The CBDT has notified key changes introduced in Income Tax Return (ITR) Form 3 and Form 5 for the Assessment Year (AY) 2025–26. These forms apply to income earned during the Previous Year 2024–25.
The delay in notification has raised concerns about a potential extension of the due date, as past High Court directions to the CBDT were aimed at alleviating hardship caused by the late release of ITR utilities.
The article covers the following major updates in the revised forms:
‣ Aadhaar Enrolment ID is Not Accepted
‣ Change in Disclosure on Opting Out of the New Tax Regime of Section
115BAC
‣ Reporting of Income Declared Under the Presumptive Tax Scheme of
Section 44BBC
‣ Changes Due to the Amendments Made by the Finance (No. 2) Act, 2024
for Taxation of Capital Gains
‣ Reporting of Capital Gains from Unlisted Bonds and Debentures As STCG
or LTCG Based on the Transfer Date
‣ Reporting of Buy-back Proceeds As Deemed Dividend Starting 1st
October 2024
‣ Withdrawal of Section 80-IC Deduction Schedule
‣ Reporting of Disability Certificates for Deductions Under Sections 80DD
and 80U
‣ Reporting of Pass-Through Income As Per Section 115U
‣ Scope of Audit Disclosure Requirement in Schedule 5A Expanded
‣ Schedule AL is Applicable If the Total Income Exceeds Rs. 1 Crore
‣ Schedule TDS Requires Disclosure of the TDS Section
#JRSUPDATES #JRSCONSULT #ITRForm #IncomeTax #ITR #CBDT #ITR3 #ITR5
