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- Who is eligible: Indian residents with income from salary, pension, one house property, and other sources (like interest).
- Annual Income Limit: Up to ₹50 lakh.
- Exclusions: If you have income from more than one house property, capital gains, or foreign assets, ITR-1 is not applicable.
- Who is eligible: Individuals and Hindu Undivided Families (HUFs) with income from salary, pension, multiple house properties, capital gains, foreign assets, and agricultural income above ₹5000.
- Exclusions: If you have business or professional income, use ITR-3.
- Who is eligible: Individuals and HUFs earning income from business or profession, including those who are partners in firms.
- Includes: Income from salary, pension, house property, capital gains, and other sources.
- Who is eligible:Individuals, HUFs, and firms (except LLPs) with presumptive income from business or profession under sections 44AD, 44ADA, and 44AE.
- Annual Income Limit: Up to ₹50 lakh.
- Exclusions: Income from more than one house property, capital gains, or foreign assets.
- Who is eligible: LLPs (Limited Liability Partnerships), firms, Association of Persons (AOPs), Body of Individuals (BOIs), and other entities except companies and individuals.
- Includes: Income from all heads including business, profession, or other sources.
- Who is eligible:Companies other than those claiming exemption under section 11 (charitable organizations).
- Includes:All income sources of companies, from business to capital gains.
- Who is eligible: Persons including companies that are required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) (mainly trusts, political parties, educational institutions, research associations, etc.).
Eligibility & Applicability Chart
| ITR Form | Applicable to | Income Source | Income Limit |
|---|---|---|---|
| ITR-1 | Salaried individuals with single house | Salary, one house property, other sources (interest) | Up to ₹50 lakh |
| ITR-2 | Individuals/HUFs (No business income) | Salary, multiple house properties, capital gains, foreign assets | No limit |
| ITR-3 | Individuals/HUFs with business/profession | Business, salary, house property, capital gains | No limit |
| ITR-4 | Individuals/Firms (Presumptive business) | Presumptive income under sections 44AD, 44ADA, 44AE | Up to ₹50 lakh |
| ITR-5 | LLPs, Firms, AOPs, BOIs | Business income, capital gains | No limit |
| ITR-6 | Companies (Except charitable organizations) | Business, capital gains, other sources | No limit |
| ITR-7 | Trusts, Political parties, Educational institutions | Income under sections 139(4A), 139(4B), 139(4C), 139(4D) | No limit |
Step-by-Step Filing Process
- Gather Your Documents: PAN card, Aadhaar, Form 16 (for salaried individuals), investment proofs, etc.
- Choose the Right ITR Form: Based on the eligibility table above.
- Login to Income Tax Portal: Visit https://incometaxindiaefiling.gov.in.
- Fill the ITR Form: Input your personal details, income details, and tax deductions.
- Verify and Submit: Double-check all details and submit your return online.
- E-Verification: Use Aadhaar OTP, Net Banking, or send the ITR-V to the CPC office.
FAQs Section
Q1: What happens if I file the wrong ITR form?
A: Filing the wrong ITR form can result in your return being rejected. You’ll have to file a revised return using the correct form.
Q2: Can I file ITR after the deadline?
A: Yes, you can file a belated return, but you may have to pay a penalty and lose certain benefits, like carrying forward losses.
Q3: Do I need to file ITR if my income is below the taxable limit?
A: If your gross income exceeds the basic exemption limit, you should file. Filing also helps if you want to claim refunds or maintain records for financial transactions.
Expert Assistance for ITR 3 Form Filing
At IndiaAdvocacy, we're your trusted partner for simplifying the ITR-3 form filing process, making it easy, precise, and stress-free. As a leading online platform specializing in tax and compliance solutions, we understand that navigating the intricacies of income tax returns can be overwhelming. Whether you're an individual with income from business or a Hindu Undivided Family (HUF) looking to meet your tax obligations, our expert team is here to assist you at every step.
What is ITR 3 Form?
The ITR 3 Form is crucial for taxpayers earning income from a business or profession. It plays a vital role in the Income Tax Department's efforts to collect comprehensive financial information, ensuring tax compliance.
Who Should File ITR-3 Form?
- The taxpayer is a director of a company or is engaged in a business.
- The taxpayer's residential status can be either resident or non-resident of India.
- The taxpayer is receiving income from a pension.
- The taxpayer is earning income from house property.
- The taxpayer has investments in unlisted equity shares.
- The taxpayer's income is taxable under 'profits and gains of business or profession'.
Who is Not Eligible to File the ITR 3 Form?
An individual or Hindu Undivided Family (HUF) earning income as a partner of a partnership firm engaged in a business or profession is not eligible to file ITR-3. In such cases, they should file ITR-2 instead.
Note: On every ITR form page, ensure proper information is provided based on the form being filed.