This includes income from a profession such as law, medicine, engineering, architectural services, accountancy, technical consultancy, interior decoration, or any other profession notified in the official gazette of India. Profits and gains from business or profession: If you are a business owner or professional, your income falls under this head. This brings us to the question: who should file ITR-3?īelow are the categories of income that can be filed under ITR-3: ITR-3, on the other hand, is for individuals and HUFs with income from profits and gains of business or profession. However, it is also possible for individuals and HUFs to file ITR-3 if they have income from other sources, such as salary, pension, or capital gains.Īlso read | Know the nuts and bolts of income tax return-filing process for FY22-23 ITR-2 is for individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession. ITR-1, also known as SAHAJ, is for individuals with income up to Rs 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs 5,000. The form you need to fill depends on your sources of income, the amount of income, and the category of taxpayer you are. The income tax department has classified ITR forms into seven types - ITR-1 to ITR-7. This article aims to demystify the process and shed light on who should file ITR-3. The process can be daunting, especially when it comes to selecting the correct ITR form. The time to file Income Tax Returns (ITR) is upon us.
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