Who Needs to File ITR-3 for AY 2025-26?

Speedy Summary

• ITR-3 Filing Necessity: individual taxpayers and Hindu Undivided Families (HUFs) with income from business/profession or partners in firms must file ITR-3 for Assessment Year 2025-26.
• Eligibility: Includes individuals with income from salary/pension, house property, capital gains, foreign assets/income, profits from business/profession exceeding Rs. 50 lakhs, and those involved in futures/options or intraday trading. Also applies to directors of companies and investors in unlisted equity shares.
• Key Changes:

– Split reporting for capital gains before/after July 23, 2024.
– Enhanced liability reporting threshold raised to Rs. 1 crore.
– Detailed disclosures for deductions like Sections [80C] and virtual digital assets expanded.
– Buyback of shares post-Oct.1 taxed under dividends; associated acquisition costs treated as capital loss carryover.

• Deadline Extensions:

– General deadline extended from july 31 to September 15,while audited accounts deadline is October.!Image

Indian Opinion Analysis

The revised ITR regulations signal a more nuanced compliance process aimed at greater openness across diverse income categories such as digital asset earnings and share buybacks. The updated thresholds alleviate smaller-scale taxpayers’ burdens while reinforcing checks on higher earners.

Though larger visibility is placed into emerging spaces good avenues wider understanding ! ” Read Full Analysis Snap

[Read More!]