ITR - 3

ITR-3 is designed for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession. If you are a business owner, freelancer, or professional earning through your practice, filing ITR-3 is essential. At LCT, we simplify the process of filing your ITR-3 with accuracy and efficiency.

Who Should File ITR-3?

  • Individuals and HUFs earning income from business or profession.
  • Those with income from salary or pension, house property, or other sources.
  • Individuals with income from capital gains.
  • Those holding directorship in companies or having investments in unlisted shares.

Why Choose LCT for ITR-3 Filing?

  1. Expert Guidance: Our team ensures correct reporting of business income, deductions, and expenses.
  2. Compliance with Laws: Accurate filing to meet government norms and avoid penalties.
  3. Personalized Support: Tailored services for professionals and business owners.
  4. Hassle-Free Process: Leave the technicalities to us while you focus on growing your business.

Steps to File ITR-3 with LCT

Collect Financial Data:

  • Profit & Loss statement of the business or profession.
  • Balance sheet details, including assets and liabilities.
  • Bank account statements and investment details.
  • TDS certificates for tax deducted on income.

Compute Income:

  • Categorize income from business or profession, salary, house property, capital gains, and other sources.

Determine Allowable Deductions:

  • Include expenses related to the business or profession.
  • Claim deductions under Sections like 80C, 80D, etc.

Prepare Tax Computation:

  • Calculate taxable income and applicable tax after deductions and exemptions.

Prepare Financial Reports:

  • Include detailed financial statements like Profit & Loss and Balance Sheet.

File ITR-3 Online:

  • Submit the form on the Income Tax Department portal with accurate details.

Complete Verification:

  • E-verify the ITR using Aadhaar OTP, Net Banking, or by sending a signed ITR-V acknowledgment to CPC Bengaluru.