ITR 3 Filing in Pune with expert guidance on ITR Form 3 applicability
ITR-3 Return Filing
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  • *Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.
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ITR 3 Filing in Pune

Are you searching for professional assistance for ITR 3 filing in Pune? Navigating the complexities of business and professional tax returns can be challenging. Whether you are an individual running a proprietorship, a partner in a firm, or a professional earning through consultancy, filing the correct form is crucial to avoid penalties.
At Startup Portal, we provide the best tax consultant in Pune. Led by industry experts Govind S. Jethani and Nikhil Rajarshi, our team ensures your taxes are filed accurately, maximizing your refunds and ensuring 100% compliance with the Income Tax Department.

What is ITR-3 in Income Tax?

ITR 3 means the specific income tax return form designed for individuals and Hindu Undivided Families (HUFs) who derive income from “Profits and Gains of Business or Profession.”
In simple words, what is ITR 3? If you are not eligible for the presumptive taxation scheme (ITR-4) and you have business income, or if you are a partner in a firm, ITR form 3 is the document you must use to report your yearly earnings to the government. It is more detailed than ITR-1 or ITR-2 because it accounts for balance sheets, profit and loss statements, and audit details.

Who Should File ITR-3?

Understanding itr 3 for whom is the first step in compliance. You are required to file this form if you fall into any of the following categories:

  1. Business Owners: Individuals or HUFs running a proprietary business (wholesale, retail, manufacturing).
  2. Professionals: Architects, Doctors, Engineers, Lawyers, and Consultants who do not opt for presumptive taxation.
  3. Partners in a Firm: If you are a partner in a partnership firm and receive salary, bonus, interest, or commission.
  4. Individuals with Crypto Income: If you have income from Virtual Digital Assets (VDA).
  5. Directors of Companies: Any individual who is a director in a company (unlisted or listed).
  6. Investors in Unlisted Shares: If you held unlisted equity shares at any time during the financial year.

Who filed ITR 3? Primarily those whose total income includes business income and who are not eligible for the simpler ITR-1, 2, or 4 forms.

Who Cannot File ITR-3?

While many ask who can file ITR 3, it is equally important to know who is restricted:

  1. Salaried Individuals with no Business Income: If you only have salary and house property income, use ITR-1 or ITR-2.
  2. Companies: Private limited or Public companies must use ITR-6.
  3. Trusts and NGOs: These entities use ITR-7.
  4. Presumptive Income Filers: If you are choosing the 8% or 6% presumptive tax scheme under Section 44AD, you should generally use ITR-4 (Sugam).

ITR-3 is Applicable for Which Income?

If you are wondering itr 3 for which income is appropriate, it covers a wide spectrum. ITR 3 applicability extends to:

  • Business & Profession: Income from a trade, commerce, or vocational profession.
  • Salary/Pension: Income earned as an employee.
  • House Property: Rental income from one or more houses.
  • Capital Gains: Profit from selling shares, mutual funds, or real estate.
  • Other Sources: Interest from savings accounts, FDs, or lottery winnings.
  • Foreign Assets: Income from assets located outside India.

Types of Taxpayers Eligible for ITR-3

The itr 3 form for whom is specifically categorized for:

  1. Individual Residents & Non-Residents: Living in India or abroad but earning business income here.
  2. HUFs (Hindu Undivided Families): Registered HUFs carrying out business activities.
  3. Partners: Individual partners of a firm (excluding the firm itself).

For residents looking for ITR 3 filing in Pune, Startup Portal offers personalized consultations to identify your specific taxpayer category and ensure the itr 3 format is filled correctly.

Income Sources Covered Under ITR-3

To clarify what is ITR 3 in income tax regarding sources:

  • Profits and Gains: Net profit from your business or profession.
  • Director’s Remuneration: Salary or sitting fees received by directors.
  • Dividend Income: From domestic or foreign companies.
  • Speculative Business: Income from intra-day trading in the stock market.
  • Agency Business: Commission-based income.

ITR-3 Form Structure and Key Sections

The itr 3 form is one of the most comprehensive tax documents. It consists of:

  1. Part A-GEN: General information (Name, PAN, Address).
  2. Part A-BS: Balance Sheet of the proprietary business.
  3. Part A-P&L: Profit and Loss account.
  4. Schedules: Detailed breakdowns of Capital Gains, House Property, Depreciation (Schedule DEP), and Exempt Income.
  5. Part B-TI: Computation of Total Income.
  6. Part B-TTI: Computation of Tax Liability on Total Income.

Because the itr 3 format is complex, seeking expert help for ITR 3 filing in Pune ensures that no schedule is missed, preventing future tax notices.

How to File ITR-3 Online Step by Step

If you want to know how to file ITR 3, follow these steps for itr 3 online filing:

  1. Login: Go to the Income Tax E-filing Portal.
  2. Download Utility: Use the itr 3 utility or the itr 3 download section to get the offline JSON utility or use the online mode if available.
  3. Select Framework: Choose the Assessment Year and “Individual/HUF” category.
  4. Fill Details: Enter salary details, house property info, and most importantly, the Business/Profession schedules (Schedule BP).
  5. Audit Details: If your turnover exceeds the limit, provide Tax Audit details under Section 44AB.
  6. Verify Taxes: Match your TDS/TCS details with Form 26AS and AIS/TIS.
  7. E-Verify: Once submitted, verify your return using Aadhaar OTP or EVC.

Many users ask why ITR 3 is not available online sometimes. This is usually because the offline utility is released first by the department to handle the heavy data requirements of business accounts.

Documents Required for ITR-3 Filing

To ensure a smooth ITR 3 filing in Pune, keep these documents ready:

  1. PAN and Aadhaar Card.
  2. Bank Statements: For the entire financial year.
  3. Financial Statements: Balance Sheet and Profit & Loss Account.
  4. Form 26AS & AIS: To verify tax deducted at source.
  5. Audit Report: If applicable.
  6. Investment Proofs: For deductions under Chapter VI-A (80C, 80D, etc.).
  7. Capital Gains Statements: From your stockbroker.

When Does ITR-3 Filing Start? (ITR-3 Due Date and Filing Deadline)

  • ITR 3 filing start date: Usually, the itr 3 form release date is in April or May of the assessment year.
  • When ITR 3 form will be available: The itr 3 utility is typically released by June.
  • ITR 3 filing date (Deadline): For non-audit cases: July 31st.
  • For audit cases: October 31st.

Filing for ITR 3 filing in Pune should be done well before these dates to avoid last-minute server glitches.

Benefits of Filing ITR-3 on Time

Understanding itr filing benefits or itr benefit can motivate you to stay compliant:

  • Loss Carry Forward: You can carry forward business losses to offset future profits only if you file before the due date.
  • Easy Loan Approval: Banks require 3 years of ITR for home or business loans.
  • Visa Processing: Most embassies require ITR receipts for visa interviews.
  • Claiming Refunds: The only way to get back excess TDS is through itr 3 online.
  • Avoid Penalties: Avoid late fees up to ₹5,000 under Section 234F.

Common Errors to Avoid While Filing ITR-3

  • Incorrect Form Selection: Using ITR-1 instead of ITR-3 when you have business income.
  • Mismatch with AIS: Not reporting income reflected in your Annual Information Statement.
  • Incomplete Audit Info: Failing to mention the auditor’s details for large-scale businesses.
  • Bank Account Validation: Not pre-validating your bank account for refunds.

Why Choose Startup Portal Business Service for ITR 3 Filing?

When it comes to ITR 3 filing in Pune, Startup Portal stands out as the premier choice.

  • Expert Guidance: Led by Govind S. Jethani and Nikhil Rajarshi, we bring years of experience in taxation.
  • End-to-End Support: From bookkeeping to final submission and E-verification.
  • Accuracy: We ensure your income tax return form 3 is error-free, minimizing the risk of scrutiny.
  • Affordable: Professional services at competitive rates for startups and professionals.
  • Local Presence: We understand the Pune business landscape, providing localized support for ITR 3 filing in Pune.

Visit us at Startup Portal to simplify your tax journey today.

Why Choose Startup Portal Business Service for ITR 3 Filing?

Yes, is itr 3 available online? It can be filed directly on the e-filing portal for simple cases, though experts recommend using the offline utility for complex business data.

ITR 2 is for individuals with capital gains but NO business income. ITR 3 is for those who HAVE business or professional income.

If you have a high turnover or want to claim actual expenses, use itr3 form. If you prefer a fixed percentage of profit, use ITR 4.

Any individual or HUF who has income from business or profession, is a partner in a firm, or holds unlisted shares.

You can file a “Belated Return,” but you will lose the benefit of carrying forward losses and will have to pay a late fee.

You can contact Startup Portal. Our experts, Govind S. Jethani and Nikhil Rajarshi, specialize in ITR 3 filing in Pune and are ready to assist you.