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May 03, 2025
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New I-T return form eases disclosure burden for middle-income professionals
The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Form 3 (ITR-3) for Assessment Year 2025-26, applicable for income earned in the financial year 2024-25. Form ITR-3 applies to individuals and Hindu Undivided Family (HUF) earning income from profits and gains of business or professionals like doctors, lawyers, consultants or freelancers.
On April 29, the income tax department had notified ITR-1 and ITR-4 forms for AY 2025-26, and made it easier for individuals with long-term capital gains (LTCG) of up to Rs 1.25 lakh from listed equities to file returns.
The income-tax department has made significant changes in ITR3. The threshold for reporting assets and liabilities (under Schedule AL) has been raised from Rs 50 lakh to Rs 1 crore, reducing the disclosure burden on middle-income taxpayers.
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