If a partner in a firm does not have any income from the firm in the form of interest, salary, or other forms of compensation and solely has exempt income in the form of a share in the firm's profit, the assessee must use the ITR-2 form.Īlso Read: How To File ITR (Income Tax Returns) Online – Income Tax E-filing Guide For FY 2020-21 What Is the Structure of the ITR-3 for AY 2021-22? You can file income tax returns if you earn money through a small business or a career in accounting, architecture, medicine, engineering, or other related fields. An assessee must make revenue through a sole proprietorship business or a profession to file income tax returns using the ITR-3 form. ITR-3 is a tax form used by individuals and Hindu undivided families (HUFs). ITR 3 form filing comes with the option of instant verification within 120 days by its online portal.
It is for individuals and HUFs who have income from "earnings or gains from business or profession" but are not entitled to file SUGAM (ITR-4). Individuals who earn income from the following sources are entitled to file ITR 3. Individuals and Hindu undivided families (HUFs) with revenues and gains from a company or profession need to file the ITR-3.
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