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.
• Remuneration received from a partnership firm

Who is not eligible to file ITR-3 Form?

• No persons other than individuals & HUF are eligible to file ITR -3 Form.
• Individuals & HUFs not having income by way of business or profession or partnership firm are not eligible to file the ITR-3 Form. 

Due date for filing the ITR-3 form

For non-audit cases, the due date to file ITR-3 is 31st July and for accounts requiring audit, the due date is 31st October. 

Major Changes in ITR-3 form for AY 2023-24 and AY 2024-25

Below changes are incorporated in the ITR-3 form of the FY 2022-23 and applicable for FY 2023-24 as well:

• 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’.

How to File ITR-3? – Steps to e-File Your ITR-3

ITR e-Filing – Login & Required Documents

You can file your income tax return (ITR) on the ClearTax platform. Here is a guide on filing ITR-3 if you have income from business or profession, intra-day trading or Futures and Options (F&O) trading. Before we get started, you should have the following documents at hand to pace up the process:

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

Login

Login to your ClearTax account (www.cleartax.in). You can file ITR by yourself in a few simple steps. To begin ITR filing, click on the ‘Start Filing’ link.

Link Your PAN

Clear (previously ClearTax) allows you to access data from the income tax department and pre-fill information for preparing an income tax return. Link your PAN by entering ‘PAN Card Number’ and ‘Date of Birth’.

The linking shall complete when you do an OTP verification. You can verify OTP by selecting ‘Aadhaar registered mobile number’ or ‘IT Department registered mobile number’.

Pre-fill Your Personal Information

To allow us to pre-fill your information from the income tax department, complete another OTP verification. This OTP verification is to capture all your personal information and income details in your income tax return with maximum security of your data.

Opting for this saves you a lot of time and hassle with manual entries. We’ve made painstaking efforts to help you file the return in under 3 minutes. So proceed to do an OTP verification.

After OTP verification, the personal information and income details will be imported from the income tax department.

On the next page, you can preview all your details pre-filled. All you have to do is ensure that they are correct.

Edit and Review Details

Personal Information

Go to the ‘Personal Info’ tab and check the pre-filled details. If you want to add or edit any information, you can make the changes and proceed. 
 

Income Sources

Go to the ‘Income Sources’ tab. Here, your salary details are also pre-filled. Just review the details whether they are correct and edit if required. If you did not select the pre-fill option earlier, you could upload your Form 16 or 26AS PDF to fetch the salary details. Next, you can enter details of rental income or income from house property, other income, and capital gain