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ITR-3

Original price was: ₹4,000.00.Current price is: ₹3,000.00.

Understanding ITR-3 Form Applicability for FY 2024-25 with AutoBizNow 🧾

Filing the correct Income Tax Return (ITR) form is crucial to ensure compliance with Indian tax laws. For the Financial Year (FY) 2024-25, ITR-3 is designated for individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession. At AutoBizNow, powered by Professional Consultant Solution Planet Private Limited, we are committed to simplifying your tax filing process. Let's delve into the specifics of ITR-3 applicability. 📊

Who Should File ITR-3? 🤔

You should opt for ITR-3 if you meet any of the following criteria:

  • Income from Business or Profession: If you are an individual or HUF earning income from a proprietary business or profession. 💼
  • Partner in a Firm: If you are a partner in a firm and earn income such as interest, salary, bonus, commission, or remuneration from the firm. 🤝
  • Income from Multiple Sources: If, in addition to business or professional income, you have income from salary, house property, capital gains, or other sources. 🏠💰
  • Directorship in Companies: If you hold the position of a director in a company. 🏢
  • Investments in Unlisted Equity Shares: If you have investments in unlisted equity shares at any time during the financial year. 📈

Who Should Not File ITR-3? 🚫

Avoid filing ITR-3 if:

  • No Business or Professional Income: If you do not have income from business or profession, consider other ITR forms like ITR-1 or ITR-2 based on your income sources. 📄
  • Opting for Presumptive Taxation Scheme: If you are eligible and opt for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE, you should file ITR-4 (Sugam) instead. 🧾

Key Features of ITR-3 📝

  • Comprehensive Reporting: Allows detailed reporting of income from business or profession, along with income from salary, house property, capital gains, and other sources. 📊
  • Detailed Disclosure: Requires disclosure of assets and liabilities if your total income exceeds ₹50 lakh. 💼
  • Audit Requirements: If your accounts are subject to audit under Section 44AB, you must furnish the audit report and other relevant details. 🔍

Filing ITR-3: Step-by-Step Guide 🛠️

  1. Gather Necessary Documents: Collect financial statements, Form 16, interest certificates, capital gains statements, and details of investments. 📂
  2. Access the Income Tax e-Filing Portal: Log in to the Income Tax e-Filing Portal using your credentials. 🔑
  3. Select the Appropriate ITR Form: Choose ITR-3 for the Assessment Year 2024-25. 📄
  4. Fill in the Required Details: Enter your personal information, income details, deductions, and tax payments accurately. 🖊️
  5. Compute Tax Liability: Utilize the portal's tools to calculate your tax liability or refund. 💰
  6. Review and Validate: Carefully review all entered information and validate each section to ensure accuracy. ✔️
  7. Submit and e-Verify: Submit the return and complete the e-Verification process using Aadhaar OTP, net banking, or Electronic Verification Code (EVC). 📧

Frequently Asked Questions (FAQs) ❓

1. Can salaried individuals file ITR-3? Yes, if they have additional income from business or profession. 👔

2. Is it mandatory to disclose investments in unlisted equity shares in ITR-3? Yes, disclosure is mandatory if you hold such investments during the financial year. 📈

3. What is the due date for filing ITR-3 for FY 2024-25? The due date is typically July 31, 2025, unless extended by the Income Tax Department. 📅

4. Are audit details required in ITR-3? If your accounts are subject to audit under Section 44AB, you must provide the audit report and related information. 🔍

5. Can HUFs with business income file ITR-3? Yes, HUFs earning income from business or profession should file ITR-3. 👨‍👩‍👧‍👦

Why Choose AutoBizNow for Your ITR-3 Filing? 🌟

  • Expert Guidance: Receive professional assistance tailored to your unique financial situation. 🧑‍💼
  • Accurate and Timely Filing: Ensure compliance with tax laws and meet deadlines without hassle. ⏰
  • Comprehensive Support: From document preparation to submission, we've got you covered. 📋

Contact Us Today! 📞

Let AutoBizNow handle your tax filing needs, so you can focus on growing your business! 🚀

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