The CBDT through Notification No. 41/2025 dated 30 April, 2025 notifies the Income Tax Return Form 3 for the Assessment Year (‘AY’) 2025-26. Further, the CBDT has made following major changes in the ITR Form 3, to ensure enhanced and accurate reporting and which are applicable from AY 2025-26: –
- Separate column has been provided in Schedule CG (i.e., Capital Gain) to ensure segregate reporting of capital gain earned before/ on or after 23rd July, 2024, to accordingly charge different tax rates, on such gain, as applicable for the AY 2025-26.
- Schedule OS has been updated to ensure reporting of amount received pursuant to buy back of shares (i.e., deemed dividend), as specified in section 2(22)(f) of the Act.
- The total income threshold limit of Rs. 50 lakhs, prescribed for filling of Schedule AL (i.e., Assets and Liabilities at the end of the year), has been revised to Rs. 1 crore. Accordingly, any person, filing ITR Form 3 and having total income not exceeding Rs. 1 crore, shall not be required to furnish information in Schedule AL.
- Relevant update has been made in the Schedule BP for declaring profits and gains from business specified u/s 44BBC of the Act (i.e., for Non-resident engaged in business of operating cruise ships and opting for presumptive taxation u/s 44BBC of the Act.
- Schedule TDS has been updated to provide separate column for reporting of section under which Tax has been deducted. For detail, please refer CBDT Notification No. 41/2025 dated April 30, 2025
PDF version is attached: https://www.dpncindia.com/wp-content/uploads/2025/05/Direct-tax-update.pdf
