Download ITR – 3 (Income Tax Return – 3) for Person who is Partner in Partnership Firm

By | July 4, 2014

Download Income tax department has issued the updated PDF Format & JAVA Schema for ITR – 3 (INCOME TAX RETURN 3) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014). ITR- 3 (Income Tax Return 3) forms is essential for filling the Income tax Returns with the Income Tax department of India at the end of every financial year. The ITR -3 Forms particularly applies to those individuals and Hindu Undivided Families who are registered as partners in a Firm under Indian partnership act 1932. As per Rule 12 of the Income Tax Rules, 1962 this form does not apply to those how are proprietors of a firm. ITR -3 mainly for the business which includes partnership deals or applicable for professionals but should be a partnership profession.

Eligible Assessee for the ITR – 3 Forms

The ITR – 3 Form is applicable for those individuals and Hindu Undivided families that can be placed under the following categories in the assessment year 2014-15:-

  • Is a partner in a firm?
  • Income from business or profession (gain Income or profits income)
  • Gains income by means of interest, salary, bonus, commission, remuneration as a partner
  • If a partner of a firm only earns income from the firm or the share in the profits and not any other income such as interest, bonus, salary, remuneration or commission etc. then such individual or Hindu undivided Family should file income tax return only by the ITR -3 form.

Non – eligible Assessee for the ITR – 3 Form

  • Assessee include speculation income are not eligible to file ITR – 3 of Income Tax return
  • Individuals and Hindu Undivided Families income earned through business or profession operating as a proprietorship firm is not eligible to fill ITR – 3

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