The Income Tax Department has announced the release of the updated Excel utility for filing ITR-3 for the Assessment Year 2024-25 on 18th October 2024. This utility is specifically designed for individuals and Hindu Undivided Families (HUFs) who have income derived from profits and gains of business or profession. It is important for taxpayers in this category to ensure accurate reporting of their income and claim any eligible deductions, making the utility an important tool for compliance. Get a Handbook on TDS Including TCS as Amended up to Finance Act 2024, Click Here The initial release of the ITR-3 utility took place on May 9, 2024.

Following this, an updated JSON schema was introduced on July 5, 2024, to enhance the filing process and ensure compatibility with the e-filing system. The latest version of the Excel utility, now at Version 1.5, has a file size of 10 MB. This update includes various features for simplifying the tax return filing process, providing users with improved functionalities and error checks. Get a Handbook on TDS Including TCS as Amended up to Finance Act 2024, Click Here In addition to ITR-3, the Income Tax Department has also updated the utilities for other ITR forms. On October 1, 2024, utilities for ITR 1, ITR 2, ITR 4, ITR 5, ITR 6, and ITR 7 were released, ensuring that all taxpayers have access to the latest tools necessary for returns filing.