ITR-3 Form: For Business and Professional Income

     ITR-3 is the Income Tax Return form for individuals and Hindu Undivided Families (HUFs) with income from business or         profession. This form is more comprehensive than ITR-1 or ITR-2, designed for complex income structures.

     Who Should Use ITR-3?

        Individuals and HUFs file ITR-3 if they have income from:

• Business or profession profits/gains.

• Partnership firm income (salary, interest, commission).

• Speculative income (derivatives, equity trading).

• Multiple house properties.

• Capital Gains.

• Other sources.

• Foreign assets or income.

      Key Aspects of ITR-3:

• Detailed Business/Profession Information: Requires financial statements (Balance Sheet, P&L Account).

• Comprehensive Reporting: Covers all income heads.

• Audit Requirements: May require an audit report if turnover/receipts exceed thresholds.

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        ITR-3 is for individuals and HUFs engaged in business or                                                     professional activities, providing a complete financial picture.

     FOR MORE UNDERSTANDING WATCH THE VIDEO DOWN BELOW.

      https://youtu.be/84DzGhLSi2s?si=Uu3EhstcpqXXDYEZ