ITR Form 3 notified for AY 2025-26: The notification amend the Income Tax Rules. FORM ITR- 5 (for Individuals and HUFs having Income from profits and gains of business or profession) has been replaced with a new form in Appendix-II of the existing rules. The key changes include a split in the Schedule- Capital Gain for gains before and after 23rd July 2024. Capital loss on share buyback is now allowed if the corresponding dividend income is reported under “Income from Other Sources” for transactions post 1st October 2024. The asset and liability reporting threshold has been increased to Rs 1 crore of total income. Additionally, Section 44BBC (specific to cruise business) has been incorporated, along with enhanced reporting requirements for deductions under Sections 80C and 10(13A), and a mandate to report the TDS section code in Schedule- TDS. (Income Tax Notification 41/2025 Dated 30/04/2025)