{"id":407,"date":"2015-09-03T13:34:53","date_gmt":"2015-09-03T13:34:53","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=407"},"modified":"2025-09-03T19:04:51","modified_gmt":"2025-09-03T13:34:51","slug":"key-changes-in-new-itr-forms-3-4-5-6-and-7-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/","title":{"rendered":"key changes in new itr forms 3,4,5,6 and 7"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d7bd88a0e7e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d7bd88a0e7e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#What_are_the_Key_changes_in_new_ITR_Forms_3_4_5_6_and_7\" title=\"What are the Key changes in new ITR\u00a0Forms 3, 4, 5, 6 and 7?\u00a0\">What are the Key changes in new ITR\u00a0Forms 3, 4, 5, 6 and 7?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Key_changes_in_ITR_forms_are_as_follows\" title=\"Key changes in ITR\u00a0forms\u00a0are as follows:\">Key changes in ITR\u00a0forms\u00a0are as follows:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Details_of_all_bank_accounts_held_by_assessee_ITR_3_4_5_6_7\" title=\"Details of all bank accounts held by assessee\u00a0[ITR 3, 4, 5, 6, 7]\">Details of all bank accounts held by assessee\u00a0[ITR 3, 4, 5, 6, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Date_of_Formation_of_HUF_ITR_4\" title=\"Date of Formation of HUF\u00a0[ITR 4]\">Date of Formation of HUF\u00a0[ITR 4]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Aadhaar_Number_and_passport_number_ITR_3_4\" title=\"Aadhaar Number and passport number\u00a0\u00a0[ITR 3, 4]\">Aadhaar Number and passport number\u00a0\u00a0[ITR 3, 4]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Reporting_of_amount_that_has_remained_unutilized_in_capital_gains_account_ITR_3_4_5_6\" title=\"Reporting of amount that has remained unutilized in capital gains account\u00a0[ITR 3, 4, 5, 6]\">Reporting of amount that has remained unutilized in capital gains account\u00a0[ITR 3, 4, 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Details_about_the_foreign_assets_and_foreign_income_ITR_3_4_5_6_7\" title=\"Details about the foreign assets and foreign income\u00a0[ITR 3, 4, 5, 6, 7]\">Details about the foreign assets and foreign income\u00a0[ITR 3, 4, 5, 6, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Reporting_of_deemed_let-out_house_property_ITR_3_4_5_6_7\" title=\"Reporting of deemed let-out house property\u00a0[ITR 3, 4, 5, 6, 7]\">Reporting of deemed let-out house property\u00a0[ITR 3, 4, 5, 6, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Concessional_tax_rate_in_case_of_sale_of_listed_securities_other_than_unit_ITR_3_4_5_6\" title=\"Concessional tax rate in case of sale of listed securities\u00a0(other than unit)\u00a0[ITR 3, 4, 5, 6]\">Concessional tax rate in case of sale of listed securities\u00a0(other than unit)\u00a0[ITR 3, 4, 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Agricultural_income_ITR_3_4_5_6\" title=\"Agricultural income\u00a0[ITR 3, 4, 5, 6]\">Agricultural income\u00a0[ITR 3, 4, 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Details_of_change_in_partnersmembers_ITR_5\" title=\"Details of change in partners\/members\u00a0[ITR 5]\">Details of change in partners\/members\u00a0[ITR 5]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Details_of_interest_rate_and_remuneration_payable_to_partnersmembers_ITR_5\" title=\"Details of interest rate and remuneration payable to partners\/members\u00a0[ITR 5]\">Details of interest rate and remuneration payable to partners\/members\u00a0[ITR 5]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Detail_of_Salaryremuneration_paid_to_partnersmembers_ITR_5\" title=\"Detail of Salary\/remuneration paid to partners\/members\u00a0[ITR 5]\">Detail of Salary\/remuneration paid to partners\/members\u00a0[ITR 5]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Bifurcation_of_interest_paid_to_resident_and_non-resident_ITR_5\" title=\"Bifurcation of interest paid to resident and non-resident\u00a0[ITR 5]\">Bifurcation of interest paid to resident and non-resident\u00a0[ITR 5]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Return_filed_pursuant_to_order_of_CBDT_under_Section_119_ITR_3_4_5_6_7\" title=\"Return filed pursuant to order of CBDT under Section 119\u00a0\u00a0[ITR 3, 4, 5, 6, 7]\">Return filed pursuant to order of CBDT under Section 119\u00a0\u00a0[ITR 3, 4, 5, 6, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Expenditure_on_CSR_activities_ITR_6\" title=\"Expenditure on CSR activities\u00a0[ITR 6]\">Expenditure on CSR activities\u00a0[ITR 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Deduction_under_section_32AC_ITR_6\" title=\"Deduction under section 32AC\u00a0[ITR 6]\">Deduction under section 32AC\u00a0[ITR 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Alternate_Minimum_Tax_ITR_4_5_7\" title=\"Alternate Minimum Tax\u00a0[ITR 4, 5, 7]\">Alternate Minimum Tax\u00a0[ITR 4, 5, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Foreign_portfolio_investorsForeign_Institutional_investors_ITR_5_6\" title=\"Foreign portfolio investors\/Foreign Institutional investors\u00a0[ITR 5, 6]\">Foreign portfolio investors\/Foreign Institutional investors\u00a0[ITR 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Verification_ITR_3_4_5_6_7\" title=\"Verification\u00a0[ITR 3, 4, 5, 6, 7]\">Verification\u00a0[ITR 3, 4, 5, 6, 7]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Securities_held_by_FIIs_ITR_3_4_5_6\" title=\"Securities held by FIIs\u00a0[ITR 3, 4, 5, 6]\">Securities held by FIIs\u00a0[ITR 3, 4, 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Sale_of_units_of_business_trust_ITR-_3_4_5_6\" title=\"Sale of units of business trust\u00a0[ITR- 3, 4, 5, 6]\">Sale of units of business trust\u00a0[ITR- 3, 4, 5, 6]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/carajput.com\/blog\/key-changes-in-new-itr-forms-3-4-5-6-and-7-2\/#Details_of_income_taxable_under_DTAA_ITR_3_4_5_6\" title=\"Details of income taxable under DTAA\u00a0[ITR 3, 4, 5, 6]\">Details of income taxable under DTAA\u00a0[ITR 3, 4, 5, 6]<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7.png\" rel=\"attachment wp-att-1694\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1694\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7-300x139.png\" alt=\"Untitled7\" width=\"807\" height=\"374\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7-300x139.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled7.png 620w\" sizes=\"(max-width: 807px) 100vw, 807px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"What_are_the_Key_changes_in_new_ITR_Forms_3_4_5_6_and_7\"><\/span><span style=\"color: #000080;\"><strong>What are the Key changes in new <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR\u00a0<\/a>Forms 3, 4, 5, 6 and 7?\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">CBDT has notified<a href=\"https:\/\/www.caindelhiindia.com\/blog\/file-your-income-tax-return-itr\/\"> ITR\u00a0Forms\u00a0<\/a>1, 2 and 4S.\u00a0 However, after representations received from various stakeholders, the CBDT came out with simplified version of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a>\u00a0forms\u00a01, 2, 2A and 4S.<\/p>\n<p style=\"text-align: justify;\">Now the CBDT has notified the remaining ITR forms, Forms 3, 4, 5, 6 and 7 vide Notification<\/p>\n<p style=\"text-align: justify;\">Different forms are prescribed for different taxpayers. The following table gives an overview of the return forms applicable to different taxpayers.<\/p>\n<table style=\"height: 616px;\" width=\"825\">\n<tbody>\n<tr>\n<td width=\"96\"><span style=\"color: #3366ff;\"><strong>ITR\u00a0Form<\/strong><\/span><\/td>\n<td width=\"611\"><span style=\"color: #3366ff;\"><strong>Taxpayer<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"96\">ITR-3<\/td>\n<td width=\"611\">This\u00a0form\u00a0shall be used by an individual or <a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">HUF<\/a>:<\/p>\n<p>\u25a0\u00a0 Who is a partner in a firm; and<\/p>\n<p>\u25a0\u00a0 If his income chargeable to tax under the head &#8216;Profits or gains from business or profession&#8217; does not include any income except income by way of any interest, salary, bonus, commission or remuneration due to, or received by him from such firm.<\/td>\n<\/tr>\n<tr>\n<td width=\"96\">ITR-4<\/td>\n<td width=\"611\">This\u00a0form\u00a0is relevant for an individual or HUF who is carrying on a proprietary business or profession.<\/td>\n<\/tr>\n<tr>\n<td width=\"96\">ITR-5<\/td>\n<td width=\"611\">This ITR\u00a0form\u00a0can be used by a firm, <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>, AOP, BOI, artificial juridical person, cooperative society or local authority.<\/p>\n<p>However, a person who is required to file return in ITR 7 shall not use this\u00a0form.<\/td>\n<\/tr>\n<tr>\n<td width=\"96\">ITR-6<\/td>\n<td width=\"611\">This\u00a0form\u00a0shall be used by a company, other than a company claiming exemption under section 11, to file its return of income.<\/td>\n<\/tr>\n<tr>\n<td width=\"96\">ITR-7<\/td>\n<td width=\"611\">Applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges, etc.)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_changes_in_ITR_forms_are_as_follows\"><\/span><span style=\"color: #000080;\">Key changes in ITR\u00a0forms\u00a0are as follows:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24800\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-...jpg\" alt=\"ITR forms\" width=\"1080\" height=\"855\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-...jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-..-300x238.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-..-1024x811.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-..-768x608.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/ITR-forms-..-800x633.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Details_of_all_bank_accounts_held_by_assessee_ITR_3_4_5_6_7\"><\/span><span style=\"color: #000080;\"><strong>Details of all bank accounts held by assessee\u00a0<\/strong>[ITR 3, 4, 5, 6, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Under new ITR\u00a0form, an assessee is required to furnish details of all bank accounts held by him in India at any time during the previous year.<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>However immunity has been provided to the taxpayer from furnishing details about the bank accounts which have become dormant.<\/strong><\/span><\/li>\n<li style=\"text-align: justify;\">The &#8216;dormant&#8217; account shall be those current and saving bank accounts which have not been operational for more than 3 years.<\/li>\n<\/ul>\n<p>Details to be reported in respect of each bank account held in India by assessee are same as earlier i.e.<\/p>\n<p style=\"text-align: justify;\">\u00a0 (a) IFSC Code of the Bank<\/p>\n<p style=\"text-align: justify;\">\u00a0 (b) Name of the Bank<\/p>\n<p style=\"text-align: justify;\">\u00a0 (c) Account Number<\/p>\n<p style=\"text-align: justify;\">\u00a0 (d) Nature of the bank account, i.e., current account or saving account<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Date_of_Formation_of_HUF_ITR_4\"><\/span><span style=\"color: #000080;\"><strong>Date of Formation of HUF\u00a0<\/strong>[ITR 4]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">HUF is required to report date of its formation in new ITR\u00a0Form.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Aadhaar_Number_and_passport_number_ITR_3_4\"><\/span><span style=\"color: #000080;\"><strong>Aadhaar Number and passport number\u00a0\u00a0<\/strong>[ITR 3, 4]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Aadhaar number and passport number are required to be given in new ITR\u00a0forms\u00a0(if assessee has obtained the same).<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Reporting_of_amount_that_has_remained_unutilized_in_capital_gains_account_ITR_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Reporting of amount that has remained unutilized in capital gains account\u00a0<\/strong>[ITR 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">If assessee is unable to roll over the investment in new capital asset within the specified time period so as to avail of the exemptions under section 54, 54B, etc., he can deposit the sum in capital gains account scheme.<\/li>\n<li style=\"text-align: justify;\">In that case, exemption to be granted to assessee shall be aggregate of actual investment in new capital asset and amount deposited in capital gains account scheme before due date of filing of return of income.<\/li>\n<li style=\"text-align: justify;\">The amount so deposited in the capital gains account scheme should be utilized for investment in specified asset within specified time-limit, otherwise the unutilized amount shall be chargeable to tax in the previous year in which the time-limit expires.<\/li>\n<li style=\"text-align: justify;\">The unutilized amount would be taxable as short-term capital gain\/long-term capital gain, depending upon the nature of original capital gain.<\/li>\n<li style=\"text-align: justify;\">In <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> forms, requisite details are required to be provided in respect of amount so deposited in capital gains account scheme.<\/li>\n<li style=\"text-align: justify;\">The details which are required to be provided if amount is deposited in capital gains account scheme are as follows:<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 80px;\">\u00a0 (a) Previous year in which asset is transferred<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">\u00a0 (b) Section under which exemption is claimed<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">\u00a0 (c) Year in which new asset is acquired<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">\u00a0 (d) Amount utilized out of capital gains account scheme to acquire new asset<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">\u00a0 (e) Amount that has remained unutilized in capital gains account scheme or amount which is not used for making investment in specified new asset<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Details_about_the_foreign_assets_and_foreign_income_ITR_3_4_5_6_7\"><\/span><span style=\"color: #000080;\"><strong>Details about the foreign assets and foreign income\u00a0<\/strong>[ITR 3, 4, 5, 6, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The ITR\u00a0forms\u00a0seek more details about the foreign assets and income from any source outside India. Schedule FA is substituted which requires assessee to provide detailed information about such foreign assets and income. The additional disclosures in the new ITR\u00a0form\u00a0shall be as under:<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><strong><span style=\"color: #808000;\">(1) Foreign Bank Account:<\/span>\u00a0<\/strong>\u00a0(a) Status of account holder (i.e., Owner\/Beneficial Owner\/Beneficiary) \u00a0(b) Date of opening of such bank account; \u00a0(c) Interest accrued in the account; and \u00a0(d) Details about the interest offered to tax in the return.<\/p>\n<p style=\"padding-left: 40px;\"><a href=\"https:\/\/carajput.com\/blog\/tag\/section-241-of-income-tax-act\/\">More read: section 2 41 of the income tax act<\/a><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><strong><span style=\"color: #808000;\">(2) Financial Interest in a foreign entity:<\/span>\u00a0<\/strong>\u00a0(a) Nature of financial interest (direct, beneficial ownership or beneficiary) in such entity; \u00a0(b) Date since such interest is held; \u00a0(c) Income accrued from such interest; \u00a0(d) Nature of income; and \u00a0(e) Details about the income offered to tax in this return.<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #808000;\"><strong>(3) Foreign Immovable Property or any other capital asset:<\/strong>\u00a0<\/span>\u00a0(a) Whether ownership in such asset is direct or beneficial or as beneficiary; \u00a0(b) Date of acquisition of such asset; \u00a0(c) Income derived from such asset; \u00a0(d) Nature of income; and \u00a0(e) Details about the income offered to tax in this return<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #808000;\"><strong>(4) Signing authority in any foreign account:<\/strong><\/span>\u00a0\u00a0(a) Whether income accrued in such account is taxable in assessee&#8217;s hands; and\u00a0(b) If yes then furnish details about the income offered to tax in this return<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #808000;\"><strong>(5) Trustee or Beneficiary or Settlor in a foreign trust:\u00a0<\/strong><\/span>\u00a0(a) Date since the position of trustee or beneficiary or settlor held in foreign trust; \u00a0(b) Whether income derived from the trust is taxable in assessee&#8217;s hands; and \u00a0(c) If yes, details about the income offered to tax in this return<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #808000;\"><strong>(6) Any other income derived from any source outside India:\u00a0<\/strong>\u00a0<\/span>(a) Country Name and Code; \u00a0(b) Name and address of the person from whom income is derived; \u00a0(c) Amount of income derived; \u00a0(d) Nature of income; \u00a0(e) Whether income is taxable in assessee&#8217;s hands; and \u00a0(f) If yes, details about the income offered to tax in this return.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Reporting_of_deemed_let-out_house_property_ITR_3_4_5_6_7\"><\/span><span style=\"color: #000080;\"><strong>Reporting of deemed let-out house property\u00a0<\/strong>[ITR 3, 4, 5, 6, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">If assessee owns more than one house, one house can be claimed by him as self-occupied while all other houses shall be deemed to be let out. Assessee shall be required to select a check-box in the ITR\u00a0Form\u00a0to indicate whether a house owned by him shall be deemed to be let-out.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Concessional_tax_rate_in_case_of_sale_of_listed_securities_other_than_unit_ITR_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Concessional tax rate in case of sale of listed securities\u00a0(other than unit)\u00a0<\/strong>[ITR 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">As per the existing proviso to Section 112, if tax payable on long-term capital gains arising on transfer of a capital asset, being listed securities\u00a0<span style=\"color: #3366ff;\"><strong>or units<\/strong><\/span>\u00a0or zero coupon bonds, exceeds 10% per cent of the amount of capital gains before allowing for indexation adjustment, then such excess shall be ignored.<\/p>\n<p style=\"text-align: justify;\">The Finance (No. 2) Act, 2014 amended the said proviso to provide that the concessional rate of tax of ten per cent shall be available only for long-term capital gain arising from transfer of listed securities\u00a0<span style=\"color: #3366ff;\"><strong>(other than unit)<\/strong><\/span>\u00a0and zero coupon bonds.<\/p>\n<p style=\"text-align: justify;\">Therefore, consequential amendment is made to ITR\u00a0forms\u00a0in accordance with the amendment.<\/p>\n<p style=\"text-align: justify;\">Now Long term capital gain from sale of MF is includable in this scheduled only if sale is on or before 10-07-2014<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Agricultural_income_ITR_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Agricultural income\u00a0<\/strong>[ITR 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The Schedule EI in <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a>\u00a0forms\u00a0requires assessee to provide following figures separately:<\/p>\n<p style=\"text-align: justify;\">\u00a0 (a) Gross agricultural receipts<\/p>\n<p style=\"text-align: justify;\">\u00a0 (b) Expenditure incurred on agriculture<\/p>\n<p style=\"text-align: justify;\">\u00a0 (c) Unabsorbed agricultural loss of previous eight assessment years<\/p>\n<p style=\"text-align: justify;\">\u00a0 (d) Net agricultural income for the year.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Details_of_change_in_partnersmembers_ITR_5\"><\/span><span style=\"color: #000080;\"><strong>Details of change in partners\/members\u00a0<\/strong>[ITR 5]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">A new column has been inserted to require the assessee to furnish the details of change in the partners\/members of the firm\/AOP\/BOI, as the case may be, during the previous year. Following details shall be furnished in the table newly inserted in Part A &#8211; General:<\/p>\n<p style=\"text-align: justify;\">\u00a0 (a) Name of the partner or member<\/p>\n<p style=\"text-align: justify;\">\u00a0 (b) Status as to whether admitted or retired<\/p>\n<p style=\"text-align: justify;\">\u00a0 (c) Date of admission or retirement<\/p>\n<p style=\"text-align: justify;\">\u00a0 (d) Percentage of share (if determinate)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Details_of_interest_rate_and_remuneration_payable_to_partnersmembers_ITR_5\"><\/span><span style=\"color: #000080;\"><strong>Details of interest rate and remuneration payable to partners\/members\u00a0<\/strong>[ITR 5]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">New ITR 5 requires disclosures of rate of interest and remuneration paid\/payable to the partners or members in firm\/AOP\/BOI or settlor\/trustee\/beneficiary in the trust, as the case may be.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Detail_of_Salaryremuneration_paid_to_partnersmembers_ITR_5\"><\/span><span style=\"color: #000080;\"><strong>Detail of Salary\/remuneration paid to partners\/members\u00a0<\/strong>[ITR 5]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">New ITR\u00a0Forms\u00a0requires separate disclosures of salary or remuneration paid or payable to the partners during the year.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Bifurcation_of_interest_paid_to_resident_and_non-resident_ITR_5\"><\/span><span style=\"color: #000080;\"><strong>Bifurcation of interest paid to resident and non-resident\u00a0<\/strong>[ITR 5]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">New ITR 5 requires separate disclosure of interest paid:<\/p>\n<p style=\"text-align: justify;\">\u00a0 (a) Outside India or paid in India to a Non Resident<\/p>\n<p style=\"text-align: justify;\">\u00a0 (b) Paid in India or paid to a resident<\/p>\n<p style=\"text-align: justify;\">All interest payments shall be bifurcated to indicate how much interest has been paid to:<\/p>\n<p style=\"text-align: justify;\">\u00a0 (a) The partners; and<\/p>\n<p style=\"text-align: justify;\">\u00a0 (b) Others<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Return_filed_pursuant_to_order_of_CBDT_under_Section_119_ITR_3_4_5_6_7\"><\/span><span style=\"color: #000080;\"><strong>Return filed pursuant to order of CBDT under Section 119\u00a0\u00a0<\/strong>[ITR 3, 4, 5, 6, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">For avoiding genuine hardship, by general or special order, the Board may authorize any tax authority other than CIT (Appeals) to admit an application or claim for any exemption, deduction, refund or any other relief after the expiry of the period specified under the Act.<\/p>\n<p style=\"text-align: justify;\">If assessee is filing return of income pursuant to an order of CBDT under Section 119(2)(b), it shall tick the check-box [ under Section 119(2)(b)] introduced in the new <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a>\u00a0forms.<\/p>\n<p style=\"text-align: justify;\">Generally CBDT extends date of filing of return under Section 119 in cases of natural calamities or when taxpayer faces genuine hardship in certain circumstances. Recently, the due date of filing of return for J&amp;K taxpayers was extended by the CBDT due to devastation caused by flood in J&amp;K.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Expenditure_on_CSR_activities_ITR_6\"><\/span><span style=\"color: #000080;\"><strong>Expenditure on CSR activities\u00a0<\/strong>[ITR 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">An Explanation was inserted in section 37(1) by Finance (No. 2) Act, 2014 to clarify that any expenditure incurred by an assessee on the activities relating to corporate social responsibility (CSR) referred to in section 135 of the Companies Act, 2013 shall not be allowed to be deducted as same could not be considered to be incurred for the purposes of the business or profession.<\/p>\n<p style=\"text-align: justify;\">Thus, ITR 6 has been revised to provide for reporting of expenditure on CSR activities if the same is debited to profit and loss account.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Deduction_under_section_32AC_ITR_6\"><\/span><span style=\"color: #000080;\"><strong>Deduction under section 32AC\u00a0<\/strong>[ITR 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Any company engaged in business of manufacture or production of any article or thing is entitled to claim allowance under Section 32AC for investment in new plant and machinery.<\/li>\n<li style=\"text-align: justify;\">Now a particular field is provided in new return\u00a0form under &#8216;Schedule BP&#8217; for reporting of investment allowance under Section 32AC.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Alternate_Minimum_Tax_ITR_4_5_7\"><\/span><span style=\"color: #000080;\"><strong>Alternate Minimum Tax\u00a0<\/strong>[ITR 4, 5, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The existing provisions of section 115JC provides that alternate minimum tax (&#8216;AMT&#8217;) shall be payable at the rate of 18.5% on adjusted total income. Further, the adjusted total income was computed by including only profit linked deductions (i.e., deductions claimed under Part C of Chapter VI-A and deductions claimed under section 10AA) in total income.<\/li>\n<li style=\"text-align: justify;\">However, with a view to include investment linked deduction in adjusted total income, Section 115JC was amended by Finance (No.2) Act, 2014 to provide that total income shall be increased by the deduction claimed under section 35AD for purpose of computation of adjusted total income.<\/li>\n<li style=\"text-align: justify;\">Accordingly, the return\u00a0forms\u00a0have been revised to include Section 35AD deduction for computation of adjusted total income.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Foreign_portfolio_investorsForeign_Institutional_investors_ITR_5_6\"><\/span><span style=\"color: #000080;\"><strong>Foreign portfolio investors\/Foreign Institutional investors\u00a0<\/strong>[ITR 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Foreign Institutional Investor (FII) and Foreign Portfolio Investor (FPI) are required to furnish their SEBI registration number in the new return\u00a0Form.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Verification_ITR_3_4_5_6_7\"><\/span><span style=\"color: #000080;\"><strong>Verification\u00a0<\/strong>[ITR 3, 4, 5, 6, 7]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Where return is being furnished under section 92CD, assessee shall provide an additional declaration that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Securities_held_by_FIIs_ITR_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Securities held by FIIs\u00a0<\/strong>[ITR 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Section 2(14) of the Act was amended by the Finance (No. 2) Act, 2014 to provide that securities held by FIIs shall be deemed as &#8216;Capital Assets&#8217;. The amendment was made to end the controversy of categorization of income of FIIs as business income or capital gains.<\/p>\n<p style=\"text-align: justify;\">Consequential changes have been made in <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR\u00a0forms<\/a>\u00a0in this regard.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Sale_of_units_of_business_trust_ITR-_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Sale of units of business trust\u00a0<\/strong>[ITR- 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The Finance (No. 2) Act, 2014 introduced a new Chapter XII-FA in the I-T Act to provide for special provisions relating to business trust. The special taxation regime contains provisions for taxability of income in the hands of business trusts and the income distributed to its unit holders.<\/li>\n<li style=\"text-align: justify;\">Consequential amendment is made to Section 10(38) to provide that long-term capital gain arising from transfer of unit of a business trust on which securities transaction tax (STT) is paid shall be exempt from tax.<\/li>\n<li style=\"text-align: justify;\">Similarly, Section 111A has been amended to provide that short-term capital gain arising from transfer of unit of a business trust on which STT is paid shall be chargeable to tax at reduced rate of 15%.<\/li>\n<li style=\"text-align: justify;\">Necessary changes have been made in this regard in the ITR\u00a0forms.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Details_of_income_taxable_under_DTAA_ITR_3_4_5_6\"><\/span><span style=\"color: #000080;\"><strong>Details of income taxable under DTAA\u00a0<\/strong>[ITR 3, 4, 5, 6]<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">If capital gain or residuary income of assessee is taxable as per provisions of the DTAA entered into between India and a foreign country, of which the assessee is a resident, following details shall be furnished in the return:<\/li>\n<\/ul>\n<p style=\"padding-left: 80px;\">\u00a0 (a) Name of the Country and Code<\/p>\n<p style=\"padding-left: 80px;\">\u00a0 (b) Relevant Article of the DTAA<\/p>\n<p style=\"padding-left: 80px;\">\u00a0 (c) Rate of tax under DTAA (applicable in case of residuary income)<\/p>\n<p style=\"padding-left: 80px;\">\u00a0 (d) Confirmation if TRC has been obtained<\/p>\n<p style=\"padding-left: 80px;\">\u00a0 (e) Corresponding section of the Act which prescribe the rate of tax (applicable in case of residuary income)<\/p>\n<p style=\"padding-left: 80px;\">\u00a0 (f) Amount of income<\/p>\n<ul>\n<li style=\"text-align: justify;\">Further, the special tax rate on capital gain or residuary income and tax on such income as per DTAA shall be disclosed separately in Schedule SI.<\/li>\n<\/ul>\n<p>Kind Attention Taxpayers!<\/p>\n<p>The\u00a0Excel Utility for ITR-7\u00a0for\u00a0Assessment Year (AY) 2025\u201326\u00a0is now\u00a0live and available\u00a0for filing. Additionally,\u00a0Excel Utilities for ITR-5 and ITR-6\u00a0are also available.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-29805\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06.jpg\" alt=\"\" width=\"885\" height=\"885\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06.jpg 885w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06-300x300.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06-150x150.jpg 150w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06-768x768.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/09\/photo_2025-08-22_20-15-06-800x800.jpg 800w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are the Key changes in new ITR\u00a0Forms 3, 4, 5, 6 and 7?\u00a0 CBDT has notified ITR\u00a0Forms\u00a01, 2 and 4S.\u00a0 However, after representations received from various stakeholders, the CBDT came out with simplified version of ITR\u00a0forms\u00a01, 2, 2A and 4S. Now the CBDT has notified the remaining ITR forms, Forms 3, 4, 5, 6 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,9],"tags":[3277,2793,3272,3273,3278,3275,3276,3283],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/407"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=407"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/407\/revisions"}],"predecessor-version":[{"id":29806,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/407\/revisions\/29806"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}