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New ITR-3 Form: Relief for professionals as asset limit raised to ₹1 crore
CBDT doubles asset reporting limit to ₹1 crore under revised ITR-3 for AY 2025-26 and introduces structured capital gains rules, buyback taxation, and dropdown menus
Monika Yadav New Delhi
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The Central Board of Direct Taxes (CBDT) has introduced significant revisions to the Income Tax Return (ITR) Form 3 for Assessment Year 2025–26, aiming to streamline compliance for individuals, Hindu Undivided Families (HUFs) and partners in firms or limited liability partnerships (LLPs) who have income from business or profession. The monetary limit for reporting assets and liabilities under Schedule AL has been doubled from ₹50 lakh to ₹1 crore. For AY 2025–26, taxpayers under ITR-3 must file returns by 31 July 2025, unless extended.
In the previous Budget announced on 23 July 2024, the government introduced major changes in the
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