Who can fill ITR-3 form

• These forms income from share trading or F&O (speculative or non-speculative)
• Investment in Unlisted Equity Shares
• Income as a partner in a firm
• Income from salary, pension, house property or other sources
• Income from abroad or foreign assets
• Whose total income is more than ₹50 lakh
• Those who are not eligible to file ITR-1, ITR-2 or ITR-4

Key changes in ITR-3 for FY 2024-25

New Capital Gains Reporting

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

Reporting a Loss on Buyback

If there is a capital loss on share buyback and the corresponding dividend income is shown under “other sources”, the loss can be claimed.

Change 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 provide details of assets and liabilities.

TDS Section Code Reporting

Now in Schedule-TDS, the section code for TDS deduction will have to be filled clearly.

Tax Regime Option (Form 10-IEA)

In this, the taxpayer will have to tell whether he had opted for the new tax regime last year or not and which option he wants to adopt this year.

Changes in capital gains reporting

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

Indexation information

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

New line of dividend income

Dividend income received from company buyback will need to be disclosed separately under Section 2(22)(f).

Reporting losses on share buybacks

A new line has been added in which taxpayers can show capital loss incurred due to company buyback.