Changes In Income Tax Return Form No 2, 3, 5 for Assessment Year 2024-25.
Applicability of ITR forms – not changed:
Specific Income Tax Return (ITR) forms are applicable to specific source of income relating to specified assesee. The CBDT did not changed such applicability. Thus, the applicability of ITR forms to different taxpayers remains unchanged in the new versions of ITR forms. Thus, the source of income and taxpayers on which different ITR forms are applicable is explained below”
| ITR Form | Applicability |
| 2 | For Individuals and HUFs not having income from profits and gains of business or profession |
| 3 | For individuals and HUFs having income from profits and gains of business or profession |
| 5 | For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
The changes in ITR forms explained below: However, in the above form following particulars are added to made them for comprehensive and avoid incorrect claim of deductions:
| Sr No | Section
Rule |
Changes Proposed | Applicable to ITR forms | ||
| ITR 2 | ITR 3 | ITR 5 | |||
| 1. | R12 | Individuals/HUFs liable for audit can verify ITR using EVC | ✕ | ✔ | ✕ |
| 2. | Furnishing of due date for filing of return | ✕ | ✔ | ✔ | |
| 3. | S115BAC | Taxpayers must choose to opt-out to go with the old regime | ✔ | ✔ | ✔ |
| 4. | Assessee having income from a business or profession must file Form No 10-IEA | ✕ | ✔ | ✔ | |
| 5. | In case non individual seeking refund of ₹ 50 crore or more must furnish Legal Entity Identifier (LEI) | ✔ | ✔ | ✔ | |
| 6. | S44AB | Circumstances under which company is liable to audit, like
1. Sales, turnover or gross receipts exceed the limits specified under Section 44AB 2. Assessee falling under Section 44AD/44ADA/44AE/44BB but not offering income on presumptive basis 3. Others |
✕ | ✔ | ✔ |
| 7. | Furnishing of acknowledgement number of the Audit Report and UDIN | ✕ | ✔ | ✔ | |
| 8. | “Receipts in Cash” column added to claim enhanced turnover limit | ✕ | ✔ | ✔ | |
| 9. | S43B | Disclosure of the sum payable to MSME beyond the time limit U/S 15 MSME Development Act 2006 as such amount shall be disallowed for claiming as expenses | ✕ | ✔ | ✔ |
| 10. | Additional information pertaining to the Capital Gains Accounts Scheme
1. Date of Deposit 2. Account Number 3. IFS Code |
✔ | ✔ | ✔ | |
| 11. | S115BBJ
S194BA |
Winnings from online games under the head Income From Other Source | ✔ | ✔ | ✔ |
| 12. | S80GGC | Additional information as to contributions made to political parties or electoral trust
1. Date of contribution 2. Contribution Amount …₹ ….. In Case … ₹ … Other mode ₹ …. 3. Eligible Contribution … ₹ ….. 4. TRN, Cheque No, IMPS, NEFT, RTGS 5. IFS code of the bank |
✔ | ✔ | ✔ |
| 13. | S17(2)(vi) | ‘Schedule – Tax Deferred on ESOP’ seeks PAN and DPIIT Registration Number of the eligible startup employer in the Assessment Year in which ESOPs are allotted to an employee | ✔ | ✔ | ✕ |
| 14. | S80CCH | Deduction under Section 80CCH to an Individual enrolled in the Agnipath Scheme and subscribing to Agniveer Corpus Fund | ✔ | ✔ | ✕ |
| 15. | S80U | For Claiming deduction by the assessee with a disability following additional information needs to furnished in Schedule 80U:
1. Nature of disability 2. Date of filling Form 10-IA 3. Acknowledgment number of the Form 10-IA 4. UDID (If available) |
✔ | ✕ | ✕ |
| 16. | S80DD | New ‘Schedule 80DD’ introduce to collect following details
1. Nature of disability 2. Type of dependent 3. PAN and Aadhaar of dependent 4. Acknowledgement number of Form 10-IA 5. UDID Number |
✔ | ✕ | ✕ |
| 17. | S80LA | Dividend income received from a unit located in IFSC shall be taxed at special rate of 10% | ✔ | ✔ | ✔ |
| 18. | S56(2)(xiii) | Sum received from high premium life insurance policy | ✔ | ✔ | ✕ |
| 19. | S56(2)(xii) | Sums received by a unitholder from the business trust | ✔ | ✔ | ✕ |
| 20. | Reporting of all bank account ever held | ✔ | ✔ | ✔ | |
| 21. | S115BAC | Schedule DPM, has been amended to provide that the WDV of the block as on 01-4-2023 shall be increased by the amount of unabsorbed depreciation (pertaining to additional depreciation), which was not allowed to be adjusted on account of opting for Section 115BAC | ✔ | ✕ | ✔ |
| 22. | S80-IAC | New ITR-5 has a new Schedule to be filled by companies claiming deduction u/S 80-IAC to provide following information:
1. Date of incorporation 2. Nature of business 3. Certificate number 4. First Assessment Year in which deduction is claimed 5. Amount of deduction claimed in current Assessment Year |
✕ | ✕ | ✔ |
| 23. | S80-LA | Additional information about offshore banking unit or IFSC:
1. Type of entity 2. Type of income of the unit 3. Authority granting registration, Date of registration, Registration No 4. First Assessment Year during which deduction in claimed 5. Amount of deduction claimed for current AY |
✕ | ✕ | ✔ |
| 24. | S115TD | Taxing the income arising on conversion of Funds or institution from charitable form or non-charitable form or transfer of its assets to non-charitable institution @ maximum rate shall provide following additional information:
1. Computation of accreted income 2. Tax payable and details of challans for deposit of such tax |
✕ | ✕ | ✔ |
| 25. | Registration number allotted as per the Micro, Small and Medium Enterprises Development Act, 2006 | ✕ | ✕ | ✔ | |
| 26. | S115BAE | In order to avail the benefit of Section 115BAE, the co-operative society is required to furnish Form No. 10-IFA on or before the due date specified under Section 139(1) and date of actual filing of Form 10-IFA and its acknowledgement number shall be provided | ✕ | ✕ | ✔ |
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