ITR-3 Filing - VSB Consultants

ITR-3 Form Filing Services

For individuals and Hindu Undivided Families (HUFs) engaged in business or professional activities, filing Income Tax Return (ITR-3) is a legal necessity. At VSB Consultants Pvt Ltd, we specialize in simplifying the ITR-3 filing process, ensuring full compliance while optimizing your tax benefits.

Our expert tax consultants assist in preparing and submitting tax returns for professionals, business owners, and partners in firms, making the process hassle-free and error-free.

What is ITR-3 Form Filing ?

ITR-3 is the designated income tax return form for individuals and HUFs earning income from business or profession. It applies to:

✔ Business Owners – Individuals running proprietorships.
✔ Freelancers & Self-Employed Individuals – Those earning through independent work.
✔ Professionals – Doctors, lawyers, architects, consultants, and more.
✔ Partners in Firms – Partners of firms (excluding LLPs).
✔ Traders & Investors – Those earning from stock market, F&O, and speculative income.

The form captures income from business operations, professional services, capital gains, rental income, and other sources.

Who Should File ITR-3 ?

✔ Individuals running a business (proprietorship or self-employed).
✔ Professionals such as doctors, engineers, and consultants.
✔ Partners in a firm (excluding LLP partners).
✔ Investors and traders in stocks, derivatives, and commodities.
✔ Freelancers generating income through professional services.
✔ Individuals earning rental income in addition to business profits.

Who Cannot File ITR-3 ?

❌ Companies and LLPs – These entities must file ITR-5 or ITR-6.
❌ Salaried individuals without business/professional income – They should opt for ITR-1 or ITR-2.
❌ Taxpayers under presumptive taxation (Section 44AD, 44ADA, 44AE) – They should file ITR-4.

Documents Required for ITR-3 Filing

To ensure a seamless and accurate ITR-3 filing, keep the following documents ready:

📌 PAN Card – Taxpayer’s Permanent Account Number.
📌 Aadhaar Card – Required for verification.
📌 Form 16 & 16A – Salary and TDS details from employer/clients.
📌 Profit & Loss Statement – Business revenue and expenses.
📌 Balance Sheet – Assets, liabilities, and net worth of business.
📌 GST Details – GST returns and invoices, if applicable.
📌 Bank Statements – Transactions related to business or professional earnings.
📌 Capital Gains Statements – If applicable to share trading or property sales.
📌 Loan & Investment Proofs – If claiming tax deductions.
📌 Tax Payment Receipts – Advance tax and self-assessment tax paid.
📌 Other Income Proofs – Rental income, dividends, interest, etc.

Step-by-Step Process for ITR-3 Filing

At VSB Consultants Pvt Ltd, we follow a structured ITR-3 filing process to ensure accuracy and compliance:

Step 1: Income Assessment & Tax Calculation

✔ Gather all income details, including business/professional earnings, capital gains, rental income, and investments.
✔ Compute total taxable income and apply deductions under Sections 80C, 80D, 80G, and more.

Step 2: Financial Statements Preparation

✔ Prepare the Profit & Loss Statement and Balance Sheet.
✔ Verify GST returns and other tax liabilities.

Step 3: Computation of Tax Liability

✔ Calculate income tax, GST, and any advance tax payable.
✔ Cross-check TDS credits with Form 26AS and AIS statement.

Step 4: Filing the ITR-3 Form

✔ Fill out the ITR-3 form with accurate details of income, deductions, and tax payments.
✔ Declare foreign assets (if applicable) and business transactions.

Step 5: Tax Payment & Submission

✔ If additional tax is due, pay online through Challan 280.
✔ Submit the ITR-3 form via the Income Tax e-Filing portal.

Step 6: Verification & Acknowledgment

✔ Verify ITR using Aadhaar OTP, net banking, or digital signature.
✔ Download ITR-V acknowledgment slip as proof of submission.

With VSB Consultants Pvt Ltd, you get a fast, accurate, and compliant tax filing experience.

Why Choose VSB Consultants ?

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Frequently Asked Questions (FAQs)

+1. What is the deadline for filing ITR-3 ?

✔ The usual due date is July 31st of the assessment year.
+2. Can I file ITR-3 if I am salaried and have business income ?

✔ Yes, ITR-3 is applicable to salaried individuals with additional business/professional income.
+3. Can freelancers file ITR-3 ?

✔ Yes, freelancers earning above the presumptive tax limit must file ITR-3 instead of ITR-4.
+4. Is GST registration mandatory for ITR-3 filing ?

✔ Not necessarily; it depends on your turnover and tax liabilities.
+5. How do I compute business expenses for ITR-3 ?

✔ Include rent, travel, office costs, salaries, depreciation, and other operating expenses.
+6. Can I revise my ITR-3 after submission ?

✔ Yes, a revised return can be filed before the assessment year ends.
+7. What happens if I file ITR-3 late ?

✔ Late filing incurs penalties between ₹1,000 to ₹5,000, depending on the delay.
+8. Can stock market traders use ITR-3 ?

✔ Yes, investors and intraday traders must file ITR-3 if they have capital gains or F&O income.
+9. What are the tax deductions available under ITR-3 ?

✔ Deductions under Sections 80C (PPF, LIC, ELSS), 80D (Health Insurance), 80E (Education Loan), 80G (Donations), etc.
+10. Can NRIs file ITR-3 ?

✔ Yes, NRIs with business or professional income in India must file ITR-3.
+11. Is Aadhaar mandatory for ITR-3 filing ?

✔ Yes, Aadhaar is required for ITR verification.
+12. Can I claim depreciation on business assets ?

✔ Yes, depreciation on business equipment, machinery, and vehicles can be deducted.
+13. How can I check my ITR-3 refund status ?

✔ Refunds can be tracked via the Income Tax e-Filing portal.
+14. Can ITR-3 be filed offline ?

✔ No, ITR-3 must be filed online through the Income Tax Department portal.
+15. Is ITR-3 applicable for rental income earners ?

✔ Yes, individuals earning income from house property along with other earnings can file ITR-3.