➢ About the service/Eligibility:
❖ If the individual having income from all heads ITR-3 is required to be filed.
❖ Individuals disclosing income from business or profession other than under section
44AD/44ADA ITR-3 is mandatory for them.
❖ Agricultural income having more than Rs. 50,000.
➢ Estimated time to complete the work:
❖ 1 Days from the date of receipt of documents.
➢ Required Documents/Information:
❖ Form 16 for the Salaries Employees.
❖ Other Income details.
❖ Bank Statements for the Financial Year
❖ ITR Login Credentials.
❖ D-mat account statement for the Financial year.
❖ Details regarding the Sale of the Property if any.
➢ What we will deliver:
❖ ITR-3 Form
❖ ITR-3 Acknowledgement.
❖ IT Computation.
FAQ’s
1. Is the balance sheet mandatory for ITR 3 Filing?
The list of documents necessary for balance ITR 3 filing are: Balance sheet and profit and loss statement, bank account statement.
2. Is ITR 3 applicable for all the assesses that have business income?
No, ITR 3 will be applicable for all the individuals or the HUF that have business a professional income not chargeable under the presumptive taxation scheme.
3. Can we file an ITR 3 without an audit?
Yes, ITR 3 Can be filed witout Auidit if the Gross turnover is less than the specified limits mentioned u/s 44AB
4. What is the difference between ITR 3 and ITR 4?
Income Tax Return Form 3 is for all the individuals and HUFs with income under the head profits or gains from business or profession and who are not eligible to file ITR 4 should file ITR 3.
5. Is it possible to shift from ITR 3 to ITR 4?
Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses he needs to choose ITR3.
6. Is ITR 3 Applicable for individuals under the presumptive taxation scheme?
No in case the individual has opted for a presumptive taxation scheme ITR 3 is not applicable for him. He can file ITR4 instead.
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