ITR 3 applicability: Who can file income tax return using ITR 3 form for FY2023-24
income tax returns (ITRs). However, taxpayers should choose the appropriate form based on the guidelines instructed by the Tax Department. A person can file income tax returns using seven primary forms listed in the Income Tax Act 1961: ITR forms 1, 2, 3, 4, 5, 6, and 7. Depending on your income source and taxpayer type, you must select one of these forms when filing income tax returns.
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Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
The deadline for submitting ITR 3 forms in non-audit cases is July 31 for the relevant assessment year, and October 31 for accounts subject to an audit, if applicable.
What is ITR 3 form?
According to a frequently asked question (FAQ) released by the Income Tax Department, the ITR-3 form is to be used by an individual or a Hindu Undivided Family (HUF) who has income under the head's 'profits or gains of business or profession' and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).
If a person receives compensation from a partnership firm or an LLP, they may additionally need to file ITR-3 since this type of income is categorized as Income from Business/Profession. Even if they earn income from a business or profession, people who have opted for the presumptive taxation plan must file ITR-4 rather than ITR-3.
Note that profits from
