The Central Board of Direct Taxes has notified the latest income tax return forms for the financial year 2025–26, corresponding to the 2026–27 assessment year. The updated forms attempt to strike a balance between stricter compliance norms and a simpler filing process for small individual taxpayers.
As the July 31 filing deadline approaches, here are some of the notable changes you may encounter when submitting your tax returns this year:
Donations Towards Political Parties
Under the current reporting format, taxpayers must disclose the date of each contribution and the total amount, with a clear split between sums paid in cash and those made via banking or digital channels such as cheque, UPI, NEFT or RTGS.
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Individuals claiming tax relief on donations made to political outfits will be required to share more comprehensive information. As per Section 80GGC, this includes details of the contribution, its timing and payment method, in addition to the recipient party's name and PAN.
F&O Trading
Those participating in F&O trading must now adhere to stricter disclosure norms. The revised ITR forms require a detailed profit and loss statement, covering elements such as opening stock, purchases, direct expenditure, sales and closing stock, alongside specific reporting of turnover and income.
The gap between overall sales and the cost of goods sold determines the gross profit or loss, which is then carried into the profit and loss statement. In a notable change, the new ITR forms feature separate columns to disclose F&O trading turnover and the income credited from these transactions.
Information About Online Payments
Individuals seeking tax benefits on donations under Section 80G must be prepared for stricter documentation norms. The revised forms call for complete information about the recipient entity, including its identity and address, in addition to transaction-level details such as UPI reference numbers or banking identifiers for cheque and electronic payments.
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Secondary Address
A notable change in the new ITR formats is the introduction of a compulsory second address field. While taxpayers were previously required to furnish just one address, they must now provide both primary and secondary residential details, along with updated contact information.
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