New ITR-5 Form Unveiled for AY 2025-26 with Updated Tax Reporting Guidelines Under Sections 139 and 295

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Full Text of the Document

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....CBDT notified ITR-5 Form for Assessment Year 2025-26 through Income-tax (Fourteenth Amendment) Rules, 2025, effective from 1st April, 2025. The notification amends the Income-tax Rules, 1962 by substituting Form ITR-5 in Appendix-II. The amendment was issued under sections 139 and 295 of the Income-tax Act, 1961, with an explanatory memorandum certifying no adverse impact on taxpayers. The rules were published by the tax policy and legislation under secretary, with formal administrative implementation through standard governmental notification procedures.....