How to file Income Tax Return for Income from Business and Profession| ITR 3 filing

ITR-3 is a form that is relevant for resident individuals and Hindu Undivided Families (HUFs). An income Tax return with an ITR-3 form is carried out when the assessee has a regular income from a profession or a proprietorship business. Accordingly, if a person earns an income through a business or a profession belonging to medicine, architecture, accountancy, etc, you can go ahead with the ITR-3 process! Now that you’re familiar with the crux of the ITR-3 form, let’s dive into the eligibility criteria for the same. Who can apply for ITR-3? Income generated from one or multiple house properties. Income assets dwelled in a country outside India. Income earned from short or long-term capital gains Income from a profession pertaining to medicine, architecture, accountancy, etc Rewards benefited from activities such as horse racing, winning a lottery, etc coming in the category of ‘Income from Other Sources. Last but not least, a business executed under a proprietorship firm, denoting the taxpayer is a proprietor (both audit and non-audit cases)

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