Who will fill out ITR-3?
Hey,
So, are you just starting out with doing your own taxes? or are you someone studying about taxes? Either way, there are certain forms you should familiarize yourself from the world of Taxes.
Here, we’ll prod on what is ITR — 3 Form.
if you’re even a little familiar with Income Tax Returns and which ITRs to fill, you may know one thing: ITR-3 is one of the most complex ITR forms. Hence, in a way to simplify it, let’s look at an outline of this form.
What is ITR-3?
ITR — 3 form is you file when you’re an individual or HUF who has income from business or profession & from partnership firm/LLP.
Who files ITR-3?
In really simple words, ITR 3 needs to be filed when income is earned under the head “Profit or gain of business or profession”.
It is, however, also filed when Tax Audit is applicable.
Basically, you can file for ITR-3 if you are either of the following:
- A partner in a partnership firm or LLP
- Earning income from salary, house property, capital gain, other sources, and under the head “Profits or gains of business or profession” and not eligible to opt for Presumptive Taxation Scheme.
NOTE:
Any separate legal entity other than HUF can not file ITR 3 i.e, Partnership Firm, LLP, Company, Charitable Trust, etc can not file ITR 3.
What does ITR -3 Form look like?
