Important Declaration: Online Facility of ITR-3 form

On July 30, the Income Tax Department has issued an important information, which will provide relief to millions of taxpayers. Now ITR-3 Form To Income tax official website can be filled onlineThis is especially for those who Trading in the stock market (eg futures and options – F & O), do business, or invest in unlonged shares We do.

For whom is the ITR-3 form used?

ITR-3 form those Individuals and Hindu undivided families (HUFS) For which income is from a business or profession. It is called a “Comprehensive Form” because a variety of income can be reported in one place.

Those who are eligible to fill ITR-3 are those who:

• Income from share trading (F&O) (speculative or non-speech)

• Invested in unlisted equity shares

• There are partners in a firm and share benefits

• Get income from salary, pension, house property or other sources

• Foreign property holds or receive income from abroad

• Whose annual total income is more than ₹ 50 lakh

• Those who are not eligible to fill ITR-1, ITR-2 or ITR-4

Important changes for FY 2024-25 in ITR-3:

1. Changes in capital gains reporting
   Now Before and after 23 July 2024 It is necessary to report separately to the short term and long term capital gains.

2. Reporting loss on share buyback
   If a company has suffered capital loss in shares buyback, it has been specially given the facility to depict it.

3. Changes in income limit
   Now whose annual income More than ₹ 1 crore Is, their own Property and liabilities Detailed information will have to be given. Earlier this limit was ₹ 50 lakh.

4. TDS section code reporting
   TDS now cut in Schedule-TDs Section code It has become mandatory to fill it correctly.

5. Information of Tax Period Selection (Form 10-EEA)
   Now the taxpayer has to clarify that he last year Old or new tax regime Was chosen, and which option has been chosen this year.

6. Information about indexation
   If any real estate (eg land or building) Before 23 July 2024 If it is sold, then his acquisition cost And Improvement cost Will have to show separately.

7. New reporting line of dividend income
   Now the company received from buyback to dividend income Section 2 (22) (F) It has become mandatory to depict in separate line under.