The Income Tax Department has issued ITR -3 form. This form is for those individual and Hindu undivided families (HUFs) who have income from business or any professional activities. This form will be used to file income tax returns of FY 2024-25. The Income Tax Department issued a notification in this regard on 30 April. According to this, many changes have been made in ITR-3 form. Its purpose is to make the return filing process easier.
Amount limit increased under schedule AL
The biggest change is related to increasing the limit of the amount for reporting assets and liability under ‘Schedule AL’. Now information about assets and liabilities up to Rs 1 crore can be given. Earlier, a limit of Rs 50 lakh was fixed for this. This change will benefit a large number of taxpayers. They will now have to do less disclosure.
TDS on income over Rs 5 crore
The second change is in the case of TDS. Such e-commerce operats whose business income is more than Rs 5 crore will apply 1 percent TDS under section 194 Q. The third change is that now taxpayers will have to give information about foreign income and assets in the schedule FA. Income tax has also provided that if the taxpayer wants to use Old Tax Rezim, it can do it. For this, he has to fill the Form 10-EEA. With this, taxpayers will be able to hold any one of the new and old regimens according to their benefits.
Schedule CG for Capital Gens information
The Income Tax Department has also started a schedule CG to give information about the capital gains. Apart from this, a new column has also been given to give information about Short Term Capital Gens (STCG) under Section 50. This is especially for the capital of depressions. The Income Tax Department believes that this will make it easier for taxpayers to give information about the capital gense while returning returns.
Also read: ITR Filing: These 5 mistakes are often made in filing income tax returns, what is the way to escape?
IT department wants to make the filing process easier
The IT department issued ITR -1 and ITR -2 form on 29 April. Taxpayers will be able to use them to file income tax returns of FY 2024-25. The department wants to make the income tax return filing process easier. For this, he keeps making necessary changes in the form.