The Income Tax Department has notified the Income Tax Returns (ITR) Form 3 to be filed by individuals and Hindu Undivided Families (HUFs) having income from business or profession.
The department said in a post on X on Thursday night that ITR-3 for Assessment Year 2025-26 had been notified on April 30. The threshold for reporting assets and liabilities under “Schedule AL” has been raised from ₹50 lakh to ₹1 crore, thus reducing the disclosure burden on middle-income taxpayers.
In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit and from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation.
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