Notification no. 47/2026 dated 30.03.2026- Income tax
CBDT issued notification no. 47/2026 dated 30.03.2026 to amend Income tax Rules 1962, namely – ITR 3
Tag: ITR 3
ITR-3 Excel utility for AY 2025-26: Seven major changes in ITR-3 Excel utility that all taxpayers including stock traders should note
ITR-3 is for those looking to declare their income under the category of Profits and Gains from Business and Profession (PGBP).
Key changes in ITR-2 and 3 Excel Utility for AY 2025-26
The Income Tax Department has released the Excel utilities of most of the Income Tax Return (ITR) forms, including ITR-2 and ITR-3. It had released forms 1 and 4 earlier. This means that all major utilities for ITR forms 1, 2, 3, and 4 are now working on the income tax portal.
ITR 3 – Validation Rules for AY 2025-26
Directorate of Income Tax (Systems), New Delhi released Version 1.0 – ITR-3 Validation Rules for AY 2025-26 on 10.07.2025.
No Section 87A tax rebate despite ITR filing forms being updated recently
The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the taxpayers to claim Section 87A tax rebate on short-term capital gains on equity, which they were denied during the July ITR filing. However, despite the income tax e-filing accepting the claim, the income tax department is rejecting the Section 87A rebate. This rejection is happening at the time of processing the ITR because the software linked for processing the ITR forms has not been updated. Under section 87A eligible taxpayers can claim up to Rs 25,000 tax rebate under the new tax regime. Under the old tax regime up to Rs 12,500 tax rebate can be claimed by eligible taxpayers under section 87A.
CBDT provides ITR-3 Validation Rules for AY 2024-25
CBDT provides ITR-3 Validation Rules for AY 2024-25