New ITR-3 Form for Business and Professional Income Tax Filings
- Document
- Notification Notification No. 47/2026
- Effective
- 31st March, 2026
This page was written by Patron Accounting’s AI from the official release and reviewed before publishing. It explains the document in plain language. It is not the document itself. Where this page and the original differ, the original governs.
In short
Notification No. 47/2026 introduces an updated ITR-3 form for reporting business and professional income. This change ensures that the Income Tax Department collects current financial data for the 2026-27 assessment year, which is the period used to calculate tax on last year's income.
What has changed
How it worked before
Until this notification, taxpayers used a previous version of the ITR-3 form to report their business or professional earnings. There was no requirement to use this specific updated format for the current assessment year.
What has changed
The government has replaced the old ITR-3 form with a new version that includes updated reporting requirements. You must now use this specific new form to provide your income details for the 2026-27 assessment year.
Who this affects
This affects you if you are an individual or part of a Hindu Undivided Family (HUF) who earns money through a business or a profession.
What you should do
You must use the new ITR-3 form when you file your income tax return for the 2026-27 assessment year. Ensure you download the latest version from the official income tax portal to avoid using an outdated document.
The original document
| Issued by | IT |
|---|---|
| Document | Notification Notification No. 47/2026 |
| Full title | Notification No. 47/2026 |
| Effective | 31st March, 2026 |
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