ITR-3

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

Ø  TR-3 must be filed by individuals and HUFs who have income from carrying on a profession or from Proprietary business.

Ø  If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

Ø  ITR-3 form is to be used when the assessee has income that falls into the below category :

• Income from carrying on a profession
• Income from Proprietary Business
• Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources

Ø  Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.