The CBDT vide Notification No. 41/2025 dated May 01, 2025, notifies ITR Form-3 [(For individuals and HUFs having income from profits and gains of business or profession] for the Assessment Year 2025 26. This form is specifically designed for individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession.
The revised ITR-3 includes several sections to capture detailed financial information, such as personal details, filing status, residential status, and various sources of income. It also covers specific schedules for computing income from business or profession, capital gains, and other sources. The form includes provisions for claiming deductions under various sections of the Income Tax Act, 1961, and for reporting foreign assets and income.
Key updates in the form include changes to the computation of presumptive income under sections 44AD, 44ADA, and 44AE, as well as detailed schedules for depreciation, capital gains, and other deductions. The form also incorporates provisions for reporting compliance with tax audit requirements under section 44AB and other relevant sections.
The notification emphasizes the importance of accurate and complete reporting to ensure compliance with the Income Tax Act, 1961. Taxpayers are required to fill out the form based on their specific circumstances and ensure that all relevant information is provided to avoid any discrepancies or penalties.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/05/CBDT-41_2025.pdf
