ITR-3
Definition
The income-tax return form for individuals and Hindu Undivided Families who have income from a proprietary business or profession, in addition to other heads of income.
Related Terms in India GST
ITR-4 (Sugam)
The income-tax return form for resident individuals, HUFs and firms (other than LLPs) opting for presumptive taxation of business or professional income under Sections 44AD, 44ADA or 44AE, within the prescribed turnover limits.
Section 44AD
A presumptive taxation scheme letting eligible small businesses in India declare income at a prescribed percentage of turnover instead of maintaining detailed books. A lower percentage applies to digital receipts to encourage non-cash turnover.
Section 44ADA
A presumptive taxation scheme for eligible professionals in India, allowing income to be declared at a prescribed percentage of gross receipts up to a turnover limit, without maintaining full books of account.
Section 44AB (Tax Audit)
The provision requiring a tax audit of accounts where a business's or professional's turnover or receipts exceed prescribed limits, or in certain presumptive-scheme situations. The audit report is filed in the prescribed form before the return.
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