Get in tune with the Up to date ITR-3 Form 2024-25 Eases Business owners, Professionals & e-commerce operator filing process. Highlights Changes, like increased asset reporting limits and updated TDS & capital gains rules.
Dummies Guide of ITR-3 Form for Business Owners| Professionals in getting their taxes filed
ITR-3 Form and who needs it?
Important for all Business owners or professional as well Self employed need to know ITR-3 form. A tax return form made for people who has got their income from business or professional services only. If you’re self employed consultant or starting a business ITR-3 is mandatory for the Income Tax Department to get informed about your financials.
Income Tax Alert! 5 Common Transactions That Aren’t as Private as You Think
ITR-3 For 2024-25-A simple update to have the Right of Record
The Income Tax Department has done certain major changes to the ITR-3 form for the Financial year of 2024-25 so that e-filing makes things easier. Looked upon this way those changes are aimed at simplifying the dance of telling what your wealth ( by inference liabilities and capital gains) is.
The most important change to reporting is with assets and liabilities. Under the previous system, individuals and businesses had to report assets over ₹50 lakhs in Addis Schedule A (now ₹1 crore) If you do not have anywhere near this, this scale will make your life easier significantly while filing as an IND.
Ganga Expressway Toll Tax Begins: Major Change for Commuters at Mangarola T-point
E-Commerce – TDS Rules: What Are The New Rules?
Amendments have been made in revised ITR-3 based on e-commerce operator Updated: 10 Sep 2019Now a person with an annual income of ₹5 crores and above will have the TDS @1% of Section 194-O. This is expected to provide transparency for the online business owners making their tax liabilities at source more correct.
Streamlined foreign income and asset reporting
One other highlighted change is new items on the top of Schedule FA to capture foreign income and asset reporting
A recent, also big update are new columns in the Schedule FA for foreign income and assets reporting. This move in particular will be of major help to anyone doing non-local work, from professionals through business owners that integrates foreign finances into their end of accounting sheet.
F&O Traders Beware – Hidden Tax Trap in F&O Trading-Are You Prepared?
Simplified & Transparent Revision of Capital Gains
Capital gains reporting gets a boost also.
There is a new streamlined section in Schedule CG for declaring short term capital gains (STCG ) It will make the tax return more understandable and this way taxpayers can disclose easily their investments incomes.
What all this Change Means to the Taxpayer
The revised Form ITR-3 forms provide business gurus and experts a more friendly interface. These omissions are expected serve a purpose in breaking down the mystique and expediting the tax return filing process. The arrival of digital and more transparency by IT department makes it easier for everyone to file taxes now.
Beat the Tax Season: Turn Filing into a One-Time Event
For those who earn income from business or professional services and need to be updated on the changes to ITR-3 form as we go near to tax season most importantly. Learning these updates will ensure that your filing runs smoother with less stumbling blocks to keep you organized.