The revised ITR forms for AY 2026-27 introduce mandatory reporting of turnover and income from futures and options (F&O) trading. According to reports from NDTV Profit, 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. This represents a significant change from previous filing requirements, requiring taxpayers with F&O trading activities to provide comprehensive details of their derivatives transactions.
The new forms introduce reporting requirements under Part A–OI (Other Information) for disallowance of MSME interest under Section 43B(h). As reported by NDTV Profit, taxpayers are now required to disclose the amount of interest disallowed under this provision. Additionally, 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. These changes ensure comprehensive disclosure of all partnership-related income and interest transactions.
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. According to NDTV Profit, those opting for the presumptive taxation scheme will also be required to disclose details of their investments in the revised forms. The forms now require separate reporting of gross receipts or turnover and net profit from businesses for non-residents opting for presumptive taxation under Sections 44B, 44BB, 44BBA, 44BBC or 44BBD.
For charitable trusts, the forms now require reporting of the total value of investments in Schedule J instead of the nominal value. As reported by NDTV Profit, trusts must also disclose the validity period of registrations obtained under other applicable laws. 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. Additionally, the declaration in Part A–GEN has been amended to capture whether income is being offered under Section 44BBD.
The revised forms incorporate amendments introduced through the Finance Act, 2025, while also bringing in several new disclosure requirements. According to NDTV Profit, the forms now include a separate column for reporting fees paid under Section 234-I for filing a revised return of income. The filing for Assessment Year 2026-27 has a due date of July 31, making it crucial for taxpayers to familiarize themselves with these changes before filing returns. These comprehensive updates reflect the government's focus on enhanced transparency and comprehensive tax disclosure requirements.
