Now ITR 3 form will look online

The Income Tax Department has officially started the facility to fill the ITR-3 form online. Since this decision, now people who trading in the stock market (such as futures and options-F & O), do some business, or invest in listid shares (eg shares of NSE), they can now directly fill the ITR-3 form online by visiting the income tax website. Today, on 30 July, the Income Tax Department has announced this matter.

For whom is ITR-3 form?

The ITR-3 form is applied to those and Hufs who have profit or loss in business. This form is also special because it is known as a "Comprehensive" or "Master Form", in which many types of income reporting is possible at one place.

Who can fill ITR-3 form

• These form share trading or income from F&O (speculative or non-speech)
• Invested in unlisted equity shares
• Income as partner in firm
• Income from salary, pension, house property or other sources
• Income from abroad or foreign property
• Whose total income is more than ₹ 50 lakh
• Those who are not eligible to fill ITR-1, ITR-2 or ITR-4

Main changes in ITR-3 for FY 2024-25

Capital Gains new reporting

Now it has become mandatory to report the short term and long term capital gains separately before and after 23 July 2024 and subsequent dates.

Reporting of loss on buyback

If there is a capital loss on the share buyback and the respective dividend income is shown in "other sources", the loss can be claimed.

Changes in income limit

Now if the total annual income is more than Rs 1 crore (earlier this limit was Rs 50 lakh), then it will be necessary to give property and liability details.

TDS section code reporting

In Schedule-TDs, now the section code of TDS cuts will have to be cleared.

Tax Period Options (Form 10-EEA)

In this, the tax payer will have to tell whether he had chosen a new tax regime last year and what option this year wants to adopt.

Changes in capital gains reporting

Now the capital exchange before and after July 23, 2024 will have to be recorded separately.

Information of indexation

If the land or building is sold before 23 July 2024, the acquisition cost and improvement costs will have to be described separately. At the same time, if the income is more than ₹ 1 crore, then it is necessary to give information about property and liabilities.

New line of dividend income

Dividend income received from the company buyback will have to be shown separately under Section 2 (22) (F).

Reporting loss on share buyback

A new line has been added in which taxpayers can show capital losses which have been caused by the company buyback.