Income Tax returns filing has to be done in Income Tax Forms which is provided by the IT Department and applicable to assessee according to the income earned. Now-a-days the process of filing is too easy and hassle free for the assessees. A detailed view has been given about ITR-3 Form. Who can use the ITR-3 A person being an Individual or HUFs who is a partner in a firm is required to use ITR-3 form whose income chargeable to income-tax under the head â€œProfits or gains of business or professionâ€ should not include any income except the income stated below:
- Commission or
By whatever name called, due to, or received by Individual or HUF from such firm. Moreover, if partner in the firm does not have any income by way of interest, salary, etc. from the firm and has only exempt income i.e., share in the profit of the firm then he shall use Form ITRÂ 3 only and not any other ITR Form. Who cannot use the ITR-3 ITR 3 should not be used by an individual whose total income during the previous year includes Income from Business or Profession under any proprietorship. Points to be noted:
- No document is required to be attached to any ITR Forms.
- ITR 3 form can be submitted (at the assesseeâ€™s option) either in paper format or electronic format (with or without digital signature).