ITR 3 Filling
What is the ITR-3 Form?

The ITR-3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR-3 :

Who can file ITR-3 Form?

Carrying on a business or profession (both tax audit and non-audit cases)

The return may include income from house property, salary/pension, capital gains and income from other sources.

Major Changes in ITR 3 form for AY 2023-24

Below changes are incorporated in the ITR-3 form of the FY 2022-23:

A new schedule VDA has been added to separately report your income from crypto/ other VDAs. If you treat income from VDAs as capital gains, a quarterly breakup will need to be given under the Capital Gains Schedule. In the new ITR-3 every VDA transaction will have to be reported along with the dates of sale and purchase.

A few questions have been added in the new ITR 3 form to determine if you had opted out of the New Tax Regime in previous years.

Foreign institutional investors (FII/FPI) must provide their SEBI registration number as an additional disclosure measure.

There has been a small change in balance sheet reporting. According to the new ITR-3 form, advances received from individuals specified in Sec 40A(2)(b) of the Income Tax Act and others must be reported under the ‘Advances’ heading in Source of Funds.

Turnover and income from intraday trading must be reported under the newly introduced section ‘Trading Account’.

Required Documents

PAN
Aadhaar
Bank account details
Form 16 if applicable
Investments details
Books of accounts