Quick Summary
In a significant move towards streamlining income tax return filings, the Central Board of Direct Taxes (CBDT) has notified the new ITR-3 form for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025. This amendment to the Income-tax Rules, 1962, introduces a revised format
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FAQ :
The new ITR-3 form is for individuals and Hindu Undivided Families (HUFs) earning income from business or profession, who are not eligible to file ITR-1, 2, or 4.
The revised ITR-3 form is applicable from April 1, 2025, for the Assessment Year 2025-26.
Key changes include expanded disclosure requirements for business and professional income, specifying choices for the new tax regime, detailed information on foreign assets and residency status, and disclosures for directors and holders of unlisted equity shares.
Taxpayers must specify whether they are opting in or out of the new tax regime and provide details such as the filing date and acknowledgment number of Form 10-IEA.
Taxpayers must report if they deposited over Rs 1 crore in a current account, spent more than Rs 2 lakh on foreign travel, or paid electricity bills exceeding Rs 1 lakh.
Those subject to audit must provide auditor details, the date of the audit report, the UDIN number, and the nature of their business or profession.
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