How to File ITR-3 For AY 2025-26 and AY 2024-25

To file ITR-3 for AY 2024-25 (FY 2023-24) and AY 2025-26 (FY 2024-25), business owners/ professionals must first gather financial documents including profit/loss statements, balance sheets, Form 16 (if applicable), and bank statements. Register on the Income Tax e-filing portal, select ITR-3 form, and accurately report business income, capital gains, and other earnings. Claim eligible deductions under sections like 44AD/44ADA for presumptive taxation. Reconcile TDS with Form 26AS/AIS, calculate tax liability including advance tax if applicable, and make payments. Finally, verify the return via Aadhaar OTP, EVC, or DSC before the deadlines (July 31 for timely filing, December 31 for belated returns) and for FY 2024-25 (AY 2025-26) has been extended to 15th September 2025 from the original date of 31st July 2025.
Home Loan
2 min
15 June 2025

The ITR-3 form is meant for individuals and Hindu Undivided Families (HUFs) who earn an income through business or professional activities and are required to maintain books of accounts. This form is not meant for those without any business or professional income. However, salaried individuals with extra earnings from freelancing, trading, or part-time business may still need to file ITR-3 if business income is involved. It allows taxpayers to report multiple sources of income, provided one of them is business or profession related. Filing ITR-3 ensures proper reporting and tax compliance for such taxpayers.

What is ITR-3 form?

The ITR-3 is for individuals and HUFs who have income from a business or profession. It covers a wide range of incomes, including salary, house property, capital gains, and other sources. Those earning from partnerships can also use this form to report their remuneration. Individuals not having business income, or income from a firm, cannot use this form. The due date to file ITR-3 is 31st July (non-audit cases) and 31st October (audit cases) for the assessment year. This form is quite detailed and includes all income heads.

What is the due date for filing ITR 3 form?

The last date to file ITR-3 depends on whether the taxpayer's accounts are subject to audit.

Annual year

For non-audit cases

For audit cases

AY 2025-26

31st July 2025 (Revised till 15th September 2025)

31st October 2025

AY 2024-25

31st July 2024

31st October 2024 (Revised till 15th November 2024)

AY 2023-24

31st July 2023

31st October 2023

For the financial year 2024–25 (AY 2025–26), the due date is 31st July 2025 for non-audit cases, extended to 15th September 2025 as per a press release. For audit cases, the deadline is 31st October 2025. Similarly, for AY 2024–25, the dates were 31st July 2024 (non-audit) and 15th November 2024 (audit). For AY 2023–24, the due dates were 31st July 2023 and 31st October 2023. Always refer to the latest circulars for any extensions.

What are the different methods of filing ITR-3 form?

There are three ways to file the ITR-3 form online:

  1. Submit it electronically using a digital signature (mandatory for audit cases).

  2. Submit it electronically using an Electronic Verification Code (EVC).

  3. Submit the form online and send the signed physical ITR-V (verification) form to the Income Tax Department by post.

Taxpayers required to undergo tax audit must file using a digital signature. Others may use either of the other two methods. In all cases, it is essential to verify the return within the specified time to complete the filing process successfully.

Understanding the eligibility criteria

Before diving into how to file ITR-3, it’s important to understand who is eligible to use this form:

  1. Individuals and HUFs: Those who have income from a business or profession.
  2. Income sources: The form is suitable for those with income from proprietary businesses, professions, salary/pension, house property, capital gains, and other sources.
  3. Exclusions: ITR-3 is not applicable for individuals who are partners in a firm, as they must use ITR-2.

Key components of ITR-3

Filing ITR-3 involves several key components that need to be meticulously filled out:

  1. Personal information: Basic details like name, address, PAN, and Aadhaar.
  2. Income details: Comprehensive income reporting from business/profession, salary/pension, house property, capital gains, and other sources.
  3. Deductions: Claims under various sections like 80C, and 80D.
  4. Tax computation: Calculation of total income and tax liability.
  5. Bank details: Information about all bank accounts held during the financial year.
  6. Verification: Self-declaration affirming the accuracy of the information provided.

Preparation before filing ITR-3

To ensure a smooth filing process, gather the following documents and details:

  1. PAN and Aadhaar card: For identification and verification purposes.
  2. Form 16: If you have salary income.
  3. Bank statements: Reflecting your income and expenses.
  4. Business/professional income details: Income and expenditure details, profit and loss account, balance sheet.
  5. Investment proofs: Documents supporting claims for deductions under sections like 80C, 80D.
  6. Form 26AS: Tax credit statement for the financial year.

As you organise your financial documents for tax filing, it's also an ideal time to assess your readiness for major financial decisions like purchasing a home. Having your income documentation ready makes the home loan application process smoother with Bajaj Finserv. Check your loan offers today. You may already be eligible, find out by entering your mobile number and OTP.

How to file ITR-3 Online – Step-by-step process

  • Step 1: Check eligibility for ITR-3:
    Before starting the process, ensure you're eligible to file ITR-3. This form is specifically for individuals and HUFs with income from a proprietary business or profession. Also, if you have income sources like capital gains, income from multiple houses, and income from other sources, you need to file ITR-3.
  • Step 2: Gather relevant documents:
    Arrange all necessary documents like your PAN card, Aadhaar card, bank account details, income and expense details related to your business or profession, balance sheet and profit & loss account details, Form 26AS, and proofs for any tax-saving investments.
  • Step 3: Visit income tax e-filing portal:
    Visit the income tax department's official e-filing portal (www.incometaxindiaefiling.gov.in) and login to your account using your user ID (PAN), password and captcha.
  • Step 4: Select 'Filing of Income Tax Return':
    After login, click 'e-file' option and select 'Filing of Income Tax Return' from the dropdown. Select 'ITR-3' as the ITR form name.
  • Step 5: Complete the form:
    You will be required to fill in various details like personal information, current address, your business or profession code as per the income tax law, details of your income, deductions claimed under various parts of the IT Act, tax details, and more.
  • Step 6: Fill schedule BP:
    This section requires the most detail as it pertains to your business or profession. Information pertaining to your trading account, manufacturing account, profit & loss account, balance-sheet details, and others have to be given here.
  • Step 7: Validate information before submission:
    As you fill in the form, the portal auto-calculates the total income and tax thereon. Once all the relevant data is provided, validate the information. Cross-check the information with your supporting documents diligently to avoid any discrepancies.
  • Step 8: Pay the tax and submit your ITR form:
    Pay off any outstanding tax and then proceed to submit your ITR form. An acknowledgment number will be generated.
  • Step 9: E-verify your ITR:
    The final step is e-verification of your ITR, either via Aadhaar OTP, EVC generated through a bank account, demat account, net-banking, pre-validated bank account, or sending a signed ITR-V (Income Tax Return Verification Form) through regular or speed post.

Remember, the ITR-3 form is significantly more detailed than other ITR forms and may require professional help, especially for those not accustomed to understanding terms used in balance sheets or profit and loss accounts.
 

What is the structure of the ITR 3 Form for AY 2024-25 and AY 2025-26?

The ITR-3 form includes various sections and schedules:

Part A

  • Part A-GEN: General details and business/profession type.

  • Part A-BS: Balance sheet as on 31st March.

  • Part A-Manufacturing/Trading/P&L: Financial statements for the year.

  • Part A-OI: Optional information for non-audit cases.

  • Part A-QD: Optional quantitative details.

Schedules

  • Schedule-S, HP, BP: Income from salary, house property, and business/profession.

  • Schedule-CG, 112A, 115AD: Capital gains, including shares and VDAs.

  • Schedule-DPM, DOA, DEP: Depreciation details.

  • Schedule-OS: Other sources of income.

  • Schedule-CYLA, BFLA, CFL, UD: Loss set-off and carry forward.

  • Schedule-80G, 80IA, 80IB, 80IC, VI-A: Deductions under various sections.

  • Schedule-AMT, AMTC: Alternate Minimum Tax.

  • Schedule-SPI, SI: Special tax rates and income to be clubbed.

  • Schedule-EI, RA, FSI, TR, FA, PTI: Exempt income, research donations, foreign assets and income.

  • Schedule-IF, TPSA, GST, AL, 5A: Information on firms, transfer pricing, GST turnover, assets and liabilities.

  • Schedule-ESOP: Deferred tax on employee stock options.

  • Part B-TI & Part B-TTI: Total income and tax computation.

  • Verification: Declaration of correctness.

This structure helps report all types of income in a clear, segmented way for the tax department.

Maintaining organised financial records not only helps with tax compliance but also strengthens your profile for future financing needs. If you're considering property investment or homeownership, having clean financial documentation can help secure favourable home loan terms with Bajaj Finserv. Check your loan offers today. You may already be eligible, find out by entering your mobile number and OTP.

Business codes for ITR forms

Sector

Sub‐sector

Code

Agriculture, animal husbandry and forestry

Growing and manufacturing of tea

1001

Growing and manufacturing of coffee

1002

Growing and manufacturing of rubber

1003

Market gardening and horticulture specialties

1004

Raising of silk worms and production of silk

1005

Raising of bees and production of honey

1006

Raising of poultry and production of eggs

1007

Rearing of sheep and production of wool

1008

Rearing of animals and production of animal products

1009

Agricultural and animal husbandry services

1010

Soil conservation, soil testing and soil desalination services

1011

Hunting, trapping and game propagation services

1012

Growing of timber, plantation, operation of tree nurseries and conserving of forest

1013

Gathering of tendu leaves

1014

Gathering of other wild growing materials

1015

Forestry service activities, timber cruising, afforestation and reforestation

1016

Logging service activities, transport of logs within the forest

1017

Other agriculture, animal husbandry or forestry activity n.e.c

1018

Fish farming

Fishing on commercial basis in inland waters

2001

Fishing on commercial basis in ocean and coastal areas

2002

Fish farming

2003

Gathering of marine materials such as natural pearls, sponges, coral etc.

2004

Services related to marine and fresh water fisheries, fish hatcheries and fish farms

2005

Other Fish farming activity n.e.c

2006

Mining and quarrying

Mining and agglomeration of hard coal

3001

Mining and agglomeration of lignite

3002

Extraction and agglomeration of peat

3003

Extraction of crude petroleum and natural gas

3004

Service activities incidental to oil and gas extraction excluding surveying

3005

Mining of uranium and thorium ores

3006

Mining of iron ores

3007

Mining of non‐ferrous metal ores, except uranium and thorium ores

3008

Mining of gemstones

3009

Mining of chemical and fertilizer minerals

3010

Mining of quarrying of abrasive materials

3011

Mining of mica, graphite and asbestos

3012

Quarrying of stones (marble/granite/dolomite), sand and clay

3013

Other mining and quarrying

3014

Mining and production of salt

3015

Other mining and quarrying n.e.c

3016

Manufacturing

Production, processing and preservation of meat and meat products

4001

Production, processing and preservation of fish and fish products

4002

Manufacture of vegetable oil, animal oil and fats

4003

Processing of fruits, vegetables and edible nuts

4004

Manufacture of dairy products

4005

Manufacture of sugar

4006

Manufacture of cocoa, chocolates and sugar confectionery

4007

Flour milling

4008

Rice milling

4009

Dal milling

4010

Manufacture of other grain mill products

4011

Manufacture of bakery products

4012

Manufacture of starch products

4013

Manufacture of animal feeds

4014

Manufacture of other food products

4015

Manufacturing of wines

4016

Manufacture of beer

4017

Manufacture of malt liquors

4018

Distilling and blending of spirits, production of ethyl alcohol

4019

Manufacture of mineral water

4020

Manufacture of soft drinks

4021

Manufacture of other non‐alcoholic beverages

4022

Manufacture of tobacco products

4023

Manufacture of textiles (other than by handloom)

4024

Manufacture of textiles using handlooms (khadi)

4025

Manufacture of carpet, rugs, blankets, shawls etc. (other than by hand)

4026

Manufacture of carpet, rugs, blankets, shawls etc. By hand

4027

Manufacture of wearing apparel

4028

Tanning and dressing of leather

4029

Manufacture of luggage, handbags and the like saddler and harness

4030

Manufacture of footwear

4031

Manufacture of wood and wood products, cork, straw and plaiting material

4032

Manufacture of paper and paper products

4033

Publishing, printing and reproduction of recorded media

4034

Manufacture of coke oven products

4035

Manufacture of refined petroleum products

4036

Processing of nuclear fuel

4037

Manufacture of fertilizers and nitrogen compounds

4038

Manufacture of plastics in primary forms and of synthetic rubber

4039

Manufacture of paints, varnishes and similar coatings

4040

Manufacture of pharmaceuticals, medicinal chemicals and botanical products

4041

Manufacture of soap and detergents

4042

Manufacture of other chemical products

4043

Manufacture of man‐made fibres

4044

Manufacture of rubber products

4045

Manufacture of plastic products

4046

Manufacture of glass and glass products

4047

Manufacture of cement, lime and plaster

4048

Manufacture of articles of concrete, cement and plaster

4049

Manufacture of Bricks

4050

Manufacture of other clay and ceramic products

4051

Manufacture of other non‐metallic mineral products

4052

Manufacture of pig iron, sponge iron, Direct Reduced Iron etc.

4053

Manufacture of Ferro alloys

4054

Manufacture of Ingots, billets, blooms and slabs etc.

4055

Manufacture of steel products

4056

Manufacture of basic precious and non‐ ferrous metals

4057

Manufacture of non‐metallic mineral products

4058

Casting of metals

4059

Manufacture of fabricated metal products

4060

Manufacture of engines and turbines

4061

Manufacture of pumps and compressors

4062

Manufacture of bearings and gears

4063

Manufacture of ovens and furnaces

4064

Manufacture of lifting and handling equipment

4065

Manufacture of other general‐purpose machinery

4066

Manufacture of agricultural and forestry machinery

4067

Manufacture of Machine Tools

4068

Manufacture of machinery for metallurgy

4069

Manufacture of machinery for mining, quarrying and constructions

4070

Manufacture of machinery for processing of food and beverages

4071

Manufacture of machinery for leather and textile

4072

Manufacture of weapons and ammunition

4073

Manufacture of other special purpose machinery

4074

Manufacture of domestic appliances

4075

Manufacture of office, accounting and computing machinery

4076

Manufacture of electrical machinery and apparatus

4077

Manufacture of Radio, Television, communication equipment and apparatus

4078

Manufacture of medical and surgical equipment

4079

Manufacture of industrial process control equipment

4080

Manufacture of instruments and appliances for measurements and navigation

4081

Manufacture of optical instruments

4082

Manufacture of watches and clocks

4083

Manufacture of motor vehicles

4084

Manufacture of body of motor vehicles

4085

Manufacture of parts and accessories of motor vehicles and engines

4086

Building and repair of ships and boats

4087

Manufacture of railway locomotive and rolling stocks

4088

Manufacture of aircraft and spacecraft

4089

Manufacture of bicycles

4090

Manufacture of other transport equipment

4091

Manufacture of furniture

4092

Manufacture of Jewellery

4093

Manufacture of sports goods

4094

Manufacture of musical instruments

4095

Manufacture of games and toys

4096

Other manufacturing n.e.c

4097

Recycling of metal waste and scrap

4098

Recycling of non‐ metal waste and scrap

4099

Electricity, gas and water

Production, collection and distribution of electricity

5001

Manufacture and distribution of gas

5002

Collection, purification and distribution of water

5003

Other essential commodity service n.e.c

5004

Construction

 

Site preparation works

6001

Building of complete constructions or parts‐ civil contractors

6002

Building installation

6003

Building completion

6004

Construction and maintenance of roads, rails, bridges, tunnels, ports, harbor, runways etc.

6005

Construction and maintenance of power plants

6006

Construction and maintenance of industrial plants

6007

Construction and maintenance of power transmission and telecommunication lines

6008

Construction of water ways and water reservoirs

6009

Other construction activity n.e.c

6010

Real estate and renting services

Purchase, sale and letting of leased buildings (residential and non‐residential)

7001

Operating of real estate of self‐owned buildings (residential and non‐residential)

7002

Developing and sub‐dividing real estate into lots

7003

Real estate activities on a fee or contract basis

7004

Other real estate/renting services n.e.c

7005

Renting of machinery

 

Renting of land transport equipment

8001

Renting of water transport equipment

8002

Renting of air transport equipment

8003

Renting of agricultural machinery and equipment

8004

Renting of construction and civil engineering machinery

8005

Renting of office machinery and equipment

8006

Renting of other machinery and equipment

8007

Renting of personal and household goods n.e.c

8008

Renting of other machinery n.e.c

8009

Wholesale and retail trade

 

Wholesale and retail sale of motor vehicles

9001

Repair and maintenance of motor vehicles

9002

Sale of motor parts and accessories‐ wholesale and retail

9003

Retail sale of automotive fuel

9004

General commission agents, commodity brokers and auctioneers

9005

Wholesale of agricultural raw material

9006

Wholesale of food and beverages and tobacco

9007

Wholesale of household goods

9008

Wholesale of metals and metal ores

9009

Wholesale of household goods

9010

Wholesale of construction material

9011

Wholesale of hardware and sanitary fittings

9012

Wholesale of cotton and jute

9013

Wholesale of raw wool and raw silk

9014

Wholesale of other textile fibres

9015

Wholesale of industrial chemicals

9016

Wholesale of fertilizers and pesticides

9017

Wholesale of electronic parts and equipment

9018

Wholesale of other machinery, equipment and supplies

9019

Wholesale of waste, scrap and materials for re‐ cycling

9020

Retail sale of food, beverages and tobacco in specialized stores

9021

Retail sale of other goods in specialized stores

9022

Retail sale in non‐specialized stores

9023

Retail sale of textiles, apparel, footwear, leather goods

9024

Retail sale of other household appliances

9025

Retail sale of hardware, paint and glass

9026

Wholesale of other products n.e.c

9027

Retail sale of other products n.e.c

9028

Hotels, restaurants and hospitality services

 

Hotels – Star rated

10001

Hotels – Non‐star rated

10002

Motels, Inns and Dharmshalas

10003

Guest houses and circuit houses

10004

Dormitories and hostels at educational institutions

10005

Short stay accommodations n.e.c.

10006

Restaurants – with bars

10007

Restaurants – without bars

10008

Canteens

10009

Independent caterers

10010

Casinos and other games of chance

10011

Other hospitality services n.e.c.

10012

Transport and logistics services

 

Travel agencies and tour operators

11001

Packers and movers

11002

Passenger land transport

11003

Air transport

11004

Transport by urban/sub‐urban railways

11005

Inland water transport

11006

Sea and coastal water transport

11007

Freight transport by road

11008

Freight transport by railways

11009

Forwarding of freight

11010

Receiving and acceptance of freight

11011

Cargo handling

11012

Storage and warehousing

11013

Transport via pipelines (transport of gases, liquids, slurry and other commodities)

11014

Other Transport and Logistics services n.e.c

11015

Post and

Post and courier activities

12001

Telecommunication services

 

Basic telecom services

12002

Value added telecom services

12003

Maintenance of telecom network

12004

Activities of the cable operators

12005

Other Post and Telecommunication services

12006

Financial intermediation services

 

Commercial banks, saving banks and discount houses

13001

Specialised institutions granting credit

13002

Financial leasing

13003

Hire‐purchase financing

13004

Housing finance activities

13005

Commercial loan activities

13006

Credit cards

13007

Mutual funds

13008

Chit fund

13009

Investment activities

13010

Life insurance

13011

Pension funding

13012

Non‐life insurance

13013

Administration of financial markets

13014

Stock brokers, sub‐brokers and related activities

13015

Financial advisers, mortgage advisers and brokers

13016

Foreign exchange services

13017

Other financial intermediation services n.e.c.

13018

Computer and related services

 

Software development

14001

Other software consultancy

14002

Data processing

14003

Database activities and distribution of electronic content

14004

Other IT enabled services

14005

BPO services

14006

Cyber café

14007

Maintenance and repair of office, accounting and computing machinery

14008

Computer training and educational institutes

14009

Other computation related services n.e.c.

14010

Research and development

 

Natural sciences and engineering

15001

Social sciences and humanities

15002

Other Research and Development activities n.e.c.

15003

Professions

 

Legal profession

16001

Accounting, book‐keeping and auditing profession

16002

Tax consultancy

16003

Architectural profession

16004

Engineering and technical consultancy

16005

Advertising

16006

Fashion designing

16007

Interior decoration

16008

Photography

16009

Auctioneers

16010

Business brokerage

16011

Market research and public opinion polling

16012

Business and management consultancy activities

16013

Labour recruitment and provision of personnel

16014

Investigation and security services

16015

Building‐cleaning and industrial cleaning activities

16016

Packaging activities

16017

Secretarial activities

16018

Medical Profession

16019_1

Film Artist

16020

Other professional services n.e.c.

16019

Education services

 

Primary education

17001

Secondary/ senior secondary education

17002

Technical and vocational secondary/ senior secondary education

17003

Higher education

17004

Education by correspondence

17005

Coaching centres and tuitions

17006

Other education services n.e.c.

17007

Health care services

 

General hospitals

18001

Speciality and super speciality hospitals

18002

Nursing homes

18003

Diagnostic centres

18004

Pathological laboratories

18005

Independent blood banks

18006

Medical transcription

18007

Independent ambulance services

18008

Medical suppliers, agencies and stores

18009

Medical clinics

18010

Dental practice

18011

Ayurveda practice

18012

Unani practice

18013

Homeopathy practice

18014

Nurses, physiotherapists or other para‐ medical practitioners

18015

Veterinary hospitals and practice

18016

Medical education

18017

Medical research

18018

Practice of other alternative medicine

18019

Other healthcare services

18020

Social and community work

 

Social work activities with accommodation (orphanages and old age homes)

19001

Social work activities without accommodation (Creches)

19002

Industry associations, chambers of commerce

19003

Professional organisations

19004

Trade unions

19005

Religious organizations

19006

Political organisations

19007

Other membership organisations n.e.c. (rotary clubs, book clubs and philatelic clubs)

19008

Other Social or community service n.e.c

19009

Culture and sport

 

Motion picture production

20001

Film distribution

20002

Film laboratories

20003

Television channel productions

20004

Television channels broadcast

20005

Video production and distribution

20006

Sound recording studios

20007

Radio ‐ recording and distribution

20008

Stage production and related activities

20009

Individual artists excluding authors

20010

Literary activities

20011

Other cultural activities n.e.c.

20012

Circuses and race tracks

20013

Video Parlours

20014

News agency activities

20015

Library and archives activities

20016

Museum activities

20017

Preservation of historical sites and buildings

20018

Botanical and zoological gardens

20019

Operation and maintenance of sports facilities

20020

Activities of sports and game schools

20021

Organisation and operation of indoor/outdoor sports and promotion and production of sporting events

20022

Sports Management

20023_01

Other sporting activities n.e.c.

20023

Other recreational activities n.e.c.

20024

Other services

 

Hair dressing and other beauty treatment

21001

Funeral and related activities

21002

Marriage bureaus

21003

Pet care services

21004

Sauna and steam baths, massage salons etc.

21005

Astrological and spiritualists’ activities

21006

Private households as employers of domestic staff

21007

Event Management

21008_01

Other services n.e.c.

21008

Extra territorial organisations

Extra territorial organisations and bodies (IMF, World Bank, European Commission etc.)

22001

*n.e.c. – not elsewhere classified

Major changes in ITR-3 form for AY 2023-24 and AY 2024-25

Several changes have been introduced in ITR-3 starting from FY 2022–23:

  • A separate schedule, VDA, has been added to report income from virtual digital assets like cryptocurrency. Quarterly capital gains need to be disclosed.

  • If you previously opted out of the new tax regime, you must now respond to a few additional questions.

  • Foreign investors such as FIIs and FPIs are now required to disclose their SEBI registration number.

  • A minor update in the balance sheet section mandates disclosing advances received from related parties as per Section 40A(2)(b).

  • A new 'Trading Account' section has been added where turnover and profits from intraday trading must be shown.

These updates improve transparency and help align reporting with evolving tax rules and technology trends.

Explore Bajaj Housing Finance Home Loan

Now that tax awareness and financial literacy are a part of your life, another aspect you may want to look into is owning your dream home. While managing your finances efficiently is important, the right home loan can help you take a step closer to your dream without creating a financial burden. Here, Bajaj Housing Finance Limited can assist you with a home loan tailored to your needs.

Opting for a Bajaj Housing Finance Home Loan can be a great choice for both businessmen and working professionals. With a simplified application process, flexible repayment tenure and competitive interest rates, it can convert your dream into a reality.

Here are a few reasons why you should apply for a home loan from Bajaj Housing Finance:

  1. Extended repayment tenures: Benefit from repayment periods of up to 32 years, enabling you to select a plan aligned with your financial circumstances for more manageable repayments.
  2. Competitive interest rates: Initiate your journey to homeownership with attractive interest rates starting at just 7.49%* p.a., accompanied by EMIs as low as Rs. 687/lakh*, making homeownership more affordable.
  3. Tailored loan options: Customise your home loan to suit your specific requirements with flexible loan amounts and repayment terms, granting you greater control over the home-buying process.
  4. Top-up loan facility: Enhance your financial flexibility with a top-up loan, providing additional funds of up to Rs. 1 crore* or higher at competitive interest rates and minimal documentation, simplifying balance transfer management.

Just remember, when managing your finances, it's not just about saving tax, but also about investing smartly in assets like a home. If you are looking to buy a house in the future, consider Bajaj Housing Finance Home Loan to fund your dream home.
 

Conclusion

Filing ITR-3 requires careful attention to detail and proper documentation, but it ensures compliance with tax regulations for business owners and professionals. The comprehensive nature of this form allows for accurate reporting of multiple income sources and proper tax computation. By following the step-by-step process and gathering all necessary documents beforehand, you can file your return efficiently and avoid penalties. Remember to verify your return within the specified timeframe to complete the process. Staying organised with your financial records not only simplifies tax filing but also positions you well for future financial planning and investment decisions.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Can I file ITR 3 offline?

Yes, you can file ITR-3 offline, but this option is available only to individuals who are at least 80 years old during the previous year or to an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

Can we file ITR 3 without audit?

Yes, you can file ITR-3 without an audit provided your sales or turnover is less than the appropriate threshold under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. However, if the turnover exceeds the threshold or profit is lower than the deemed profit, tax audit becomes mandatory.

Can we shift from ITR 3 to ITR 2?

Yes, you can shift from ITR 3 to ITR 2 if your source of income changes from a business/profession (for which ITR 3 applies) to salaried/Pension income or income from multiple houses or income from Capital Gains (for which ITR-2 applies). It depends on the nature and source of your income.

Can I use ITR-3 if I opt for presumptive taxation under business income?

No, if you choose the presumptive taxation scheme for your business or professional income, you must file ITR-4 instead of ITR-3. ITR-3 is meant for those maintaining regular books of accounts.

Is ITR-3 applicable to everyone with business income?

Not all. ITR-3 applies only to individuals or HUFs with business income not covered under presumptive taxation. If your income falls under Section 44AD, 44ADA, or 44AE, ITR-4 is the correct form.

What is the main difference between ITR-3 and ITR-4?

ITR-4 is for individuals or HUFs declaring business income under the presumptive scheme, provided their total income is up to Rs. 50 lakh. ITR-3 is used by those maintaining books of accounts and who may or may not need an audit. Company directors with salary or remuneration must also use ITR-3.

Whether you file ITR-3 or ITR-4, demonstrating consistent income through proper tax filing strengthens your home loan application. Bajaj Finserv accepts home loan applications from both salaried professionals and business owners with competitive rates starting from 7.49%* p.a. Check your eligibility for a home loan from Bajaj Finserv today. You may already be eligible, find out by entering your mobile number and OTP.

What is the late fee for not filing ITR-3 on time?

If you miss the due date, you may be charged a penalty of Rs. 1,000 if your income is up to Rs. 5,00,000, or Rs. 5,000 if your income exceeds Rs. 5,00,000. You can file a belated return by 31st December, but interest at 1% per month will be levied on the unpaid tax amount.

Timely tax filing reflects good financial discipline, which lenders value when assessing home loan applications. If you're planning to buy a home, maintaining a clean tax filing record can help secure better interest rates with Bajaj Housing Finance Home Loan. Check your loan offers with Bajaj Finserv now. You may already be eligible, find out by entering your mobile number and OTP.

Show More Show Less