Income Tax Mitra

ITR Filing 2024 for Income of Directors or income from business and profession with accounting and audit

Our staffs consist of the greatest CAs and legal associates with excellent work and positive approach towards taxation and audit work as well as inherent quality of honesty. At Incometaxmitra, we assist you in selecting the right ITR file and remind you every time to file your ITR on time.

In all types of your ITR file, we help and support you. A team of professional attorneys will work with you to ensure the successfully filing your ITR-3. We are a team of hardworking lawyers and tax professionals and researchers who guide and file your ITR properly and in a right way.

ITR-3 FORM filing through Incometaxmitra with correct and proper ITR FORM

Incometaxmitra team takes a comprehensive and well-coordinated approach in understanding the requirements of tax filing for each client and provide you with the finest possible service. A team of highly experienced tax professionals, tax lawyers and chartered accountants at Incometaxmitra assists our clients with tax consultation, tax savings and timely filling of income tax returns. We assist our clients in maximising tax savings and obtaining quicker refunds.  We are a group of CAs, CSs, and lawyers who use cutting-edge technology to provide services that meet the needs of today's businesses in a quickly and cost-effective world.

Things one should be aware of before filing ITR-3

If an Individual or HUF generating income from any proprietary business or any profession and also fits the below mentioned criteria are eligible for ITR-3.

Below mentioned are some other criteria for opting ITR- 3

  • An Individual holding directorship in any company.
  • An Individual who has investments in shares of unlisted company.
  • If a Turnover of Business exceeds Rs. 2 crores.
  • If the income is generating from Salary, House Property, Capital gains and other sources
  • Agriculture Income more than Rs.5,000
  • If the investment has made in shares of foreign company.
  • Individual having income as a partner.

Major heads of Income for filing ITR-3

Income under the head Business and Profession

The Income or profit has been generated through any proprietary business or against the delivery of professional services such as Advocate Consultancy fee, Doctors Fee, Chartered Accountant fee is considered as Income from Business and Profession.

Income under the head salary

Income under the head House Property

Income under head Other Sources

Income from Capital Gains

  1. Long term Capital Gains: Gain on sale of assets or investments which has been owned by the person for more than a year are considered as Long-Term Capital Gains.
  2. Short term Capital Gains: Gain on frequent sale of assets or investments or has been held for less than a year are considered as Short-Term Capital Gains.

    ITR Form

    Category

    Income from Salary

    Income from House Property

    Income from Other sources

    Income from Business or Profession

    Income from Capital gains

    Exemption/ Limitation

    ITR 3

    Partners, Individual and HUF

    Yes

    Yes

    Yes

    Yes

     Yes

    -

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