Caution before filing your ITR! 10 major changes made to the form; even a minor mistake could prove costly..

If you are planning to file your Income Tax Return (ITR) this year, this news is important for you. Several significant changes have been made to the ITR forms for the Assessment Year 2026-27. Ignoring these changes could lead to issues such as receiving a notice, facing a penalty, or experiencing delays in your refund.

What has changed in the ITR forms? Here are 10 major changes:
1. Mandatory disclosure of F&O trading details

Providing full details of transactions related to Futures and Options (F&O) is now mandatory.

2. Stricter rules for MSME payments

Reporting payments made to MSMEs and the interest paid on them is now mandatory.

3. New rules for partnership firms

Partners in a firm will need to provide more detailed information regarding their income and shareholding.

4. New column for revised ITR fees

If you file a revised return, you must now separately declare the fees associated with it.

5. IFSC required for Section 80G claims

Providing the IFSC code is now mandatory to claim tax exemptions on donations.

6. New details for the Presumptive Taxation Scheme

Those availing the benefits of this scheme must now also provide details regarding their investments.

7. Reporting interest from NBFCs and companies

Interest income received from NBFCs or companies must now be reported separately.

8. New rules for NRIs

Changes have been made regarding documentation and reporting requirements for NRI taxpayers.

9. Stricter norms for charitable trusts

Trusts and institutions are now required to provide information with greater transparency.

10. New declaration column added

A new declaration column has been added for specific sections (such as income from foreign companies).

Other major changes you need to know:
* The format for reporting capital gains has changed.
* Providing details of income from cryptocurrency is mandatory.
* Information regarding assets and liabilities must be provided in greater detail.
* The scope of pre-filled data has been expanded, but verification remains mandatory.

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