CBDT Notifies New ITR-3 Form for AY 2025-26

The Central Board of Direct Taxes has notified a revised ITR-3 form for Assessment Year 2025-26, introducing several new disclosure requirements. Key changes include expanded reporting for foreign assets, detailed disclosure of virtual digital assets, and enhanced information requirements for partnership firms. The new form mandates additional details about high-value transactions and requires taxpayers to reconcile book profits with taxable income more comprehensively. These modifications aim to improve tax transparency, facilitate cross-verification, and align Indian reporting standards with global practices.