Highlighting the key changes between ITR Form 3 for Assessment Year (AY) 2024-25 and AY 2025-26 based on the documents provided:
| Section | AY 2024-25 | AY 2025-26 | Remarks |
| Option to Opt Out of New Tax Regime (Section 115BAC) | Mentioned but simpler format; primarily Form 10-IE | Detailed structured logic under Sets A and B for Form 10-IEA | AY 2025-26 introduces extensive conditional questions depending on previous AY choices |
| Audit Information a1 | Inserted Section 44BBC Special Provision under Section 44BBC – Operation of Cruise Ships by Non-Residents Particulars Details Applicability Non-resident assessees engaged in the business of operation of cruise ships Section 44BBC of the Income-tax Act, 1961 Nature of Provision Special presumptive taxation scheme Presumptive Rate 20% of specified receipts deemed as profits and gains of business Receipts Covered (Section 44BBC(2)) (a) Amount paid or payable to the assessee (or on his behalf) for carriage of passengers (b) Amount received or deemed to be received by or on behalf of the assessee on account of carriage of passengers Taxability The deemed income (20% of total receipts as above) is chargeable under the head “Profits and gains of business or profession” Overriding Nature Overrides Sections 28 to 43A – no other deductions allowed Conditions Subject to conditions as may be prescribed by the CBDT | Addition in Presumption taxation schemes | |
| Long Term Capital Gain B(b)(iia) | Cost of Acquisition with Indexation | Cost of Acquisition & Cost of Improvement with Indexation Applicable only for:- (a) Transfer made before 23rd July 2024 or (b) Residents for computational purpose under second proviso to Section 112(1)(a) where acquisition is before and transfer is on or after 23rd July 2024. | Amendment as per Union Budget |
| Sale of unlisted bonds/ unlisted debentures | Applicable only where transfer is before 23rd July 2024. | ||
| Sale of listed securities/ zero coupon bonds as per section 112(1), sale of GDR of an Indian Company referred in section 115ACA (Applicable only for resident Individual) | – | Bifurcated into: Where transfer was before 23rd July 2024 &Transfer was on or after 23rd July 2024. | Amendment as per Union Budget |
| (a) For Non-Residents from sale of shares or debentures of Indian Company | – | Bifurcated into: Where transfer was before 23rd July 2024 & Transfer was on or after 23rd July 2024. | Amendment as per Union Budget |
| Set off of current year capital losses with current year capital gains | – | Short Term Capital Gain – 20% and Long Term Capital Gain – 12.5% table inserted | |
| Information about accrual/ receipt of capital gains | – | Short Term Capital Gain – 20% and Long Term Capital Gain – 12.5% table inserted | |
| Schedule 112A From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A Likewise Schedule 115AD(1)(b)(iii) proviso For Non-Residents – from sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid u/s 112A | – | Total of Col 14 – Where transfer was before 23rd July 2024 & where transfer was on or after 23rd July 2024. | |
| Income from other source Schedule OS | – | Inserted under Dividends (iii) Dividend income u/s 2(22)(f) Deemed dividend portion is taxed as “Income from Other Sources” | |
| Schedule VI-A | Only Amount | Exact details u/s 80C, 80CCC, 80CCD(1), 80CCD(1B), 80E, 80EE, 80EEA, 80EEB, 80GG, 80RRB. | More and exact details required now |
| Schedule AL Assets and liabilities at the end of the year applicable in a case where total | Total income exceeds Rs.50 Lakh | Total Income exceeds Rs.1 Crores |
