ITR-3 Filing | Right Tax Pro Advisors

1. What is ITR-3?

ITR-3 is designed for individuals and Hindu Undivided Families (HUFs) who have income from business or profession, along with salary, capital gains, house property, or other sources.

ITR-3 covers:

Income from business or professional activities
Income from salary/pension
Income from house property
Capital gains (if any)
Income from other sources, including lottery or interest income
Agricultural income exceeding ₹5,000

Filing ITR-3 ensures compliance, accurate reporting of complex income, and maximizes refunds while avoiding penalties.

2. Who Can File ITR-3? (Eligibility)

✅ Eligible:

Individuals or HUFs with business or professional income
Salaried individuals having additional income from house property, capital gains, or other sources
Freelancers, consultants, and professionals with taxable business income

❌ Not Eligible:

Individuals with income solely from salary, one house property, and other simple sources (use ITR-1)
Companies, LLPs, firms, or trusts (use ITR-5, ITR-6, ITR-7)

3. Types of Income Covered in ITR-3

Business or Professional Income – self-employed, freelancers, consultants, doctors, chartered accountants, etc.
Salary / Pension Income – from employer or government
House Property Income – self-occupied or let out
Capital Gains – sale of property, shares, or mutual funds (if any)
Other Sources – interest, dividends, lottery winnings, family pension
Agricultural Income – exceeding ₹5,000

Important: ITR-3 is for business or professional income, and filing it incorrectly may lead to notices or penalties.

4. Documents Required for ITR-3 Filing

PAN & Aadhaar Card
Form 16 / Salary slips
Financial statements / P&L accounts / balance sheet for business or profession
Bank statements & interest certificates
Capital gains statements (if applicable)
Form 26AS – TDS and tax credit
Property ownership & rent receipts
Investment proofs for deductions (80C, 80D, 80G, etc.)
GST / TDS returns (if applicable)
Any other business-related expenses or income records

Proper documentation ensures accurate filing and maximized deductions.

5. Step-by-Step ITR-3 Filing Process

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Document Collection
PAN, Aadhaar, Form 16, business accounts, capital gains & property documents, bank details, and investment proofs

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Income & Deduction Calculation
Experts calculate taxable business/professional income, capital gains, and eligible deductions

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Form Filling
ITR-3 filed accurately on the Income Tax portal

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Verification & Submission
E-verify using Aadhaar OTP, net banking, or DSC

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Acknowledgement (ITR-V)
Track refund status

Filing ITR-3 with experts ensures error-free filing and legal compliance, avoiding future scrutiny.

6. Deductions & Tax Savings in ITR-3

Section	Benefit	Notes
80C	₹1.5 lakh deduction	Investments in PPF, EPF, Life Insurance, NSC, ELSS, tuition fees
80D	Deduction on medical insurance	For self, family, and parents
80G	Donations	Deduction on approved charities
24(b)	Home loan interest	For house property income
10(14)	HRA	House Rent Allowance exemption
80TTA	Savings account interest	Up to ₹10,000
Business Expenses	Deductible expenses	Office rent, electricity, salaries, professional fees
Depreciation	On business assets	Furniture, machinery, equipment

Our experts ensure all business deductions and exemptions are applied correctly to minimize taxable income.

7. Benefits of Filing ITR-3

📊 Accurate reporting of business/professional income
💸 Maximize tax refunds and claim TDS/advance tax credits
🛡️ Legal compliance and avoidance of penalties
🏦 Proof of income for loans, visas, and business credibility
🔄 Carry forward business losses for future offset

8. Common Mistakes to Avoid

Misreporting business/professional income
Incorrect classification of expenses or deductions
Filing the wrong ITR (using ITR-1 or ITR-2 instead of ITR-3)
Missing bank or capital gains details
Late filing leading to penalties or interest

Expert filing ensures accurate reporting and faster refunds.

9. FAQs – ITR-3 Filing

Q1. Who should file ITR-3?

Individuals or HUFs with business or professional income, along with salary, house property, or capital gains.

Q2. Can I claim business expenses while filing ITR-3?

Yes, all legitimate business and professional expenses are deductible.

Q3. Can freelancers or consultants file ITR-3?

Yes. Freelancers, consultants, and professionals with taxable income from business must file ITR-3.

Q4. Can I claim deductions under ITR-3?

Yes. Sections 80C, 80D, 80G, 24(b), and business-specific deductions like depreciation apply.

Q5. Can I file ITR-3 online myself?

Yes, but complex business income may lead to mistakes. Filing with experts ensures correct reporting.

Q6. Can I revise my ITR-3 after submission?

Yes. Revised returns can be filed before the due date of the assessment year.

Q7. Do I need to report capital gains in ITR-3?

Yes. All gains from property, shares, or mutual funds must be reported.

Q8. How long for tax refund after ITR-3 filing?

Refunds are usually processed within a few weeks if filed correctly.

Q9. Is ITR-3 filing PAN India available?

Yes. RightTax Pro Advisors provides expert online ITR-3 filing across India.

Q10. What if I get a notice from the Income Tax Department?

We assist in handling notices, reassessments, and queries professionally.

10. Final Call-to-Action

“File Your ITR-3 Accurately & Hassle-Free Today!”
Maximize refunds, avoid penalties, and stay compliant with RightTax Pro Advisors.

📞 Call: 9441344158 📞 8985321250 📞 9550482227 💬 WhatsApp Us Now

🌍 Offices in Vijayawada & Hyderabad | PAN India Services

💼 ITR-3 Filing – For Individuals & HUFs with Business or Professional Income