Who can file the ITR-3 form?
ITR-3 must be filed by individuals and HUFs who have income from carrying on a profession or from a Proprietary business.
Who should not file the ITR-3 form?
If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
When to file?
ITR-3 form is to be used when the assessee has income that falls into the below category :
- Income from carrying on a profession
- Income from Proprietary Business
- Along with income from a professional or proprietary business, the return may also include income from House property, Salary/Pension, and Income from other sources
The due date for filing income tax returns is 31st July for Individuals and 30th September for Businesses.