ITR-3 Filing Services for business, profession, and F&O income.
Accurate ITR-3 filing for self-employed professionals, proprietors, F&O traders, and individuals with business income — with complete Profit & Loss, Balance Sheet, depreciation schedule, and tax audit coordination by qualified Chartered Accountants in Mumbai.
ITR-3 is the most comprehensive income tax return for individuals and HUFs — covering proprietary business income, professional income, Futures and Options trading, partnership firm profit shares, and all other income heads in a single return. Unlike ITR-1 and ITR-2, ITR-3 requires submission of financial statements — P&L account, Balance Sheet, and a complete set of business schedules.
For F&O traders, ITR-3 is mandatory because F&O income is non-speculative business income under Section 43(5). Incorrect classification as capital gains — a common error — leads to wrong tax computation, disallowance of trading expenses, and loss carry-forward denial. Our CA team computes F&O turnover from broker contract notes, determines audit applicability, and files a complete, defensible ITR-3.
For professionals — doctors, architects, consultants, lawyers, designers — ITR-3 is applicable when gross receipts exceed the presumptive threshold or when actual expenses need to be claimed. We prepare P&L accounts, compute depreciation on professional equipment, and ensure GST, TDS, and advance tax positions are fully reconciled before filing.
What's Included in ITR-3 Filing
Business P&L & Balance Sheet
Preparation and verification of Profit and Loss account and Balance Sheet — with all schedules correctly mapped to ITR-3 financial statement requirements.
F&O Turnover & Income Computation
Accurate computation of F&O turnover from broker statements, classification as non-speculative business income, and audit threshold determination.
Tax Audit Coordination (44AB)
Seamless coordination of tax audit under Section 44AB where applicable — with Form 3CB and detailed Form 3CD certification filed within the due date.
Depreciation Schedule
Block-wise depreciation computation under Section 32, including additional depreciation for new assets and correct WDV carry-forward for subsequent years.
Business Expense Deductions
Identification and correct claim of all deductible business and professional expenses under Sections 30 to 37 — including disallowances under Section 40A.
Business Loss Carry-Forward
Carry-forward of business and F&O losses for set-off against future profits — only preserved with timely, on-due-date ITR-3 filing.
Our ITR-3 Filing Process
Financial Statement Review
Collection and review of P&L, Balance Sheet, GST returns, TDS certificates, and bank statements to ensure completeness before filing.
Audit Applicability Check
Turnover computation for business and F&O income — determining whether tax audit under Section 44AB is mandatory for the year.
Income & Tax Computation
Complete income computation across all heads, depreciation, business expense deductions, advance tax position, and TDS reconciliation.
Audit & ITR-3 Filing
Tax audit report (if applicable) filed before the due date, followed by accurate ITR-3 filing with all required schedules and financial statements.
e-Verification & Acknowledgement
Instant e-verification post-filing with ITR-V acknowledgement and a copy of the filed return shared within 24 hours.
Why Choose NDS Advisors for ITR-3
Frequently Asked Questions
ITR-3 is for individuals and HUFs with income from a proprietary business or profession not eligible for presumptive taxation. It is also applicable to those with F&O trading income, partners in partnership firms reporting their profit share, and individuals with both salary and business income in the same year.
Yes. Income from Futures and Options on recognised stock exchanges is classified as non-speculative business income under Section 43(5) and must be reported in ITR-3. Losses from F&O can be set off against other business income and carried forward for eight years — making timely filing critical for active traders.
Tax audit under Section 44AB is mandatory if business turnover exceeds ₹1 crore (₹10 crore where cash transactions are under 5%) or professional gross receipts exceed ₹50 lakh. For F&O traders, if total turnover exceeds the prescribed limit, audit is mandatory. Even below these limits, audit may apply if income is declared below presumptive rates and total income exceeds the basic exemption limit.
For F&O trading, turnover is the absolute sum of profit or loss on each settled or squared-off contract. The selling price of options is also included for options trading. This ICAI-recommended method determines whether a tax audit is mandatory. We compute F&O turnover precisely from broker contract notes and P&L statements.
Yes. Legitimate business and professional expenses incurred wholly and exclusively for business purposes are deductible under Sections 30 to 37. These include rent, salaries, professional fees, depreciation, trading costs, internet expenses, business loan interest, and travel — subject to disallowances under Section 40A.
For ITR-3 filers not requiring audit, the due date is 31 July. For those subject to Section 44AB audit, the due date is 31 October. Late filing attracts fees under Section 234F and forfeits the right to carry forward business losses.
Depreciation under Section 32 is computed on the WDV of assets at prescribed block rates — 15% for plant and machinery, 40% for computers, 10% for buildings. Assets put to use for less than 180 days attract half the normal rate. Additional depreciation of 20% is available for new manufacturing assets.
Required documents include Profit and Loss account, Balance Sheet, bank statements, GST returns, TDS certificates, Form 26AS and AIS, fixed asset register, F&O P&L statement from broker, advance tax challans, and prior year ITR and audit report if applicable. We share a business-specific checklist at the start of every engagement.
Business Income, Filed Right
From F&O trading to professional income, our CA team handles ITR-3 end-to-end — with tax audit coordination, expense deductions, and loss carry-forward — every assessment year.
Get Started Today or call +91 9819 000 511