ITR-3 Return Filing

Table of Contents

Expert ITR-3 Filing Services by N D Savla & Associates

Are you a professional, business owner, or HUF needing to file ITR-3? The ITR-3 Form is one of the most detailed income tax return forms in India—and accurate filing is critical to remain compliant and avoid penalties.

At N D Savla & Associates, a trusted CA firm in Mumbai, we specialize in ITR-3 filing services for individuals and Hindu Undivided Families (HUFs) earning income from business or profession. Our experienced tax consultants ensure a seamless, error-free, and timely return filing process so you can focus on what matters—your business growth.

What is ITR-3 Form?

ITR-3 is the income tax return form for individuals and HUFs earning income under the head “Profits and Gains of Business or Profession”. It also applies to taxpayers with capital gains, multiple house properties, or foreign income, and those holding unlisted equity shares or acting as company directors.

This form captures detailed income, deductions, assets, and tax information, making it essential for those engaged in any kind of proprietorship business, freelancing, or professional services.

Who Should File ITR-3?

You must file ITR-3 if you are an individual or HUF and meet any of the following conditions:

  • Have income from business or profession (proprietorship, freelancing, consulting, etc.)

  • Hold the position of director in a company

  • Invest in unlisted equity shares

  • Earn capital gains (short-term or long-term)

  • Have rental income from one or more house properties

  • Receive income from lottery, horse racing, or gambling

  • Have foreign assets or earn foreign income

  • Are a resident or non-resident Indian (NRI) with eligible taxable income

  • Receive salary, pension, or other income along with business/professional earnings

Filing ITR-3 ensures proper disclosure and compliance with the Income Tax Act, 1961.

Who Cannot File ITR-3?

You cannot file ITR-3 if:

  • You earn only salary, house property, or capital gains income (use ITR-2 instead)

  • You’re a partner in a firm (file ITR-3 only if not declaring firm income)

  • You qualify for ITR-1 (Sahaj) or ITR-4 (Presumptive Taxation)

ITR-3 Filing Due Dates

For Assessment Year 2024–25 (FY 2023–24):

  • July 31, 2024: For individuals/HUFs not subject to audit

  • October 31, 2024: For audit cases under Section 44AB

Stay compliant and avoid interest or penalties by filing your return before the due date.

Late Filing Penalties for ITR-3

Failing to file on time can lead to:

  • ₹5,000 late filing fee (if filed after the due date but before Dec 31)

  • ₹10,000 penalty (if filed after Dec 31)

  • ₹1,000 maximum late fee if income is below ₹5 lakhs

  • 1% interest per month on tax dues

  • Disallowance of certain losses or deductions

Avoid penalties—let N D Savla & Associates file your ITR-3 correctly and promptly.

Documents Required for ITR-3 Filing

Keep the following ready for accurate ITR-3 return filing:

  • PAN Card & Aadhaar Card

  • Bank account details (account number, IFSC code)

  • Form 16 / 16A (if applicable)

  • Details of business or professional income

  • Books of Accounts (P&L, Balance Sheet, Ledger)

  • Capital gains statements (Equity, Mutual Funds, Property)

  • Investment proofs for deductions (80C, 80D, etc.)

  • TDS certificates & Form 26AS

  • Foreign asset/income details (if applicable)

  • Details of directorship/unlisted shares

Structure of ITR-3 Form

The ITR-3 Form is divided into the following key sections:

1. General Information

PAN, Aadhaar, contact details, return type, filing status.

2. Income Details

Breakdown of income from salary, house property, business/profession, capital gains, and other sources.

3. Deductions and Tax Payments

Claim deductions under sections like 80C, 80D, 80G, etc., and declare advance/self-assessment tax paid.

4. TDS/TCS Details

Declare all Tax Deducted or Collected at Source based on Form 26AS.

5. Verification and Declaration

Verification of return and final signature (digital or physical) with declaration of truthfulness.

Why Choose N D Savla & Associates for ITR-3 Filing?

As a trusted Chartered Accountant firm in Mumbai, we provide a one-stop solution for accurate and efficient ITR-3 filing. Here’s why our clients trust us:

Expertise in Business & Professional Taxation
We understand the complexities of business income, capital gains, and tax deductions.

Complete Compliance Support
From preparing books of accounts to submitting your return, we handle it all.

Error-Free Filing
We cross-verify all entries and tax credits (26AS/AIS) to avoid mismatch or tax notices.

Deadline Monitoring
Never miss a due date—we ensure timely filing and reminder alerts.

Audit Assistance
We support you in audit cases, scrutiny, and other legal compliance under income tax law.

Secure & Confidential
Your financial data is handled with complete privacy and end-to-end encryption.

Contact N D Savla & Associates for ITR-3 Filing

Need help filing ITR-3 this assessment year?

Get professional support from experienced Chartered Accountants. Whether you are a freelancer, self-employed professional, business owner, or HUF—our team is ready to assist.