ITR-3 filing goes live on Income Tax portal
What's the story
The Income Tax Department has enabled online filing and Excel utility for ITR-3 for Assessment Year (AY) 2026-27. The move allows eligible taxpayers to start filing their returns through the official e-filing portal. The announcement was made on the department's official X handle, marking the completion of major income tax return utilities for this assessment year.
Eligibility criteria
Who can use ITR-3 form?
ITR-3 is mainly for individuals and Hindu Undivided Families (HUFs) earning income from business or professional activities. It is generally used by taxpayers maintaining regular books of accounts and not eligible to file simpler forms like ITR-1, ITR-2 or ITR-4. The form can be used by professionals, freelancers, consultants, traders, and business owners reporting income under "Profits and Gains from Business or Profession."
Reporting modifications
Key updates in the latest ITR-3 utility
The latest ITR-3 utility for AY 2026-27 has introduced separate disclosure requirements for futures and options trades, intraday equity transactions, commodity trades, and currency trades. These changes are aimed at increasing reporting transparency for active traders. The updated utility also simplifies certain auditor disclosure requirements to reduce compliance burden on taxpayers whose accounts are subject to tax audit.
Additional features
Tax professionals recommend careful reconciliation before submission
The updated ITR-3 utility also allows taxpayers to provide secondary contact information such as an alternate address, mobile number, and email ID. The Excel-based utility and JSON schema were released last week, along with the filing facility. Tax professionals have advised taxpayers to carefully reconcile details with AIS, Form 26AS, and supporting financial records before submission.