Income Tax Return Filing FY 2024-25: The Income Tax Department has issued ITR form 3 for individuals and HUFs with business or professional income, officially notified on April 30 for Assessment Year 2025-26. Key changes include raising the reporting threshold for assets and liabilities under ‘Schedule AL’ from Rs 50 lakh to Rs 1 crore, introducing separate reporting for capital gains based on their timing, and allowing taxpayers to choose between two long-term capital gains tax options. Additionally, enhancements like dropdowns for deductions and section-wise TDS reporting have been added to simplify the filing process.
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