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?
- Expert Guidance: Our team ensures correct reporting of business income, deductions, and expenses.
- Compliance with Laws: Accurate filing to meet government norms and avoid penalties.
- Personalized Support: Tailored services for professionals and business owners.
- 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.
