Summary of this article
Taxpayers claiming deductions under Section 80GGC must now disclose the name and PAN of the political party.
Section 80G claimants must furnish complete payment details, including the Transaction Reference Number for UPI, Cheque, RTGS, or other banking channels, along with the IFSC code.
The Finance Act 2026 has extended the time limit for filing a revised return from 9 months to 12 months from the end of the relevant tax year or from the completion of assessment, whichever is earlier.
The Central Board of Direct Taxes (CBDT) has recently notified the income tax return (ITR) forms for assessment year 2026-27. These forms govern the reporting of income earned during the financial year 2025-26. Notably, the forms remain anchored to the Income Tax Act, 1961, as amended by the Finance Act, 2026. The new 'Tax Year' terminology under the Income Tax Act, 2025 will apply only from AY 2027-28 onwards. The filing deadline for individuals and non-audit cases remains July 31, 2026, while non-audit business taxpayers now have until August 31, 2026 to file their returns.
Says Maneesh Bawa, partner, Nangia Global, a tax, advisory and business consulting firm: “The CBDT has revised the ITR forms for AY 2026-27, emphasising enhanced transparency and detailed reporting. Taxpayers claiming deductions under Section 80GGC must now disclose the name and Permanent Account Number (PAN) of the political party, while Section 80G claimants must furnish complete payment details, including the Transaction Reference Number for Unified Payments Interface (UPI), cheque, RTGS, or other banking channels, along with the IFSC code.”
Future & Options (‘F&O’) traders are now required to report their trading details in “Schedule Part A – Trading Account”. This schedule has been amended to include specific columns introduced to report turnover from F&O trading and the income from such trading transferred to the Profit and Loss account.
“Additionally, all taxpayers are required to furnish a secondary address in addition to their primary address. Lastly, partners must separately disclose interest and remuneration due or received from partnership firms, apart from profit share. Notably, for AY 2026-27, all ITR forms shall be filed in accordance with the provisions of the Income Tax Act, 1961,” says Bawa.
Here are some key changes that you are likely to encounter while filing your tax returns:
Reporting of Turnover And Income From Futures & Options Trading (ITR 3, 5 and 6)
Schedule Part A—Trading Account in the ITR form applies to taxpayers engaged in trading activities, including individuals, firms, and companies. This schedule requires the disclosure of key items debited and credited to the statement of profit and loss for the financial year. It includes key details, such as opening stock, purchases, direct expenses, sales, and closing stock.
According to Taxmann, a CA firm, the difference between total sales and cost of goods sold equals gross profit or loss, which is carried forward to the Profit and Loss account. The new ITR forms have introduced specific columns to report turnover from Futures & Options (F&O) trading and the income from such trading that is credited to the profit and loss account.
Name and PAN of the Political Party to Be Furnished Under Schedule 80GGC (ITR 1 to 6)
Schedule 80GGC of the ITR is used to claim a deduction for contributions made to political parties or electoral trusts under Section 80GGC. The existing schedule requires the taxpayer to enter the contribution date and the amount contributed, specifying how much was paid in cash and how much was paid through other modes such as cheque, UPI, NEFT, or RTGS. It also asks for details like the transaction reference number and the IFSC code of the bank through which the payment was made.
The new ITR forms require two additional details from the taxpayer seeking a deduction under Section 80GGC. Taxpayers are required to provide the name of the political party and PAN under Schedule 80GGC
Reporting of Fee for Furnishing the Revised Return of Income (ITR 1 to 7)
The Finance Act 2026 has extended the time limit for filing a revised return from nine months to 12 months from the end of the relevant tax year or from the completion of assessment, whichever is earlier. This extension will allow taxpayers to revise their returns even if they filed a belated return at the end of the permissible period.
However, this extended period to file a revised return is applicable only upon payment of an additional fee under Section 234-I of the Income-tax Act, 1961, which is as follows: (a) Rs 1,000, where the total income does not exceed Rs 5 lakh; and (b) Rs 5,000, in other cases. The new ITR forms incorporate a column to report fees paid under Section 234-I for furnishing a revised return of income, according to Taxmann.
Schedule 80G Seeks the IFSC and Transaction Reference Number (ITR 1 to 6)
Schedule 80G of the ITR forms seeks the disclosures in respect of the deductions claimed for donations made to specified funds, charitable institutions, or relief organisations under Section 80G. This schedule requires the taxpayer to provide detailed information for each donation, including the type of donation, the applicable limit, and the allowed deduction percentage. It also asks for the name, PAN, and complete address of the receiver, along with the city, state code, and pin code, to ensure that the donation is traceable and made to an eligible institution.
The new ITR forms have introduced the following two additional reporting requirements in this Schedule for claiming deductions: (a) Transaction reference number for UPI transfers or the cheque/IMPS/NEFT/ RTGS reference number, and (b) IFS code of the bank.
Changes Made to Incorporate the Due Date For Filing ITR (ITR 3)
The Finance Act, 2026, has amended the Income-tax Act, 1961 with respect to the due date for filing the return of income for taxpayers engaged in business or profession whose accounts are not required to be audited, as well as for partners of non-audit firms. The due date for filing the return of income for such taxpayers has been extended from July 31 to August 31. The ITR-3 form for Assessment Year 2026–27 incorporates this change.
Reporting of Interest Income from Companies, NBFCs and HFCs in Schedule OS (ITR 2, 3, 5 and 7)
Schedule OS in the ITR form captures details of income from other sources, such as interest, dividends, winnings, and other miscellaneous income.
According to Taxmann, the new ITR forms clarify that interest earned from companies, non-banking financial companies (NBFCs), and housing finance companies (HFCs) shall be reported under the ‘Other’ column of Schedule OS. Accordingly, interest income from instruments, such as fixed deposits, debentures, etc., with such entities is required to be disclosed in Schedule OS where the assessee is not engaged in the business of money lending.
