ITR Breaking: CBDT Notifies ITR-Form 3 For AY 2025-26:

The Central Board of Direct Taxes (CBDT) has notified the updates in the new ITR-3 form for the Assessment Year 2025-26. Here are the key updates in ITR-3. 1. Capital Gains: New Split Based on Date If you have sold any shares, property, or other assets and made capital gains, then you should know that ITR-3 requires a split reporting of capital gains in two different periods:

• Before 23.07.2024
• On or After 23.07.2024

2. Capital Loss on Share Buyback From 1 October 2024, taxpayers can claim a loss on a share buyback if the corresponding dividend income is received under the head "Income from Other Sources." 3. Raised Limit for Reporting of Assets and Liabilities Earlier you had to disclose your assets and liabilities if the total income was above Rs. 50,000. Now this limit has been increased to Rs. 1 crore. Therefore, you only report assets and liabilities if your total income is more than Rs. 1 crore. 4. Reference to New Section 44BBC Included The ITR-3 includes Section 44BBC for cruise business operators. ITR-3 has added this section to report income on for such businesses. 5. More Details Required for Claims Made ITR-3 mandates detailed reporting for deductions under Section 80C, 10(13A), and more. Therefore, you will need to submit more details for deductions made under such sections. 6. Reporting of TDS Section Code In Schedule-TDS, taxpayers must now report the TDS section code under which the tax has been deducted.