ITR-3
What ITR-3 means, where you will meet it and what it means for your business.
DefinitionITR-3 is the income tax return form for individuals and HUFs with income from a business or profession that is not covered by presumptive taxation, along with salary, property and capital gains.
If you run a proprietorship with regular books, are a partner in a firm or LLP, earn freelance income above the presumptive limits, or simply choose not to use 44AD or 44ADA, you file ITR-3. It asks for a full profit and loss account and balance sheet, details of the partnership, capital gains schedules, and, where a tax audit applies, the audit report reference. The due date is 31 July, or 31 October if your accounts are audited. You meet it once a year on the income tax portal. What it means for you: ITR-3 is the longest individual form, so books must be closed and reconciled with GST returns, 26AS and AIS before filing. Filing late costs ₹5,000 (₹1,000 if income is up to ₹5 lakh) and forfeits carry-forward of business losses.
Where you will meet this term
- Income Tax Planning & FilingSalaried people, investors, NRIs, freelancers and business owners who want the return right, not just filed.from ₹999
- Accounting & MISFounders who want the books closed every month and a one-page MIS they can actually read, with GST and TDS data ready on time.from ₹4,999/month
- ProprietorshipFor a freelancer, consultant or single-owner shop that wants to start trading this week with the lightest compliance.from ₹999