ITR PERSONAL (ITR-3)

Itr Personal (itr-3)

income Tax Return is prepared on ITR-3 when:

• an individual or an HUF is a partner in a firm AND
• where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, due to, or received by him from such firm.

In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, the assessee shall use this form only; not Form ITR-2.