It is that time of the year again when pensioners, salaried individuals and other taxpayers need to file Income Tax Return (ITR). The filing for Assessment Year (AY) 2026-27 is gaining momentum, with July 31 being the due date.
But before you file ITR, taxpayers should note that the revised ITR forms notified for AY 2026-27 incorporate amendments introduced through the Finance Act, 2025, while also bringing in several new disclosure requirements.
This includes reporting of F&O trading, MSME interest disallowance, partnership income, presumptive taxation, and donations claimed under Section 80G. You must know and familiarise yourself with these changes and keep the necessary information ready before filing returns.
Here are key changes introduced in the new ITR forms:
Among the key changes is the mandatory reporting of turnover and income from futures and options (F&O) trading. The updated forms include dedicated fields to disclose F&O turnover as well as the income credited to the profit and loss account from such transactions.
The new forms also introduce a reporting requirement under Part A–OI (Other Information) for disallowance of MSME interest under Section 43B(h). Taxpayers are now required to disclose the amount of interest disallowed under this provision.
Individuals and entities that are partners in one or more partnership firms must now furnish additional details regarding interest and remuneration due or received from such firms during the relevant financial year.
Another change is the inclusion of a separate column for reporting fees paid under Section 234-I for filing a revised return of income.
Taxpayers claiming deductions under Section 80G for eligible donations will now have to provide additional details, including the IFSC and Transaction Reference Number of the donation.
Those opting for the presumptive taxation scheme will also be required to disclose details of their investments in the revised forms.
For charitable trusts, the forms now require reporting of the total value of investments in Schedule J instead of the nominal value. Trusts must also disclose the validity period of registrations obtained under other applicable laws.
Non-residents opting for presumptive taxation under Sections 44B, 44BB, 44BBA, 44BBC or 44BBD will have to separately report their gross receipts or turnover and net profit from such businesses in the new column.
The updated forms also clarify that interest earned from companies, Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) should be reported under the “Other” head in Schedule OS.
In addition to that, the declaration in Part A–GEN has been amended to capture whether income is being offered under Section 44BBD. Corresponding disclosures have also been incorporated in Schedule BP for reporting deemed profits under the presumptive taxation provisions.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
