Archive · 19 Aug 2025
Income Tax Department Updates ITR Forms for Tax Filing
The Income Tax Department has updated its forms (ITR-3 and ITR-4) to help people file their taxes.
These updates are for the financial year 2024-25.
If you made a mistake in your past tax filings for the years 2021-22 and 2022-23, you can now correct it.
These forms are for people who have different kinds of income like business profits, capital gains, or income from a profession.
They have also made changes for how you report capital gains.
Be aware that filing an updated return can increase the tax you owe.
ITR-U filing enabled for AY 2021-22 and 2022-23 via ITR-3 and ITR-4.
Updated ITR-3 and ITR-4 forms include new features for FY 2024-25.
Split capital gains reporting for transactions before and after July 23, 2024.
ITR-3 is for those with business income, capital gains, or foreign assets.
ITR-4 is for those with income up to ₹50 lakh under presumptive taxation.
- Who
- Taxpayers, including individuals and businesses.
- What
- Updates to ITR-3 and ITR-4 forms for filing tax returns.
- When
- Updates apply to the assessment years 2021-22, 2022-23 and the financial year 2024-25.
- Where
- Online, through the Income Tax Department.
- Why
- To facilitate accurate tax filing and allow for corrections of past filings.
- ITR-U Availability
- AY 2021-22, 2022-23
- ITR-3 Applicability
- Individuals/HUFs with business/profession income, capital gains, etc.
- ITR-4 Applicability
- Resident individuals/HUFs/firms with income up to ₹50 lakh under presumptive taxation
- Capital Gains Reporting
- Split reporting before and after July 23, 2024
- Updated Return Penalty
- Up to 50% of the additional tax and interest payable.
