ITR-3 Return

ITR 3 Form applies to someones and Hindu Undivided Families that earn profit and gains from business or profession.

If the individual or the Hindu undivided family is having an income as a partner of a partnership firm that is carrying out business then ITR-3 cannot be filed as in such cases the individual is required to file ITR-2.

 Eligibility for filing ITR 3 Form

 Who can file ITR 3?

ITR 3 For is to be filed by the individuals and the HUFs who earn income from carrying a profession or from a proprietary business. ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:

  • Income from carrying a profession
  • Income from proprietary business
  • Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.

Who is not eligible to file ITR 3 Form?

In case the individual or the Hindu Undivided Family is functioning as a partner of the partnership firm that is carrying out business or profession then he cannot file form ITR 3 as he will be eligible to file Form ITR 2.

 How to file ITR 3 Form?

ITR 3 Form can be filed either offline or online:

  • Offline: The returns can be furnished in a paper format through a bar-coded return.
  • Online: The returns can be furnished electronically using the Digital Signature Certificate. This data can be transmitted after submitting the verification of the return.

The Tracequality must have two print copies of the ITR 3 Form when he is filing the returns online.

Electronic returns can be filed when:

The assessee is a resident of India or if the signing authority is located outside India.

The assessees with more than Rs.5 lakh total income are required to furnish the returns electronically. Tracequality that are claiming relief under Section 90, 90A,91 for whom the schedule FSI and Schedule TR that applies must file the returns electronically.

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