📌 Who Should File ITR‑3?

Applicable for Individuals and HUFs who:

Have business or professional income (non‑presumptive—i.e., not under Sections 44AD/44ADA/44AE)
Are partners in a firm, receiving interest, salary, bonus, commission, remuneration, or profit share
Earn incomes covered in ITR‑2 (salary, house property, capital gains, other sources, foreign assets), plus business income en.wikipedia.org+15taxswift.in+15linkedin.com+15
Trade in F&O or derivatives (treated as business income) reddit.com

🆕 Major Updates in ITR‑3 (AY 2025–26)

As notified by CBDT Notification No. 41/2025 on April 30, 2025, key changes include:

Split schedule for capital gains (pre‑ and post‑23 July 2024) aligning with Finance Act 2024 fortuneindia.com+7taxguru.in+7indiafilings.com+7
Capital loss from share buybacks allowed only if corresponding dividend reported in “other income” post‑1 Oct 2024 economictimes.indiatimes.com+6taxguru.in+6businesstoday.in+6
Asset & liability reporting now required only if total income > ₹1 crore fortuneindia.com+7taxguru.in+7linkedin.com+7
Inclusion of Section 44BBC (cruise shipping business) efiletax.in+6indiafilings.com+6taxguru.in+6
Enhanced TDS schedule: must report TDS section codes (e.g., 194I, 194Q) fortuneindia.com+15taxguru.in+15indiafilings.com+15
Extra fields for deductions (80C, 10(13A), etc.) – need policy/loan/account numbers and HRA claims details taxguru.in+2indiafilings.com+2businesstoday.in+2
Reporting for e‑commerce TDS at 1% under Section 194Q and TDS on benefits (194R) businesstoday.in
Required to declare regime choice, using Form 10‑IEA for old system linkedin.com+3fortuneindia.com+3reddit.com+3
New fields for virtual digital assets and unlisted shares (PAN, acquisition/sale details) efiletax.in

🧾 Form Contents

General information: taxpayer details, regime choice, audit applicability
Schedule BP: business & profession income (P&L, balance sheet)
Schedule CG: capital gains with before/after split
Schedule OS: other income (interest, dividends, share buybacks)
Schedule HP, S, FA, AL: house property, salary, foreign assets, assets & liabilities
Schedule TDS/TCS, Tax Paid, etc.
Deductions: Schedules VI‑A, 80C, 80D, 10(13A), etc.
Audit details: Section 44AB audit required if turnover/professional receipts thresholds crossed taxguru.in+13taxswift.in+13efiletax.in+13 republicworld.com+1taxswift.in+1

⏰ Critical Dates

Non‑audit cases: File by July 31, 2025
Audit cases (Sec 44AB): by October 31, 2025, and transfer‑pricing (Sec 92E) by November 30, 2025 reddit.com+7republicworld.com+7linkedin.com+7
Early filing caution: Utilities/forms for ITR‑3 may activate only after mid‑June 2025; early filers risk glitches or missing Form 16/SFT data republicworld.com+15reddit.com+15economictimes.indiatimes.com+15

🧭 Filing Tips & Notes

Must file ITR‑3 even for a business loss; you aren’t locked into future filings if your income type changes en.wikipedia.org+7reddit.com+7economictimes.indiatimes.com+7
If you trade F&O or crypto, report correctly under the business section reddit.com
Use AIS and Form 26AS to pre-fill income, TDS, SFT details efiletax.in+1timesofindia.indiatimes.com+1
Provide full documentation when claiming deductions (insurance, HRA, PPF, donations, medical expense, etc.) timesofindia.indiatimes.com

✅ Summary

ITR‑3 is for individuals/HUFs with non‑presumptive business or professional income, including partners in firms, along with other incomes. The AY 2025‑26 version adds more transparency and data requirements—split gains, TDS codes, detailed deductions, asset reporting, digital assets, and more. Audit cases must adhere to extended deadlines.

If you’d like, I can help draft specific sections, prepare a filing checklist, or explain regime choices for regime switching.

Key news on ITR‑3 AY 2025‑26