no income from a business or profession (they should use ITR-2).
Individuals whose income is solely from simple sources and is eligible for the simplified ITR-1 (Sahaj).
The due dates for filing ITR-3 vary based on whether the taxpayer is subject to a tax audit for the relevant financial year:
Non-Audit Cases: Typically, the due date is July 31st (or an extended date, such as September 16, 2025, for the Assessment Year 2025-26 as per the content).
Audit Cases (Requiring Tax Audit): Typically, the due date is October 31st of the assessment year.
Since ITR-3 involves reporting complex business income, the following information and documents are mandatory, although the form itself is “attachment-less”:
Books of Accounts: Detailed records of business income, expenses, and asset/liability details are mandatory for calculating business income accurately.
Balance Sheet and Profit & Loss Account.
Form 16 (if you also have salary income).
Form 26AS/AIS/TIS: To reconcile tax credits (TDS, TCS, Advance Tax paid).
Bank Statements: For verifying financial transactions.
Capital Gains Statements: For any investment or property sales.