A Short Overview of changes in new ITR-3 and ITR-5 forms for AY 2025-26:

 

Let us have a look at the key changes in new ITR-3 and ITR-5 forms for AY 2025-26:

1. Aadhaar Enrolment ID: No longer accepted.
2. New Tax Regime: Changes in disclosure requirements for opting out of the new tax regime under Section 115BAC.
3. Presumptive Tax Scheme: Reporting changes for income declared under Section 44BBC.
4. Capital Gains Taxation: Changes due to amendments made by the Finance (No. 2) Act, 2024.
5. Unlisted Bonds and Debentures: Reporting of capital gains as Short-Term Capital Gains (STCG) or Long-Term Capital Gains (LTCG) based on transfer date.
6. Buy-back Proceeds: Reporting of buy-back proceeds as deemed dividend starting from October 1, 2024.
7. Section 80-IC Deduction: Withdrawal of Section 80-IC deduction schedule.
8. Disability Certificates: Reporting requirements for deductions under Sections 80DD and 80U.
9. Pass-Through Income: Reporting of pass-through income as per Section 115U.
10. Audit Disclosure: Expanded scope of audit disclosure requirements in Schedule 5A.
11. Schedule AL: Applicable if total income exceeds ₹1 crore.
12. Schedule TDS: Requires disclosure of TDS section.

These changes are applicable for income earned during the Previous Year 2024-25 and may impact the filing of income tax returns for Assessment Year 2025-26.