Applicable for individual and HUF who have income from profits and gains from business or profession.
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The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :
a. Carrying on a business or profession (both tax audit and non-audit cases)
b. The return may include income from House property, Salary/Pension, capital gains and Income from other sources
The income here includes loss also and in case you have incurred any loss in your business howsoever small the amount is, you cannot use ITR 2 and have to invariably use ITR 3 or ITR 4.
This form can also be used by the individuals who are partner in a firm but are not carrying on any business or profession in your own name.