The Central Board of Direct Taxes ( CBDT) has notified the ITR-3 form. This income tax return form is used by individuals and Hindu Undivided Families (HUFs) who have income, profits or gains from business and profession. The ITR form is used for reporting income earned for the financial year 2024-25, i.e., between April 1, 2024, and March 31, 2025.
As per the Income Tax post on X, the ITR-3 form has been further simplified. According to the tax department, the ITR-3 form has a schedule for capital gains split. The split allows capital gains to be calculated for tax purposes before and after July 23, 2024, i.e., as per the changes announced in the Finance Act, 2024.
Similarly, the ITR-3 form will allow the taxpayers to report the capital loss on share buyback allowed if the corresponding dividend income is shown as income from other sources as per the amendment effective from October 1, 2024.
The ITR form has raised the asset and liability reporting limit to Rs 1 crore of total income. Reference to Section 44BBC of the Income Tax Act for (cruise biz) has been added to the ITR-3 form.
There is a column for enhanced reporting for deductions such as Section 80C, 10(13A), etc. and also the TDS section code to be reported in the TDS schedule of ITR-3 form.
Generally, if the taxpayers are trading in F&O in the stock market, then they have to use ITR-3 form to report their speculative gains and losses.
Due date to file ITR-3
The taxpayer must choose the last date when filing the income tax return. The last date for filing the ITR will depend on the requirement for submitting the audit report. If there is no requirement to submit the audit report, then the last date for filing the ITR is July 31, 2025. However, if the audit report is mandatorily required to be submitted, then the last date of filing ITR is October 31, 2025. If the taxpayer has undertaken some international transactions, then the last date of filing ITR-3 is November 30, 2025.
If the taxpayer misses the due date of filing ITR, then belated ITR for FY 2024-25 can be filed by Decmeber 31, 2025.
Opting out of new tax regime
If the taxpayer wants to opt out of the new tax regime while filing ITR, then taxpayer is required to submit Form 10IEA. Remeber, the taxpayer once opts out of new tax regime gets once in lifetime opportunity to switch back to the new tax regime. Once opted for the new tax regime, then he/she cannot opt for the old tax regime.
Hence, it is advisable to taxpayers to be careful while choosing the tax regime at the time of filing ITR.
Who can file ITR-3 for FY 2024-25?
This income tax return form is used by individuals and Hindu Undivided Families (HUFs) who have income, profits or gains from business and profession.
As per the Income Tax post on X, the ITR-3 form has been further simplified. According to the tax department, the ITR-3 form has a schedule for capital gains split. The split allows capital gains to be calculated for tax purposes before and after July 23, 2024, i.e., as per the changes announced in the Finance Act, 2024.
Similarly, the ITR-3 form will allow the taxpayers to report the capital loss on share buyback allowed if the corresponding dividend income is shown as income from other sources as per the amendment effective from October 1, 2024.
Kind attention Taxpayers!
— Income Tax India (@IncomeTaxIndia) May 1, 2025
CBDT notifies ITR-Form 3 for AY 2025-26 vide Notification No. 41/2025 dated 30.04.2025.
Key updates:
🖋️ Schedule-Capital Gain split for gains before/ after
23.07.2024 (post changes in Finance Act, 2024)
🖋️Capital loss on share buyback allowed if… pic.twitter.com/clBemPD7Dn
The ITR form has raised the asset and liability reporting limit to Rs 1 crore of total income. Reference to Section 44BBC of the Income Tax Act for (cruise biz) has been added to the ITR-3 form.
There is a column for enhanced reporting for deductions such as Section 80C, 10(13A), etc. and also the TDS section code to be reported in the TDS schedule of ITR-3 form.
Generally, if the taxpayers are trading in F&O in the stock market, then they have to use ITR-3 form to report their speculative gains and losses.
Due date to file ITR-3
The taxpayer must choose the last date when filing the income tax return. The last date for filing the ITR will depend on the requirement for submitting the audit report. If there is no requirement to submit the audit report, then the last date for filing the ITR is July 31, 2025. However, if the audit report is mandatorily required to be submitted, then the last date of filing ITR is October 31, 2025. If the taxpayer has undertaken some international transactions, then the last date of filing ITR-3 is November 30, 2025.
If the taxpayer misses the due date of filing ITR, then belated ITR for FY 2024-25 can be filed by Decmeber 31, 2025.
Opting out of new tax regime
If the taxpayer wants to opt out of the new tax regime while filing ITR, then taxpayer is required to submit Form 10IEA. Remeber, the taxpayer once opts out of new tax regime gets once in lifetime opportunity to switch back to the new tax regime. Once opted for the new tax regime, then he/she cannot opt for the old tax regime.
Hence, it is advisable to taxpayers to be careful while choosing the tax regime at the time of filing ITR.
This income tax return form is used by individuals and Hindu Undivided Families (HUFs) who have income, profits or gains from business and profession.
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