🔹 *ITR-3 Notified for AY 2025–26*
CBDT has rolled out the ITR-3 form for income earned in FY 2024–25. Designed for individuals & HUFs with business/profession income. Here are the key details:
👉 *Split Capital Gains Reporting Introduced*
» New schedule to report gains before/after July 23, 2024
» Aligns with Finance Act 2024 changes for accurate tax computation
👉 *Share Buyback Losses Now Allowed*
» Capital loss from share buyback claimable if dividend shown as 'Income from Other Sources'
» Applies from October 1, 2024
👉 *Asset & Liability Threshold Raised*
» Disclosure now mandatory only if total income > ₹1 crore
👉 *Other Changes*
» Sec 44BBC reference for cruise business added
» Detailed columns for deductions (like 80C, HRA)
» TDS section code must now be reported in TDS Schedule
👉 *Rebate Under Sec 87A – Rules*
» Capital gains (Sec 111A/112) excluded from rebate under new regime
» Rebate applies only on slab-rate income like salary/profession
👉 *Revised 87A Limits for FY 2025–26*
» Income threshold raised: ₹12 lakh (up from ₹7 lakh)
» Max rebate hiked to ₹60,000 (from ₹25,000)
👉 *Who should use ITR-3?*
» Proprietors (audited or not), multiple house property holders
» Those with capital gains, foreign income, or carry-forward losses
Stay tuned for Tax updates!
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