ITR-3 Filing (Business / P&L Basis)

Filing of ITR-3 for individuals and HUFs having income from business or profession and maintaining books of accounts, ensuring compliance with the Income-tax Act, 1961.

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What is ITR-3 Filing (Business / P&L Basis)?

ITR-3 is the prescribed Income Tax Return for Individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession, who are not eligible to file ITR-1, ITR-2 or ITR-4.

It is applicable where the taxpayer maintains regular books of accounts and computes taxable income on the basis of the Profit & Loss Account and Balance Sheet. The return may include income from business or profession, salary, house property, capital gains, other sources and income from partnership firms.

Our Experts provide end-to-end assistance in preparing financial statements, computing taxable income, claiming eligible deductions, reconciling Form 26AS, AIS and TIS, verifying tax payments and filing ITR-3 accurately in accordance with the Income-tax Act, 1961, the Income-tax Rules, 1962, and applicable CBDT notifications.

Who needs this?

• Individuals carrying on business and maintaining books of accounts.
• Professionals such as Chartered Accountants, Doctors, Advocates, Architects, Engineers, Consultants, etc., maintaining books.
• Proprietors engaged in trading, manufacturing, or service businesses.
• Partners receiving remuneration, interest, or share of profit from partnership firms (where ITR-3 is applicable).
• Individuals having business income along with salary, house property, capital gains, or other income.
• Taxpayers not eligible for presumptive taxation under Sections 44AD, 44ADA, or 44AE, or who have opted out of those schemes.

What's included

• Review of books of accounts and financial statements.
• Tax planning within the framework of the Income-tax Act.
• Computation of business income under Sections 28 to 44DB.
• Depreciation calculation under Section 32.
• Set-off and carry forward of eligible losses under Sections 70 to 80.
• Claim of deductions under Chapter VI-A (Sections 80C to 80U).
• Verification of TDS/TCS through Form 26AS, AIS and TIS.
• Preparation and filing of ITR-3.

Not included

• Tax Audit under Section 44AB.
• Representation before the Income Tax Department.
• Replies to notices under Sections 143(1), 139(9), 142(1), 148, or 156.

Documents required

• PAN and Aadhaar.
• Login credentials for the Income Tax Portal.
• Profit & Loss Account and Balance Sheet.
• Books of Accounts and Trial Balance.
• Bank Statements.
• Form 26AS, AIS, and TIS.
• TDS Certificates (Form 16/Form 16A, if applicable).
• Details of Advance Tax and Self-Assessment Tax paid.
• Details of Capital Gains, if any.
• Investment proofs for deductions under Chapter VI-A.

Timeline: Generally 3–7 working days after receipt of complete financial records and supporting documents. Complex businesses or multiple income sources may require additional time.

Pricing

essential

Professional Fee₹4,999

What's included:

• Review of books of accounts and financial statements.
• Tax planning within the framework of the Income-tax Act.
• Computation of business income under Sections 28 to 44DB.
• Depreciation calculation under Section 32.
• Set-off and carry forward of eligible losses under Sections 70 to 80.
• Claim of deductions under Chapter VI-A (Sections 80C to 80U).
• Verification of TDS/TCS through Form 26AS, AIS and TIS.
• Preparation and filing of ITR-3.

Not included:

• Tax Audit under Section 44AB.

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