Expert Assistance for ITR-3 Form Filing

Filing an Income Tax Return (ITR) is a critical compliance requirement for taxpayers in India. The ITR-3 form is designed for individuals and Hindu Undivided Families (HUFs) earning income from business or professional activities. At Taxation Point India, we simplify the ITR-3 filing process, providing accurate, timely, and hassle-free solutions for all taxpayers.

What is ITR-3 Form?

The ITR-3 form is used to report income earned from business or profession. It captures detailed information on profits, losses, salaries, house property income, capital gains, and other applicable sources. Filing this form ensures compliance with the Income Tax Department and maintains transparency in your financial reporting.

Who Should File ITR-3?

• Individuals or HUFs earning income from business or professional activities.
• Directors of companies or partners in proprietary businesses.
• Individuals with pension income.
• Income from house property (single or multiple properties).
• Investments in unlisted equity shares.
• Income from lotteries, betting on races, or other legal gambling.
• Short-term and long-term capital gains.
• Income from foreign assets.

Who Cannot File ITR-3?

Individuals or HUFs earning income as partners in a partnership firm engaged in business or profession should not use ITR-3. They should file ITR-2 instead.

Due Date for Filing ITR-3

• Non-Audit Cases: July 31 of the assessment year.
• Audit Cases: October 31 of the assessment year.

Late filing may attract penalties, interest on tax dues, and legal consequences. Filing on time ensures compliance and avoids unnecessary charges.

Late Filing Penalties for ITR-3

• Filing after the due date but before December 31: ₹5,000 late fee (capped at ₹1,000 if total income ≤ ₹5 lakh).
• Filing after December 31: ₹10,000 late fee (capped as above).
• Additional penalties may apply for underreporting or misreporting of income.

Documents Required for ITR-3 Filing

• PAN (Permanent Account Number) and Aadhaar Card.
• Bank account details including account number and IFSC code.
• Form 16 (if salaried).
• Books of accounts for business or professional income.
• Investment and capital gains details.

Sections of the ITR-3 Form

• General Information: Personal details, PAN, Aadhaar, email, assessment year, and filing type.
• Income Details: Earnings from salary, pension, house property, business, profession, and capital gains.
• Deductions and Taxes Paid: Claim eligible deductions and report advance tax or self-assessment tax paid.
• TDS/TCS Credit: Include details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
• Verification and Declaration: Validate the return via digital signature or send a signed physical copy to the CPC, declaring that all information is true and accurate.

Why Choose Taxation Point India for ITR-3 Filing?

• Expert Guidance: Our professionals ensure accurate and compliant ITR-3 filing.
• Convenience: File your return online from home or office without paperwork.
• Accuracy: We review all calculations to minimize errors and avoid notices.
• Timely Filing: Avoid penalties with prompt submission before deadlines.
• Secure Platform: All data is handled confidentially and safely.

File your ITR-3 with Taxation Point India – Stress-Free, Accurate, and Timely.
Contact us today for expert assistance and ensure a smooth, compliant filing experience.