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The ITR-3 form holds significant importance for individuals earning income from a business or a profession. It serves as a crucial tool in the Income Tax Department's mission to gather comprehensive financial details, thereby ensuring tax compliance.
What is ITR-3?
ITR-3 is designed for individuals and Hindu Undivided Families (HUFs) who derive income from profits and gains from business or profession. Those eligible to file ITR-3 include individuals engaged in business or a profession (both in cases requiring tax audit and those exempt from it). The return may also encompass income from house property, salary/pension, capital gains, and income from other sources.
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