Master in Accounts & high court Advocate
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Posted on 28 April 2025
Using ITR-3 for Cab Income If you're owning a cab and driving it yourself on platforms like Ola and Uber, you can use ITR-3 to declare your income as business income.
ITR-3 is applicable for individuals and HUFs having income from: - *Business or Profession*: Income from self-employed business or profession. - *Other Sources*: Income from other sources, like interest or dividends. Key Considerations - *Business Income*:
Your income from driving a cab can be considered business income, eligible for ITR-3 filing. - *Expenses*: You can claim expenses related to your cab business, such as fuel, maintenance, and insurance, to reduce your taxable income. - *Depreciation*: You may also claim depreciation on your cab. Recommendations -
*Maintain Records*: Keep accurate records of your income and expenses to support your ITR-3 filing. -
*Consult a Tax Professional*: Consider consulting a tax professional to ensure you're taking advantage of all eligible deductions and following the correct filing procedures