ITR Filing: If you also pay tax then there is an important news for you. The Central Board of Direct Taxes (CBDT) has released the ITR-5 form for the financial year 2024-25. This information has been given by CBDT through a notification issued on May 1, 2025 (Notification No. 42/2025).
If you also pay tax then there is an important news for you. The Central Board of Direct Taxes (CBDT) has released the ITR-5 form for the financial year 2024-25. This information has been given by CBDT through the notification (Notification No. 42/2025) issued on 1 May 2025.
The Income Tax Department has informed about the release of this new form on its official X handle. It has also been told that some special changes have been made in it. Earlier, the Income Tax Department has released ITR-1, ITR-3 and ITR-4 forms.
4 important changes have been made
Let us know about the 4 changes made in the ITR-5 form in simple language-
1. Change in capital gain information
The part giving information about capital gain (Schedule-Capital Gain) has been divided into two parts. This time taxpayers will have to give information about capital gains made before 23 July 2024 and capital gains made thereafter separately.
2. Reporting of share buyback loss
In the new form, now the taxpayer can also give information about the capital loss made on the buyback of shares. However, there is a condition in this too. You will be able to show this loss only if you have shown the dividend received from this buyback in ‘Income from other sources’. This will be applicable on buyback transactions done after 1 October 2024.
3. Mention of Section 44BBC
Section 44BBC of the Income Tax Act has also been mentioned in the ITR-5 form. Let us tell you that this section is usually related to the income from aviation business by non-residents.
4. TDS section code is necessary
Another important update is that now in the Tax Deducted at Source (TDS) part (Schedule-TDS), it will also be necessary to mention the code of the section under which the tax has been deducted.
Read also: Income Tax: When is ITR filing going to start? Experts gave the answer
