ITR-3 Filing for Business & Professional Income
Expert ITR-3 filing for proprietorship businesses, professionals, and freelancers. Maximize deductions and ensure accurate profit calculation.
Why Choose Our ITR-3 Service?
Business Income Optimization
Expert calculation of business profits with maximum expense deductions
Professional Guidance
Specialized CAs handle complex business and professional income scenarios
Quick Turnaround
Complete ITR-3 filing within 3-5 days with thorough review
Audit Support
Preparation for potential tax audits with proper documentation
Who Should File ITR-3?
ITR-3 is applicable for various business and professional income scenarios
Proprietorship Business
Individual business owners with trading, manufacturing, or service business
Examples:
- Retail shops
- Manufacturing units
- Service providers
- Consultants
Professional Practice
Independent professionals offering specialized services
Examples:
- Doctors
- Lawyers
- Architects
- Chartered Accountants
Freelancers & Consultants
Individuals providing professional services on project basis
Examples:
- IT consultants
- Content writers
- Graphic designers
- Digital marketers
Multiple Income Sources
Individuals with combination of salary, business, and professional income
Examples:
- Salaried + business
- Professional + rental
- Multiple businesses
Presumptive Taxation Options
Simplified tax calculation for eligible businesses and professionals
Section 44AD
Applicability:
Business with turnover up to ₹2 crores
Tax Rate:
8% of turnover (6% for digital receipts)
Benefits:
- No books of accounts
- Simplified compliance
- Lower tax audit threshold
Section 44ADA
Applicability:
Professional with receipts up to ₹50 lakhs
Tax Rate:
50% of gross receipts
Benefits:
- Minimal documentation
- No detailed books required
- Simplified filing
ITR-3 Filing Process
Our systematic approach ensures accurate business income calculation
Business Documentation
Submit books of accounts, bank statements, and business expense records
Profit Calculation
Expert CAs calculate business profits and professional income accurately
Tax Computation
Comprehensive tax calculation with all eligible deductions and exemptions
Filing & Compliance
E-file ITR-3 and ensure compliance with all regulatory requirements
Business Deductions & Expenses
Maximize your tax savings with legitimate business deductions
Business Expenses
Rent, electricity, staff salary, raw materials, office expenses
Must be wholly and exclusively for business
Depreciation
Plant & machinery, furniture, vehicles, computers
As per Income Tax Act rates
Professional Expenses
Professional fees, books, journals, conference expenses
Related to profession only
Section 80C
PPF, ELSS, Life insurance, NSC
Up to ₹1.5 lakh limit
Section 80D
Health insurance premiums
Self and family coverage
Bad Debts
Irrecoverable business debts
Must be written off in accounts
Required Documents for ITR-3
Essential documents for accurate business income calculation
Books of accounts (Cash book, Ledger)
Bank statements for all accounts
Bills and vouchers for expenses
Purchase and sales invoices
Professional receipts/fees collected
Asset purchase documents
Depreciation schedule
TDS certificates received
Advance tax payment challans
Previous year tax returns
ITR-3 Filing Packages
Professional ITR-3 services tailored to your business needs
Basic ITR-3
- Simple business income
- Basic expense calculation
- Standard deductions
- E-filing support
- ITR-V delivery
Standard ITR-3
- Complex business calculations
- Professional income handling
- Depreciation computation
- Tax planning advice
- Audit preparation support
- Multiple consultations
Premium ITR-3
- Multiple business entities
- Detailed profit analysis
- Presumptive taxation options
- Advanced tax planning
- Year-round support
- Priority assistance
Frequently Asked Questions
Common questions about ITR-3 filing for business income
Who should file ITR-3?
ITR-3 is for individuals and HUFs with income from business or profession. This includes proprietors, freelancers, consultants, and professionals like doctors, lawyers, etc.
What is the difference between ITR-3 and ITR-4?
ITR-3 is for actual profit calculation while ITR-4 is for presumptive taxation scheme. ITR-4 is simpler but has income limits and presumptive rates.
Is audit required for ITR-3 filers?
Tax audit is required if business turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakhs, or if profit is less than presumptive rates.
Can I claim business losses in ITR-3?
Yes, business losses can be claimed and carried forward for 8 years. However, unabsorbed depreciation can be carried forward indefinitely.
What books of accounts are required?
Minimum requirement includes cash book, ledger, and journal. For higher turnover, detailed books as per Companies Act may be required.
How to calculate business income for ITR-3?
Business income = Total receipts - Business expenses - Depreciation. All calculations must be as per Income Tax Act provisions.
Ready to File Your ITR-3?
Let our business tax experts handle your ITR-3 filing with precision. Maximize deductions and ensure compliance.