The ITR-3 form is designed for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession. This form is also appropriate for those who receive income from a partnership firm or Limited Liability Partnership (LLP).

Additional documents required may vary depending on the taxpayer’s income situation. These documents do not need to be submitted to the Income Tax Department during the filing of the Income Tax Return since ITR forms are annexure-less.

Loss remaining after set-off refers to the portion of the loss that taxpayers can carry forward to future years to offset against future incomes.

In India, businesses and professions span a diverse spectrum, each requiring specific categorization for tax purposes. To ensure accurate classification, the income tax department has established a comprehensive list of business and profession codes.