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ITR-3

Professionals and people running sole proprietorship businesses in India are required to file the ITR-3 form.

Hindu undivided families and individuals who make money from their professions or businesses must use the ITR-3 form.

An ITR-3 cannot be filed if the individual or the Hindu undivided family receives income from being a partner in a partnership firm that is conducting business; instead, an ITR-2 must be submitted in these circumstances.

Private Limited Company:

Eligibility for filing ITR Form 3:

Individuals and HUFs who make money through running a business or from practising a profession must complete Form ITR-3. If the assessorâ€™s income fits into one of the following categories, the ITR-3 form may be used:

The returns of the business can also comprise the house property, the wage or pension, and the revenue from other sources, in addition to the income from carrying on a profession and proprietary business.

Who is not eligible to file an ITR-3 form?

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

Documents Required for Business Tax Return Filing ITR-3 return filing:

Form 16 or Salary Slips (in case of income from salary)
Rental Agreement, if any
Proof of rental income, if any
Savings Certificate/ Deductions eligible to claim U/S 80C
Form 26AS
monthly purchase bill & returns
Monthly Sales Bill & Sales returns
Challans for GST Tax Paid
Day-to-day administration expenses and general expense details
Fixed Assets Invoice Copy (if applicable)
Investment details made with cash
Investment details made through the bank
Proof of Cash Inflow and Cash Outflow Sources
Outstanding receivables and payables
Bank Statement for the period starts from 1st April to 31st March.
Bank loan information
Proof of foreign income (if applicable)
Details of Foreign Assets (if applicable)

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