ITR-3 is the return for an individual or HUF who has income from a proprietary business or profession, or who is a partner in a firm. It carries the balance sheet, profit and loss account and the schedules that ITR-1 and ITR-2 do not have.
Who this is for
- Shop owners and traders
- Consultants and doctors in practice
- Partners reporting remuneration and interest from a firm
Documents usually needed
- Financial statements or a receipts-and-expenses summary
- GST turnover reconciliation
- Partner capital and remuneration working, if you are a partner
- TDS, AIS and advance-tax challans
How Digital Filings handles it
- Read the books and the previous return.
- Compute total income and the tax, including advance-tax credit.
- File ITR-3 and share the acknowledgement.
Timeline
Allow 3 to 7 working days after the trial balance is final. Audit cases follow the audit due date, which is later than the non-audit date.
Questions people ask
I opted for presumptive tax. Is ITR-3 required?
Presumptive cases often use ITR-4. If you are a partner, have capital gains that ITR-4 cannot carry, or you are outside the presumptive conditions, ITR-3 is the usual form.
Official reference: Income tax portal. Always confirm the live rule on that portal.