Let’s begin with the basic definition to gain a proper understanding of the form. Every taxpayer in India has to file a form, known as ITR forms or Income Tax Returns forms. These help in disclosing information related to their income and the applicable tax to the Income Tax Department. Now, there are around seven types of ITR forms ranging from ITR 1 to ITR 7 form. Depending on their eligibility, people choose the form for filing taxes. ITR 3 form applies to those individuals of Hindu Undivided Family (HUF) who earn their income through their own business. However, this does not apply if they are a partner in a firm. Such people will be eligible for other ITR forms. Do You Need to File ITR 3 Form? As mentioned above, the taxpayer should be an individual or HUF running their own business.

Here are some other eligibility criteria you need to have to file ITR 3 form:
• You are the director of a company or business.
• Your residential status is resident and non-resident of India.
• You are getting income from a pension.
• You generate earnings from house property.
• You have investments in unlisted equity shares.
• You fall under the category of people whose income is chargeable to tax under “profits and gains of business or profession” like, interest, salary, bonus, commission or remuneration.

How to File ITR 3 Form? There are two methods for filing ITR 3 form: online and offline. However, the government strictly devises taxpayers to choose the online option. There are exclusive cases where offline filing is allowed.

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Timestamp

00:00 - Introduction
00:28 – Who can file ITR 3?
00:34 – What income sources are eligible for ITR 3?
00:43 – How ITR 3 works for a partnership firm?

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