Income Tax

ITR 3 Return Filling

Income Tax Return is prepared on ITR-3 when:

An individual or an HUF is a partner in a firm where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, due to, or received by him from such firm.

In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, the assessee shall use this form only; not Form ITR-2.

Process of Registration

Online Method:
For this method, you will need to visit the e-filing portal of the Income Tax Department. Once you click on the form, fill it completely, and verify the same with your digital signatures. You will get an acknowledgment receipt after the successful form filing on your registered email-ID.
In cases where digital signatures are not available, you can verify it using the Income Tax Return Verification form (ITR V). It is sent by the Income Tax department once you have filled the form online. After signing the form, you can send it back to the official address of the IT department. Finish your e-filing with TeamIndia.

Offline Method:
Offline method for ITR 3 form is allowed if you are a super senior citizen, i.e., 80 years or more. This is also applicable if your income is lower than Rs 5 lakhs and you do not have to possess any income tax fund request.
Now, in case you are eligible for the offline method, you can submit the ITR 3 form in a barcoded or paper form.