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What is ITR-3?

ITR-3 is the Income Tax Return form for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or are carrying on a profession. It is also suitable for individuals who have income from salary, pension, house property, capital gains, and other sources in addition to their business or professional income.

Who is Eligible to File ITR-3?

The ITR-3 form is applicable to:

• Individuals with business income: Individuals running a proprietary business or engaged in a profession such as doctors, lawyers, freelancers, etc.
• Income from salary and pension: Individuals with additional income from salary or pension.
• Income from house property: Those earning rental income from one or more house properties.
• Capital gains income: Individuals who have earned capital gains during the financial year.
• Income from other sources: Such as interest, dividends, etc.
• Directors of companies: Individuals who hold directorship in companies.
• Shareholders of unlisted companies: Those holding shares in unlisted equity companies.

Who is Not Eligible to File ITR-3?

The ITR-3 form is not applicable to:

• Individuals without business or professional income (they should file ITR-1 or ITR-2 as applicable).
• Partnership firms and companies (they should file ITR-5 or ITR-6).

Documents Required for ITR-3 Filing

The following documents are necessary for filing ITR-3:

• Form 16: For individuals with salary income.
• Form 26AS: Consolidated tax statement reflecting all tax payments made on your behalf.
• Profit and loss statement: Detailed profit and loss statement of the business or profession.
• Balance sheet: Business assets, liabilities, and equity details.
• Bank statements: Statements reflecting income and transactions related to business and other sources.
• Capital gains statement: For individuals with income from the sale of capital assets like property or shares.
• Investment proofs: For claiming deductions under sections like 80C, 80D, etc.

Benefits of Filing ITR-3

Filing ITR-3 comes with several advantages:

• Comprehensive tax filing: ITR-3 covers income from multiple sources including business, salary, house property, capital gains, and more.
• Claim business expenses: Business owners can claim deductions on expenses such as rent, travel, salaries, and other costs incurred during business operations.
• Carry forward losses: Losses incurred in business or capital gains can be carried forward to future years for tax adjustments.
• Tax refunds: Any excess taxes paid can be claimed as refunds by filing ITR-3 on time.
• Proof of income: Filing ITR serves as a legal record of your income, which is useful when applying for loans, visas, or other financial transactions.

Penalties for Late Filing of ITR-3

Late filing of ITR-3 can attract the following penalties:

• Late filing fee: A fee of ₹5,000 if the return is filed after the due date but before December 31st. For incomes up to ₹5 lakh, the late fee is ₹1,000.
• Interest under Section 234A: Interest at 1% per month on any unpaid tax liability for late filing.
• Loss of carry-forward benefits: Failure to file ITR-3 on time may result in the inability to carry forward business or capital losses.

How WeIncept Helps with ITR-3 Filing

WeIncept provides expert assistance in filing ITR-3, ensuring accuracy and compliance:

• Document gathering: We assist you in collecting all necessary financial documents including profit and loss statements, balance sheets, and tax forms.
• Accurate tax computation: Our experts accurately compute your income and taxes, ensuring all business expenses and deductions are properly accounted for.
• Filing on time: We ensure your ITR-3 is filed well within the due date to avoid penalties and interest charges.
• Refund claim assistance: If you are eligible for a tax refund, we help you claim it smoothly.

Why Choose WeIncept for ITR-3 Filing?

WeIncept offers reliable and professional ITR-3 filing services:

• Business and tax expertise: Our team of tax professionals is well-versed in handling the complexities of business and professional income.
• Maximize deductions: We help you claim all eligible business deductions, ensuring that your tax liability is minimized.
• Seamless process: We manage the entire ITR-3 filing process from document collection to submission, ensuring a hassle-free experience.
• Affordable services: We offer competitive pricing for our services, providing cost-effective solutions for your tax filing needs.

File Your ITR-3 with WeIncept Today

Let WeIncept handle your ITR-3 filing process with precision and expertise. Our professionals will ensure that your business income and taxes are accurately computed and filed on time, allowing you to focus on growing your business. Contact us today for reliable and efficient ITR-3 filing services.