🧾 ITR-3 & Income Tax Audit Update for FY 2024-25 (AY 2025-26)
Are you a small business owner, trader, or professional like a doctor, lawyer, or consultant?
If yes, then this blog is for you! The Income Tax Return (ITR-3) and Tax Audit rules for this year have some important changes. Filing on time and in the correct way is very important to avoid penalty and problems later.
Let’s understand everything step-by-step 👇
✅ What is ITR-3?
📄 ITR-3 is the form used by people who have:
- 👨⚕️ Income from profession (like doctors, lawyers, consultants)
- 🏪 Income from business (proprietorship firm)
- 💹 Income from share market trading or F&O
- 🏠 House rent income
- 💼 Salary or capital gains
👉 If you are earning from any business or profession, then you have to file ITR-3.
🆕 Latest Update – ITR-3 Form Status
📅 11 July 2025:
The Excel Utility of ITR-3 is now available on the Income Tax website.
❌ But the online form is not yet available on the portal.
✅ You can fill the Excel form, make a JSON file, and upload it to file your return.
🛠 Steps:
- Download ITR-3 Excel Utility from www.incometax.gov.in
- Fill your income and other details
- Generate JSON file
- Upload JSON file on portal
🔍 What Are the New Changes in ITR-3?
Here are the new things added in this year’s ITR-3 form:
| 🔢 Change | 📌 Details |
|---|---|
| 🧾 Loan Details | You have to mention loans taken and given |
| 🧑💻 Virtual Digital Assets | Income from crypto/NFT must be reported |
| 💼 Capital Gains | Clear information required for property/shares sold |
| 🏦 Assets & Liabilities | If income is above ₹50 lakh, declare all assets |
| 📊 Business Info | More details needed for profit/loss, turnover, etc. |
These new sections need careful filing. Wrong info can lead to notices or penalties.
🧾 Income Tax Audit – What’s New?
If your income is from business or profession, and your turnover is above the limit, then Tax Audit is compulsory.
📌 Important Points:
- 🧑⚖️ Audit forms (Form 3CA/3CB & 3CD) are now LIVE on the portal from 18 July 2025
- 📈 Turnover above ₹1 crore (normal), or ₹10 crore (if all digital transactions) → audit is needed
- 🗓 Audit Due Date: 31 October 2025
- 🗓 If Transfer Pricing applies: 30 November 2025
If audit is needed, consult a Chartered Accountant (CA) on time.
📆 Due Dates You Must Know
| 📂 Type of Taxpayer | 🗓️ ITR Filing Last Date | 📋 Audit Report Due Date |
|---|---|---|
| 🧑💼 Business/Profession (No Audit) | 15 September 2025 | ❌ Not Needed |
| 🧑💻 Business/Profession (With Audit) | 31 October 2025 | 31 October 2025 |
| 🌍 Transfer Pricing Cases | 30 November 2025 | 30 November 2025 |
👉 File before the last date to avoid late fee and interest.
🧠 Simple Tips for Smooth Filing
💡 Useful Tips:
- Check Form 26AS and AIS before starting
- Match your TDS, advance tax, and income
- Keep bank statements, bills, proofs ready
- If under audit, talk to your CA early
🤝 How IndiaFills Can Help You
At IndiaFills, we make your tax filing stress-free and 100% accurate!
✨ Here’s how we help:
- ✅ ITR-3 Filing for Business & Professionals
- ✅ Audit Report Filing by Expert CAs
- ✅ Capital Gains, Trading, Crypto Filing Support
- ✅ 100% Error-Free JSON Uploads
- ✅ Free Consultation for Choosing Old vs New Tax Regime
📞 You just need to share your documents – our experts will handle everything.
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📌 Conclusion
The ITR-3 and Audit updates for FY 2024-25 bring new responsibilities for every business owner, trader, and professional. File on time, avoid errors, and stay compliant.
Need help? IndiaFills is just a call away. Let our experts handle your return, while you focus on your work.
