New Delhi, May 3: The Central Board of Direct Taxes (CBDT) has released the updated Income Tax Return (ITR) Form 5 for the Assessment Year 2025–26, introducing several important changes.
Announced through a post on X, the Income Tax Department highlighted that the new form incorporates significant modifications aimed at streamlining reporting for taxpayers.
One of the most notable changes is the revised Schedule-Capital Gain, which now mandates taxpayers to separately disclose capital gains accrued before and after July 23, 2024.
Additionally, the form allows reporting of capital losses from share buybacks, provided certain conditions are met. Specifically, the loss will be permitted if the corresponding dividend income is declared under ‘Income from Other Sources’ for periods after October 1, 2024.
Other important updates include the inclusion of Section 44BBC, which pertains to presumptive taxation for certain cruise-related businesses, and the requirement to mention the appropriate Tax Deducted at Source (TDS) section code in Schedule-TDS.
