Here is a guide on filing ITR-3 if you have income from business or profession, intra-day trading or Futures and Options (F&O) trading.

You can file your income tax return (ITR) on the ClearTax platform. ITR e-Filing – Login & Required Documents How to File ITR-3? – Steps to e-File Your ITR-3

Turnover and income from intraday trading must be reported under the newly introduced section ‘Trading Account’.

According to the new ITR-3 form, advances received from individuals specified in Sec 40A(2)(b) of the Income Tax Act and others must be reported under the ‘Advances’ heading in Source of Funds.

There has been a small change in balance sheet reporting.

Foreign institutional investors (FII/FPI) must provide their SEBI registration number as an additional disclosure measure.

A few questions have been added in the new ITR 3 form to determine if you had opted out of the New Tax Regime in previous years.

In the new ITR-3 every VDA transaction will have to be reported along with the dates of sale and purchase. If you treat income from VDAs as capital gains, a quarterly breakup will need to be given under the Capital Gains Schedule.

A new schedule VDA has been added to separately report your income from crypto/ other VDAs.

Major Changes in ITR 3 form for AY 2023-24īelow changes are incorporated in the ITR-3 form of the FY 2022-23:

The return may include income from house property, salary/pension, capital gains and income from other sources.

Carrying on a business or profession (both tax audit and non-audit cases).

The persons having income from following sources are eligible to file ITR-3 : Who can file ITR-3 Form?

The ITR-3 is applicable for individual and HUF who have income from profits and gains from business or profession.

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