The Income Tax Department has released the Excel utility for filing ITR-3 for AY 2024-25. Taxpayers can choose to use the offline (Java), online, or Excel-based utility to file their income tax return for FY 2023-24 (AY 2024-25). The utilities can be downloaded from the e-filing ITR portal under the ‘Downloads’ section. The deadline for filing income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024, for those not required to undergo an income tax audit.
Eligibility for Filing ITR-3
The ITR-3 form is designed for individuals or Hindu Undivided Families (HUF) with income under the head ‘profits or gains of business or profession’, who are not eligible to file Form ITR-1 (Sahaj), ITR-2, or ITR-4 (Sugam). Additionally, individuals receiving remuneration from a partnership firm or LLP should also use ITR-3. However, those who have opted for the presumptive taxation scheme must file ITR-4 instead, even if they have business or professional income.
Furthermore, income from trading in derivative contracts of the stock market (options and future) is considered business income. Taxpayers with this type of income, upon exceeding specific thresholds, are required to file ITR-3 if they have not chosen the presumptive taxation scheme.
Excel Utility of ITR-3 for AY 2024-25 is available for filing. Click here
Offline and Online Utility of ITR-3 for AY 2024-25 is available for filing. Click here