The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :
Carrying on a business or profession
If you are an Individual Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Return may include income from House property, Salary/Pension and Income from other sources
Income of a person as a partner in the firm
ITR -4
The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.