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CBDT notifies ITR-3 for individuals: Know who is eligible?

The Income Tax department has notified ITR form 3 to be filed by individuals and HUFs having income from business or profession. The tax department in a post on X on Thursday night said ITR-3 for Assessment Year 2025-26 has been notified on April 30. ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession. The threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers.

The most noteworthy change comes as a welcome relief for small investors. Now, individuals who have accrued long-term capital gains (LTCG) of up to Rs1.25 lakh within a financial year are also eligible to file the user-friendly ITR-1 (Sahaj) form. Previously, these individuals were required to navigate the more complex ITR-2 form. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are known for their straightforward structure, catering specifically to a large segment of small and medium-sized taxpayers.

The taxpayer must choose the last date when filing the income tax return. The last date for filing the ITR will depend on the requirement for submitting the audit report. If there is no requirement to submit the audit report, then the last date for filing the ITR is July 31, 2025. However, if the audit report is mandatorily required to be submitted, then the last date of filing ITR is October 31, 2025. If the taxpayer has undertaken some international transactions, then the last date of filing ITR-3 is November 30, 2025. If the taxpayer misses the due date of filing ITR, then belated ITR for FY 2024- 25 can be filed by Decmeber 31, 2025.


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