Income Tax
ITR-3 Filing
File ITR-3 for individuals and HUFs earning income from business or profession along with other income sources.
Overview
ITR-3 is for individuals and HUFs who have income from a proprietary business or profession. It covers all heads of income including salary, house property, capital gains, business/profession and other sources. If books of account are maintained, balance sheet and profit & loss account details must be provided.
Who Should File?
- Individuals/HUFs with business income
- Professionals (doctors, lawyers, CAs, etc.) earning professional income
- Freelancers and consultants with business receipts
- Partners in a firm receiving salary/remuneration (if they have other business income)
Why Choose VSB Consultants?
We compute business income accurately with proper expense allocation, depreciation and tax adjustments, and file ITR-3 with the required schedules and financial statements.
Requirements, documents, government fees, professional fees and timelines may vary depending on the applicant, jurisdiction, portal status and applicable law. The final scope will be confirmed after reviewing the specific case.
FAQ
Frequently Asked Questions
Audit is required if business turnover exceeds Rs 1 crore (Rs 10 crores with digital transactions) or professional receipts exceed Rs 50 lakhs.
No, if you opt for presumptive taxation (44AD/44ADA), you should file ITR-4 instead. ITR-3 is for regular business income computation.
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