Is the New Tax Regime the Default for ITR-3 Filers?

Yes, the new tax regime is the default regime. However, eligible taxpayers can choose to opt out by filing Form 10-IEA within the due date.

How Can I File ITR-3 Online?

You can file ITR-3 on the Income Tax e-filing portal by logging in, selecting the right form, entering income details, and verifying the return.

Can I File ITR-3 After the Due Date?

Yes, you can file a belated return, but late fees and interest may apply.

NRI Income Tax Compliance

ITR-3 for AY 2026-27: New Changes, Deadline, and Steps to File

Written by Hatim Dudhiyawala

Updated on: May 22, 20267 mins Editorial Standards

The ITR-3 is the income tax return form for individuals, HUFs, including NRIs who have income from a proprietary business or profession. A few changes have been introduced in ITR-3 for FY 2025-26 (AY 2026-27) related to capital gain reporting, deduction disclosure under various sections, and so on. In this blog, we will cover the changes made in ITR-3 for AY 2026-27.

Key Takeaways

ITR-3 must be filed by an individual, HUF, or NRI having income from a proprietary business or profession.
Anyone filing ITR-1, ITR-2, or ITR-4 is generally do not need to file ITR-3.
Additional disclosure for deductions under various sections and a new field for reporting F&O turnover and income are introduced in ITR-3. Moreover, section 44BBD tax audit information has been added.
The requirement to report and calculate your capital gains separately for transactions that occurred before 23rd July, 2024, has been removed.

What Changed in ITR-3 for FY 2025-26 (AY 2026-27)?

A few changes were introduced in ITR-3 for AY 2026-27, which are as follows:

A new Section 44BBD tax audit information is added.
A new field is added for reporting F&O (Futures and Options) turnover and income
Additional disclosure for deductions under Section 80G, 80GGC, 80DD, and 80D.
The requirement to classify and report capital gains separately based on the cut-off date of 23rd July, 2024, has been removed.

These are the changes made in the ITR-3 for AY 2026-27 that you must be aware of.

Who Can and Cannot File ITR-3?

Individuals, NRIs, and HUFs can file ITR-3, while persons other than them cannot file it. Here's who can file and who cannot file ITR-3:

Who can file ITR-3?

Individuals, HUFs, including NRIs can file ITR-3 if they:

Engaged in a profession
Receive income from dividends/interest
Earn income from freelancing or consultancy
Gain income from F&O trading/intraday/share trading
Running a business under a presumptive scheme
Receive remuneration, salary, interest, or commission from a partnership firm or LLP.
The return may include income from house property, capital gains, salary/pension, and other sources.

Who cannot file ITR-3?

No person other than an individual, HUF, or NRI is eligible to file the ITR-3 form. Also:

Individuals, HUFs, including NRIs not having income by way of business, profession, or partnership firm cannot file the ITR-3 form.
Any person who is eligible to file ITR-1, ITR-2, and ITR-4 cannot file ITR-3.

If you fulfill the eligibility criteria, you must file ITR-3 on the official portal before the due date.

What is the Last Date to File ITR-3 for FY 2025-26 (AY 2026-27)?

The last date to file ITR-3 depends on whether the case requires an audit or not:

For Non-Audit Cases	The due date is the 31st of August 2026.
For Accounts Requiring Audits	The due date is the 31st of October, 2026

Filing within the due date is important to ensure compliance and avoid any penalties. You also have the option to file a belated return, but late fees and interest may apply.

What is the Structure of ITR-3?

The ITR-3 is a comprehensive form for individuals, HUFs, including NRIs. It is structured into Parts and over 20 detailed schedules to cover all financial transactions. The following is the structure of ITR-3:

Part A: General Information & Financial Data

It covers general and financial information specific to the business or profession:

Part A-GEN: General information and nature of business
Part A-BS: Balance sheet as of 31st of March, 2026, of the proprietary business or profession
Part A-Manufacturing Account: Manufacturing account for the financial year. (2025-26)
Part A- Trading Account: Trading account for the financial year.
Part A-P&L: Profit and loss for the financial year
Part A-OI: Other information (optional in a case not liable for audit under Section 44AB).
Part A-QD: Quantitative details (optional in a case that doesn't require audit under Section 44AB).

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Schedules for Specific Income Sources & Deductions

The ITR-3 form includes various schedules for specific income sources and deductions:

Schedule-S: Income under the head salaries.
Schedule - HP: Income under the head income from house property.
Schedule BP: Income from business or profession.
Schedule - DPM: Depreciation on plant and machinery under the Income-tax Act.
Schedule-DOA: Depreciation on other assets under the Income-Tax Act.
Schedule-DEP: Summary of depreciation on all the assets under the Income-tax Act.
Schedule DCG: Deemed capital gains on the sale of depreciable assets.
Schedule ESR: Deduction under Section 35 (expenditure on scientific research)
Schedule-CG: Income under the head capital gains.
Schedule 112A: Details of capital gains where Section 112A is applicable.
Schedule 116AD(i)(b)(iii) Provision: For non-resident details of capital gains where section 112A is applicable.
Schedule-OS: Income under the head income from other sources.
Schedule-CYLA-BFLA: Statement of income after set off of current year's losses and statement of income after set off of unabsorbed losses brought forward from earlier years.
Schedule-CYLA: Statement of income after set off of current year's losses.
Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule CFL: Statement of losses to be carried forward to future years.
Schedule-UD: Statement of unabsorbed depreciation.
Schedule ICDS: Effect of income calculation disclosure standards on profits.
Schedule - 10AA: Deduction under section 10AA.
Schedule 80G: Statement of donations entitled for deductions under section 80G.
Schedule RA: Statement of donations to research associations permitted for deduction under section 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA).
Schedule - 80IA: Deduction under section 80IA.
Schedule - 80IB: Deduction under section 80IB.
Schedule - 80IC/80-IE: Deduction under section 80IC/80-IE.
Schedule VI-A: Statement of deductions (from total income) under Chapter VIA.
Schedule AMT: Alternate minimum tax payable under section 115JC.
Schedule AMTC: Tax credit computation under section 116JD.
Schedule SPI: Statement of income occurring to spouse/minor child/ son's wife or any other person or association of persons to be included in the income of the taxpayer in Schedules-HP, BP, CG, and OS.
Schedule SI: Statement of income which is chargeable to tax at special rates.
Schedule-IF: Information related to partnership firms in which the taxpayer is a partner.
Schedule EI: Statement of income not included in the total income (exempt incomes)
Schedule PTI: Pass through income details from a business trust or investment fund as per section 116UA, 116UB.
Schedule TPSA: Secondary adjustments to transfer price as per section 92CE (2A).
Schedule FSI: Details of income from outside India and tax relief.
Schedule TR: Statement of tax relief claimed under section 90, 90A, 91.
Schedule FA: Statement of foreign assets and income from any source outside India.
Schedule 5A: Information related to the apportionment of income between spouses governed by the Portuguese Civil Code.
Schedule AL: Asset & Liability at the end of the year (applicable where the total income exceeds Rs. 50 lakhs).
Schedule tax deferred on ESOP: Information regarding tax-deferred on ESOPs received from eligible start-ups referred to in Section 80-IAC.
Schedule GST: Information related to turnover/ gross receipts reported for GST.

Part B: Total Income and Tax Liability

Calculation of total income and tax liability, including:

Part B-TI: Calculation of total income
Part B-TTI: Calculation of tax liability on total income

Verification

The final part includes verifying the accuracy of the provided information. Also, declaring the return's genuineness.

You can find the detailed, notified structure of the form and its instructions and file ITR-3 on the official Income Tax Department Portal.

How to File ITR-3 Online on the Income Tax Portal?

Follow the steps below to file ITR-3 online via the income tax portal:

Step 1: Visit the official income tax e-filing portal and log in using your credentials. Use your PAN as the user ID and enter your password.
Step 2: After that, find the e-file menu and from the drop-down menu, choose 'Income Tax Return'.
Step 3: Select the relevant assessment year and choose the mode of filing.
Step 4: Click on 'Start New Filing' and choose your applicable taxpayer status (individual, HUF, NRI, etc.)
Step 5: Select the relevant ITR form and click on 'Let's Get Started. Then, choose the reason for filing your return.
Step 6: Choose the schedules applicable based on your income source.
Step 7: Start with general information, verify the pre-filed data, and choose the tax regime applicable to you, whether old or new.
Step 8: Fill in all the relevant schedules as per your income details and click on 'Proceed to verification'.
Step 9: Review your return to identify any errors and correct them. Also, pay any self-assessment tax due and submit your ITR.

Keep in mind that if your business is subject to a mandatory tax audit, you must file your ITR-3 online using a valid DSC.

What are the Business Codes for ITR Forms?

Sector	Sub-Sector	Code
AGRICULTURE, ANIMAL HUSBANDRY & FORESTRY	Growing and manufacturing of tea	1001
	Growing and manufacturing of coffee	1002
	Growing and manufacturing of rubber	1003
	Market gardening and horticulture specialties	1004
	Raising of silkworms and production of silk	1005
	Raising of bees and production of honey	1006
	Raising of poultry and production of eggs	1007
	Rearing of sheep and production of wool	1008
	Rearing of animals and production of animal products	1009
	Agricultural and animal husbandry services	1010
	Soil conservation, soil testing and soil desalination services	1011
	Hunting, trapping and game propagation services	1012
	Growing of timber, plantation, operation of tree nurseries and conserving of forest	1013
	Gathering of tendu leaves	1014
	Gathering of other wild growing materials	1016
	Forestry service activities, timber cruising, afforestation and reforestation	1016
	Logging service activities, transport of logs afforestation and reforestation within the forest	1017
	Other agriculture, animal husbandry or forestry activity n.e.c	1018
FISH FARMING	Fishing on a commercial basis in inland waters	2001
	Fishing on a commercial basis in the ocean and coastal areas	2002
	Fish farming	2003
	Gathering of marine materials such as natural pearls, sponges, coral etc.	2004
	Services related to marine and freshwater fisheries, fish hatcheries and fish farms	2005
	Other Fish farming activity n.e.c	2006
MINING AND QUARRYING	Mining and agglomeration of hard coal	3001
	Mining and agglomeration of lignite	3002
	Extraction and agglomeration of peat	3003
	Extraction of crude petroleum and natural gas	3004
	Service activities incidental to oil and gas extraction excluding surveying	3005
	Mining of uranium and thorium ores	3006
	Mining of iron ores	3007
	Mining of non-ferrous metal ores, except uranium and thorium ores	3008
	Mining of gemstones	3009
	Mining of chemical and fertilizer minerals	3010
	Mining of quarrying of abrasive materials	3011
	Mining of mica, graphite and asbestos	3012
	Quarrying of stones (marble/granite/dolomite), sand and clay	3013
	Other mining and quarrying	3014
	Mining and production of salt	3016
	Other mining and quarrying n.e.c	3016
MANUFACTURING	Production, processing and preservation of meat and meat products	4001
	Production, processing and preservation of fish and fish products	4002
	Manufacture of vegetable oil, animal oil and fats	4003
	Processing of fruits, vegetables and edible nuts	4004
	Manufacture of dairy products	4005
	Manufacture of sugar	4006
	Manufacture of cocoa, chocolates and sugar confectionery	4007
	Flour milling	4008
	Rice milling	4009
	Dal milling	4010
	Manufacture of other grain mill products	4011
	Manufacture of bakery products	4012
	Manufacture of starch products	4013
	Manufacture of animal feeds	4014
	Manufacture of other food products	4016
	Manufacturing of wines	4016
	Manufacture of beer	4017
	Manufacture of malt liquors	4018
	Distilling and blending of spirits, production of ethyl alcohol	4019
	Manufacture of mineral water	4020
	Manufacture of soft drinks	4021
	Manufacture of other non-alcoholic beverages	4022
	Manufacture of tobacco products	4023
	Manufacture of textiles (other than by handloom)	4024
	Manufacture of textiles using handlooms (khadi)	4025
	Manufacture of carpet, rugs, blankets, shawls etc. (other than by hand)	4026
	Manufacture of carpet, rugs, blankets, shawls etc. by hand	4027
	Manufacture of wearing apparel	4028
	Tanning and dressing of leather	4029
	Manufacture of luggage, handbags and the like saddler and harness	4030
	Manufacture of footwear	4031
	Manufacture of wood and wood products, cork, straw and plaiting material	4032
	Manufacture of paper and paper products	4033
	Publishing, printing and reproduction of recorded media	4034
	Manufacture of coke oven products	4035
	Manufacture of refined petroleum products	4036
	Processing of nuclear fuel	4037
	Manufacture of fertilizers and nitrogen compounds	4038
	Manufacture of plastics in primary forms and of synthetic rubber	4039
	Manufacture of paints, varnishes and similar coatings	4040
	Manufacture of pharmaceuticals, medicinal chemicals and botanical products	4041
	Manufacture of soap and detergents	4042
	Manufacture of other chemical products	4043
	Manufacture of man-made fibers	4044
	Manufacture of rubber products	4045
	Manufacture of plastic products	4046
	Manufacture of glass and glass products	4047
	Manufacture of cement, lime and plaster	4048
	Manufacture of articles of concrete, cement and plaster	4049
	Manufacture of Bricks	4050
	Manufacture of other clay and ceramic products	4051
	Manufacture of other non-metallic mineral products	4052
	Manufacture of pig iron, sponge iron, Direct Reduced Iron etc.	4053
	Manufacture of Ferro alloys	4054
	Manufacture of Ingots, billets, blooms and slabs etc.	4055
	Manufacture of steel products	4056
	Manufacture of basic precious and nonferrous metals	4057
	Manufacture of non-metallic mineral products	4058
	Casting of metals	4059
	Manufacture of fabricated metal products	4060
	Manufacture of engines and turbines	4061
	Manufacture of pumps and compressors	4062
	Manufacture of bearings and gears	4063
	Manufacture of ovens and furnaces	4064
Manufacture of lifting and handling equipment	4065
Manufacture of other general purpose machinery	4066
Manufacture of agricultural and forestry machinery	4067
Manufacture of Machine Tools	4068
Manufacture of machinery for metallurgy	4069
Manufacture of machinery for mining, quarrying and constructions	4070
Manufacture of machinery for processing of food and beverages	4071
Manufacture of machinery for leather and textile	4072
Manufacture of weapons and ammunition	4073
Manufacture of other special purpose machinery	4074
Manufacture of domestic appliances	4075
Manufacture of office, accounting and computing machinery	4076
Manufacture of electrical machinery and apparatus	4077
Manufacture of Radio, Television, communication equipment and apparatus	4078
Manufacture of medical and surgical equipment	4079
Manufacture of industrial process control equipment	4080
Manufacture of instruments and appliances for measurements and navigation	4081
Manufacture of optical instruments	4082
Manufacture of watches and clocks	4083
Manufacture of motor vehicles	4084
Manufacture of body of motor vehicles	4085
Manufacture of parts & accessories of motor vehicles & engines	4086
Building & repair of ships and boats	4087
Manufacture of railway locomotive and rolling stocks	4088
Manufacture of aircraft and spacecraft	4089
Manufacture of bicycles	4090
Manufacture of other transport equipment	4091
Manufacture of furniture	4092
Manufacture of jewellery	4093
Manufacture of sports goods	4094
Manufacture of musical instruments	4095
Manufacture of games and toys	4096
Other manufacturing n.e.c.	4097
Recycling of metal waste and scrap	4098
Recycling of non- metal waste and scrap	4099
ELECTRITY, GAS AND WATER	Production, collection and distribution of electricity	5001
	Manufacture and distribution of gas	5002
	Collection, purification and distribution of water	5003
	Other essential commodity service n.e.c	5004
CONSTRUCTION	Site preparation works	6001
	Building of complete constructions or parts-	6002
	civil contractors
	Building installation	6003
	Building completion	6004
	Construction and maintenance of roads, rails, bridges, tunnels, ports, harbour, runways etc.	6005
	Construction and maintenance of power plants	6006
	Construction and maintenance of industrial plants	6007
	Construction and maintenance of power transmission and telecommunication lines	6008
	Construction of water ways and water reservoirs	6009
	Other construction activity n.e.c.	6010
REAL ESTATE AND RENTING SERVICES	Purchase, sale and letting of leased buildings (residential and non-residential)	7001
	Operating of real estate of self-owned buildings (residential and non-residential)	7002
	Developing and sub-dividing real estate into lots	7003
	Real estate activities on a fee or contract basis	7004
	Other real estate/renting services n.e.c	7005
RENTING OF MACHINERY	Renting of land transport equipment	8001
	Renting of water transport equipment	8002
	Renting of air transport equipment	8003
	Renting of agricultural machinery and equipment	8004
	Renting of construction and civil engineering machinery	8005
	Renting of office machinery and equipment	8006
	Renting of other machinery and equipment n.e.c.	8007
	Renting of personal and household goods n.e.c.	8008
	Renting of other machinery n.e.c.	8009
WHOLESALE AND RETAIL TRADE	Wholesale and retail sale of motor vehicles	9001
	Repair and maintenance of motor vehicles	9002
	Sale of motor parts and accessories- wholesale and retail	9003
	Retail sale of automotive fuel	9004
	General commission agents, commodity brokers and auctioneers	9005
	Wholesale of agricultural raw material	9006
	Wholesale of food & beverages and tobacco	9007
	Wholesale of household goods	9008
	Wholesale of metals and metal ores	9009
	Wholesale of household goods	9010
	Wholesale of construction material	9011
	Wholesale of hardware and sanitary fittings	9012
	Wholesale of cotton and jute	9013
	Wholesale of raw wool and raw silk	9014
	Wholesale of other textile fibers	9016
	Wholesale of industrial chemicals	9016
	Wholesale of fertilizers and pesticides	9017
	Wholesale of electronic parts & equipment	9018
	Wholesale of other machinery, equipment and supplies	9019
	Wholesale of waste, scrap & materials for recycling	9020
	Retail sale of food, beverages and tobacco in specialized stores	9021
	Retail sale of other goods in specialized stores	9022
	Retail sale in non-specialized stores	9023
	Retail sale of textiles, apparel, footwear, leather goods	9024
	Retail sale of other household appliances	9025
	Retail sale of hardware, paint and glass	9026
	Wholesale of other products n.e.c	9027
	Retail sale of other products n.e.c	9028
	Commission Agents (For intermediaries facilitating transactions in goods/services.)	09029
HOTELS, RESTAURANTS AND HOSPITALITY SERVICES	Hotels – Star rated	10001
	Hotels – Non-star rated	10002
	Motels, Inns and Dharmshalas	10003
	Guest houses and circuit houses	10004
	"Dormitories and hostels at educational institutions"	10005
	Short stay accommodations n.e.c.	10006
	Restaurants – with bars	10007
	Restaurants – without bars	10008
	Canteens	10009
	Independent caterers	10010
	Casinos and other games of chance	10011
	Other hospitality services n.e.c.	10012
TRANSPORT & LOGISTICS SERVICES	Travel agencies and tour operators	11001
	Packers and movers	11002
	Passenger land transport	11003
	Air transport	11004
	Transport by urban/sub-urban railways	11005
	Inland water transport	11006
	Sea and coastal water transport	11007
	Freight transport by road	11008
	Freight transport by railways	11009
	Forwarding of freight	11010
	Receiving and acceptance of freight	11011
	Cargo handling	11012
	Storage and warehousing	11013
	"Transport via pipelines (transport of gases, liquids, slurry and other commodities)"	11014
	Other Transport & Logistics services n.e.c	11016
POST AND TELECOMMUNICATION SERVICES	Post and courier activities	12001
	Basic telecom services	12002
	Value added telecom services	12003
	Maintenance of telecom network	12004
	Activities of the cable operators	12005
	Other Post & Telecommunication services n.e.c	12006
FINANCIAL INTERMEDIATION SERVICES	Commercial banks, saving banks and discount houses	13001
	Specialised institutions granting credit	13002
	Financial leasing	13003
	Hire-purchase financing	13004
	Housing finance activities	13005
	Commercial loan activities	13006
	Credit cards	13007
	Mutual funds	13008
	Chit fund	13009
	Investment activities	13010
	Life insurance	13011
	Pension funding	13012
	Non-life insurance	13013
	Administration of financial markets	13014
	Stock brokers, sub-brokers and related activities	13016
	Financial advisers, mortgage advisers and brokers	13016
	Foreign exchange services	13017
	Other financial intermediation services n.e.c.	13018
COMPUTER AND RELATED SERVICES	Software development	14001
	Other software consultancy	14002
	Data processing	14003
	Database activities and distribution of electronic content	14004
	Other IT enabled services	14005
	BPO services	14006
	Cyber café	14007
	Maintenance and repair of office, accounting and computing machinery	14008
	Computer training and educational institutes	14009
	Other computation related services n.e.c.	14010
RESEARCH AND DEVELOPMENT	Natural sciences and engineering	16001
	Social sciences and humanities	16002
	Other Research & Development activities n.e.c.	16003
PROFESSIONS	Legal profession	16001
	Accounting, book-keeping and auditing profession	16002
	Tax consultancy	16003
	Architectural profession	16004
	Engineering and technical consultancy	16005
	Advertising	16006
	Fashion designing	16007
	Interior decoration	16008
	Photography	16009
	Auctioneers	16010
	Business brokerage	16011
	Market research and public opinion polling	16012
	Business and management consultancy activities	16013
	Labour recruitment and provision of personnel	16014
	Investigation and security services	16016
	Building-cleaning and industrial cleaning activities	16016
	Packaging activities	16017
	Secretarial activities	16018
	Medical Profession	16019
	Film Artist	16020
	Social Media Influencers (For YouTubers, Instagrammers, TikTokers, etc.)	16021
	Other professional services n.e.c.	16019
EDUCATION SERVICES	Primary education	17001
	Secondary/ senior secondary education	17002
	Technical and vocational secondary/ senior secondary education	17003
	Higher education	17004
	Education by correspondence	17005
	Coaching centers and tuitions	17006
	Other education services n.e.c.	17007
HEALTH CARE SERVICES	General hospitals	18001
	Specialty and super specialty hospitals	18002
	Nursing homes	18003
	Diagnostic centers	18004
	Pathological laboratories	18005
	Independent blood banks	18006
	Medical transcription	18007
	Independent ambulance services	18008
	Medical suppliers, agencies and stores	18009
	Medical clinics	18010
	Dental practice	18011
	Ayurveda practice	18012
	Unani practice	18013
	Homeopathy practice	18014
	Nurses, physiotherapists or other paramedical practitioners	18016
	Veterinary hospitals and practice	18016
	Medical education	18017
	Medical research	18018
	Practice of other alternative medicine	18019
	Other healthcare services	18020
SOCIAL AND COMMUNITY WORK	Social work activities with accommodation (orphanages and old age homes)	19001
	Social work activities without accommodation (Creches)	19002
	Industry associations, chambers of commerce	19003
	Professional organizations	19004
	Trade unions	19005
	Religious organizations	19006
	Political organizations	19007
	Other membership organizations n.e.c. (rotary clubs, book clubs and philatelic clubs)	19008
	Other Social or community service n.e.c	19009
CULTURE AND SPORT	Motion picture production	20001
	Film distribution	20002
	Film laboratories	20003
	Television channel productions	20004
	Television channels broadcast	20005
	Video production and distribution	20006
	Sound recording studios	20007
	Radio - recording and distribution	20008
	Stage production and related activities	20009
	Individual artists excluding authors	20010
	Literary activities	20011
	Other cultural activities n.e.c.	20012
	Circuses and race tracks	20013
	Video Parlors	20014
	News agency activities	20016
	Library and archives activities	20016
	Museum activities	20017
	Preservation of historical sites and buildings	20018
	Botanical and zoological gardens	20019
	Operation and maintenance of sports facilities	20020
	Activities of sports and game schools	20021
	Organization and operation of indoor/outdoor sports and promotion and production of sporting events	20022
	Other sporting activities n.e.c.	20023
	Other recreational activities n.e.c.	20024
OTHER SERVICES	Hair dressing and other beauty treatment	21001
	Funeral and related activities	21002
	Marriage bureaus	21003
	Pet care services	21004
	Sauna and steam baths, massage salons etc.	21005
	Astrological and spiritualists’ activities	21006
	Private households as employers of domestic staff	21007
	Other services n.e.c.	21008
	Speculative Trading (For intraday equity traders)	21009
	F&O Trading(For Futures & Options traders in stocks, commodities, currencies)	21010
	Buying & Selling of Shares Frequent delivery-based trading	21011
EXTRA TERRITORIAL ORGANISATIONS AND BODIES	Extra territorial organizations and bodies (IMF, World Bank, European Commission etc.)	22001
CO- OPERATIVE SOCIETY ACTIVITES	Banking/Credit Facilities to its members	23001
	Cottage Industry	23002
	Marketing of Agricultural produce grown by its members	23003
	Purchase of Agricultural Implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying to its members.	23004
	Processing, without the aid of power, of the agricultural Produce of its members.	23005
	Collective disposal of Labour of its members	23006
	Fishing or allied activities for the purpose of supplying to its members.	23007
	Primary cooperative society engaged in supplying Milk, oilseeds, fruits or vegetables raised or grown by its members to Federal cooperative society engaged in supplying Milk, oilseeds, fruits or vegetables/Government or local authority/Government Company / corporation established by or under a Central, State or Provincial Act	23008
	Consumer Cooperative Society Other than specified in 80P(2a) or 80P(2b)	23009
	Other Cooperative Society engaged in activities Other than specified in 80P(2a) or 80P(2b)	23010
	Interest/Dividend from Investment in other co-operative society	23011
	Income from Letting of godowns / warehouses for storage, processing / facilitating the marketing of commodities	23012
	Others	23013
	Federal milk co-operative society	23014

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To Conclude

Individuals, HUFs, including NRIs having income from a proprietary business or profession are required to file ITR-3. Meeting the August 31 deadline is crucial to avoid late-filing penalties. Moreover, staying aware of the changes made in ITR-3 for AY 2026-27 is also important.

For NRIs, the ITR filing process can be complex. However, seeking assistance from an expert can help you resolve any doubts and complete the ITR filing process easily. Talking about experts, there is no other name to trust than Savetaxs. At Savetaxs, we have a team of experts who can help you with the ITR preparation, filing the correct form, reconciling TDS, and ensuring compliance. The experts will also help you post-filing with the ITR refund processing to ensure your refunds are credited on time. Connect with us right away as we serve our clients 24/7 across all time zones.

Glossary

Balance Sheet: A Balance Sheet is a Financial Statement Containing Assets, Liabilities, and Equity of Shareholders.
Income Tax: Income Tax, a Type of Direct Tax, is Imposed by the Government on the Income of Individuals or Organisations.
Income Tax Department: Income Tax Department, a Part of the Indian Government, Handles the Levying and Collection of the Tax.
Income Tax Return: Income Tax Return, Filed by Taxpayers, Contains a Formal Record of the Collected Tax by the Government.
Unabsorbed Depreciation: Unabsorbed Depreciation, a part of the tax depreciation left unabsorbed, can be carried forward for indefinite years.
Turnover: A turnover is known as the total revenue which a business or company makes through the given or specific time period through its standard business activities.

Disclaimer

Note: This guide is for information purposes only. The views expressed in this guide are personal and do not constitute the views of Savetaxs. Savetaxs or the author will not be responsible for any direct or indirect loss incurred by the reader for taking any decision based on the information or the contents. It is advisable to consult either a CA, CS, CPA or a professional tax expert from the Savetaxs team, as they are familiar with the current regulations and help you make accurate decisions and maintain accuracy throughout the whole process.

About Author

Hatim Dudhiyawala Certified Public Accountant (CPA)

Hatim Dudhiyawala is a Certified Public Accountant (CPA) with SaveTaxs and specializes in Indian and NRI taxation. He advises individuals, NRIs, and businesses on income tax filing, capital gains taxation, DTAA benefits, fund repatriation, and tax compliance. With experience in cross-border tax matters, Hatim helps taxpayers understand complex regulations and make informed decisions. Through his articles, he shares practical insights to help readers stay compliant and manage their tax obligations with confidence. See Full Bio

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Frequently Asked Questions

ITR-3 is the income tax return form used by individuals, HUFs, and NRIs having income from a business or profession.

Individuals, HUFs, and NRIs having income from proprietary business, profession, partnership income, or other applicable sources can file ITR-3.

Yes, if they have income from a business, profession, or partnership-related income that makes ITR-3 applicable.

For non-audit cases, the last date to file ITR-3 is the 31st of August, 2026, and the due date for cases requiring audit is the 31st of October 2026.

The updated form includes changes aligned with the new tax rules, revised disclosure fields, and updated reporting requirements for income and deductions.