ITR-3 Filing Guide: All You Need to Know

If you’re looking to file your income tax return (ITR) for FY 2021-22, FY 2022-23, or FY 2023-24 and have income from business or profession, intra-day trading, or Futures and Options (F&O) trading, then understanding the ITR-3 form is essential. Here’s a simplified guide to help you navigate through the process:

Understanding the ITR-3 Form

The ITR-3 form is designed for individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains from business or profession. It serves as a comprehensive platform to report various types of income.

Who Can File ITR-3 Form?

You are eligible to file the ITR-3 form if you fall under any of the following categories:

• Engaged in business or profession (both tax audit and non-audit cases)
• Earn income from house property, salary/pension, capital gains, and other sources
• Receive remuneration from a partnership firm

Not Eligible to File ITR-3 Form

Individuals and HUFs who do not earn income from business or profession or are not associated with a partnership firm are not eligible to file the ITR-3 form.

Filing Deadline

For non-audit cases, the deadline to file ITR-3 is 31st July, while for accounts requiring audit, the due date is 31st October.

Key Changes in ITR-3 Form for AY 2023-24 and AY 2024-25

• Introduction of a new schedule VDA to report income from crypto and other Virtual Digital Assets (VDAs)
• Addition of questions to determine previous opt-outs from the New Tax Regime
• Requirement for foreign institutional investors (FII/FPI) to provide their SEBI registration number
• Modification in balance sheet reporting, specifically in the ‘Advances’ section
• Inclusion of a section to report turnover and income from intraday trading

How to File ITR-3?

Here’s a step-by-step guide to e-file your ITR-3 using the ClearTax platform:

1. Login to your ClearTax account.
2. Link your PAN by entering the PAN Card Number and Date of Birth.
3. Pre-fill your personal information by completing an OTP verification.
4. Review and edit your personal information and income sources.
5. Upload relevant documents such as Form 16 or 26AS PDF.
6. Proceed with OTP verification and import your details from the income tax department.
7. Review and confirm the pre-filled details.
8. Make any necessary edits and submit your ITR-3.

By following these simple steps, you can ensure a hassle-free filing experience and fulfill your income tax obligations efficiently.