TAX
PaieOverview of ITR-3 Form Filing Service
The ITR-3 Form is specifically designed for individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. It is ideal for those involved in freelance work, running a sole proprietorship, or receiving income from any other business activities. If you are a partner in a partnership firm or a professional earning income through services like consultancy, accounting, or other freelance work, ITR-3 is the right form to file your income tax return.
At Taxpaie, we offer comprehensive ITR-3 Form Filing Services to ensure your business and professional income is reported accurately and in compliance with Income Tax Laws. Our team of experts will help you navigate the complexities of business income reporting, maximize tax deductions, and ensure timely submission to avoid penalties or scrutiny.
What is ITR-3 Form?
The ITR-3 Form is an income tax return form used by individuals and HUFs who have income from business or profession. It is also used by individuals who have income from freelance work or partnership firms. This form is more detailed than the ITR-1 and ITR-2 forms because it includes sections for reporting business income, claiming expenses, and calculating profits from business or profession.
The ITR-3 Form is used to report income from the following sources:
• Business Income (profit or loss from a business)
• Professional Income (income from professions like consultancy, freelancing, etc.)
• Capital Gains (from the sale of assets like property, shares, etc.)
• Other Sources (interest, dividends, etc.)
• Agricultural Income (if applicable)
Eligibility Criteria for ITR-3:
• Individuals and HUFs with Business or Professional Income:
Individuals and HUFs who earn income from business or profession (whether freelance or consulting) are eligible to file ITR-3.
• Partners in a Partnership Firm:Individuals who are partners in a partnership firm and receive income from the business and share in the profit/loss.
• Freelancers or Consultants:Individuals who earn income from freelance work or consultancy fees can file ITR-3.
• Income from Capital Gains:Individuals who earn capital gains and need to report these in addition to their business/professional income.
• Multiple Sources of Income:Individuals who have income from salary/pension, house property, or other sources along with their business or professional income can also file ITR-3.
Who Cannot File ITR-3?
• Individuals not involved in business or profession should file other forms like ITR-1 or ITR-2.
• Individuals with income under presumptive taxation schemes (sections 44AD, 44ADA, 44AE) should use ITR-4.
• Companies or limited liability partnerships (LLPs) must file ITR-6.
Why is Filing ITR-3 Important
1. Compliance with Income Tax Laws:
Filing the ITR-3 form ensures that you are in compliance with the Income Tax Act and avoids penalties, notices, or scrutiny from the tax department.
2. Claim Business Deductions:You can claim business-related expenses, such as rent, salaries, depreciation, and other operational costs, to reduce your taxable income and maximize your deductions.
3. Claim Tax Refund:If TDS has been deducted in excess or if you have paid excess advance tax, filing ITR-3 ensures that you can claim any tax refund you are entitled to.
4. Accurate Reporting of Income:This for helps in detailed reporting of your business/ professional income and helps to comply with tax laws. ITR 3 can be filed for audit/ non audit cases as per the applicable provisions.
5. Maximize Tax Savings:ITR-3 allows you to claim various deductions and exemptions under the Income Tax Act, including deductions for business expenses, investments, and other eligible expenditures.
Our ITR-3 Form Filing Services
1. Personal and Business Information Review
We gather and review your personal details, business income, and any other income sources such as capital gains or house property income to ensure everything is correctly reported in the form.
2. Income from Business or Profession
We support and guide you in preperation of Financial Statements (in applicable cases) and helps in reporting the Income and Expenses of your business/ profession. We also guide you in computation of depreciation and helps to seggregate the revenue and capital expenditure and report accordingly.
3. Income from Freelancing or Consultancy
If you are a freelancer or consultant, we assist in reporting your income and expenses associated with your professional services.
4. Capital Gains Reporting
We help you to report capital gains/ losses from the sale of assets such as property, shares, etc., and claim any available exemptions under Section 54 or other applicable sections.
5. Other Income Reporting
We ensures that income from other sources like interest income, dividend received or any other income is accurately reported as per the relevant sections of Income Tax Act.
6. Claiming Business Expenses and Deductions
We ensure that all eligible business expenses are accounted for, such as employee salaries, office rent, office supplies, travel expenses, professional fees, etc. We also guide you through claiming deductions under sections like 80C, 80D, 80E.
7. Presumptive Taxation Scheme (if applicable)
If you qualify for presumptive taxation under Section 44AD or 44ADA, we guide you through the process and help you file the ITR-3 Form accordingly.
8. Calculation of Tax Liability
We calculate your tax liability based on your total income, apply eligible deductions, and ensure accurate tax computation. We also helps you in opting new regime/ old regime of taxation which ever is beneficial for you.
9. E-Filing of ITR-3
Once your ITR-3 is prepared, we file it electronically with the Income Tax Department, ensuring secure and timely submission.
10. Acknowledgment and E-Verification
After filing, we provide you with the ITR-V acknowledgment receipt and guide you through the e-verification process to complete your filing.
11. Tax Refund Assistance
If you're eligible for a tax refund, we assist you in tracking and receiving your refund quickly.
12. Post-Filing Support
If you receive any notices or queries from the Income Tax Department, our experts will help you resolve them efficiently and ensure full compliance.
How ITR-3 Filing Works with Us
- 1
Consultation
Get in touch with us to discuss your business or professional income and provide the necessary documents (such as financial statements, Form 16, capital gains details, etc.).
- 2
Document Collection
Provide us the financial statements and other business related documents for accurate reporting.
- 3
Form Preparation
We prepare your ITR-3 Form, ensuring all details are entered correctly, including income from business, professional services, and other sources.
- 4
Review and Filing
After reviewing the form, we file it electronically with the Income Tax Department, ensuring accuracy and compliance.
- 5
Verification
We guide you through the e-verification process to complete the filing and submit your return.
- 6
Tax Refund (if applicable)
We track and helps you to claim tax refund (if applicable).
- 7
Post-Filing Support
If you receive any communication from the Income Tax Department, we offer post-filing support to resolve any issues or queries.
Frequently Asked Questions
What is ITR-3?
Who can file ITR-3?
Who cannot file ITR-3?
What documents are needed for ITR-3?
How to file ITR-3?
What is the last date for filing ITR-3?
Can I revise ITR-3?
What if I make a mistake in ITR-3?
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ITR 1 Form Filing
ITR 2 Form Filing
ITR 4 Form Filing
ITR 5 Form Filing
ITR 6 Form Filing
ITR 7 Form Filing
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