New Income Tax Return Forms for AY 2026-2027 Introduce Major Reporting Changes

New Income Tax Return forms for AY 2026-2027 introduce significant reporting changes. Taxpayers must now report futures and options trading turnover and income. Disallowance of MSME interest under Section 43B(h) requires specific disclosure. Partners in firms need to provide additional details on interest and remuneration. These updates aim to enhance transparency and compliance for all taxpayers.

July 31, 2026 is the deadline for filing Income Tax Return (ITR) by students, pensioners, salaried individuals and other taxpayers who do not need to conduct income tax audit for AY 2026-2027. For Tax Year 2026-2027, the ITR filing due date is July 31, 2027.

The Central Board of Direct Taxes (CBDT) usually changes the ITR forms annually to incorporate amendments made to the Income-tax Act by the previous Finance Act. However, the ITR forms notified for the Assessment Year 2026-27 include some additional reporting requirements in addition to the changes resulting from the Finance Act 2025 amendments.

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Read below to know about the 10 major changes in Income Tax Return (ITR) forms for AY 2026-2027

What changes have been introduced in the ITR forms notified for the Assessment Year 2026-27 compared to last year's ITR forms?

Chartered Accountant Naveen Wadhwa, vice-president, Taxmann shares some of the key changes introduced in the new ITR forms which are as follows:

The ITR forms require the reporting of turnover and income from futures and options (F&O) trading. Specific columns have been introduced to report turnover from F&O trading and the income from such trading credited to the profit and loss account.

A new reporting column has been introduced in Part A - OI (Other Information) in the ITR forms, requiring taxpayers to disclose the amount for the disallowance of MSME interest under Section 43B(h).

The ITR forms require reporting by individuals and entities who are partners in one or more partnership firms during the relevant financial year. It now requires additional details of the amount of interest due or received from the partnership firm and the amount of remuneration due or received from the partnership firm.

The ITR forms include a column for reporting fees paid under Section 234-I for furnishing a revised return of income.

The assessee claiming a deduction under Section 80G is required to report the IFSC and Transaction Reference Number.

The assessees opting for the presumptive taxation scheme are required to disclose their investments.

The charitable trusts are required to report the total value of investments, rather than the nominal value, in Schedule J. Further, reporting is required for the validity period of registration obtained under other laws.

The non-residents opting for the presumptive taxation scheme for businesses covered under Sections 44B, 44BB, 44BBA, 44BBC, or 44BBD are now required to disclose the gross receipts/turnover and net profit from such businesses in the new column.

The 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.

The ITR forms have been updated by amending the declaration in Part A-GEN to capture whether income is being offered under Section 44BBD and by incorporating specific reporting in Schedule BP to disclose such deemed profits, in line with the other presumptive taxation provisions.

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