Filing Taxes with Foreign Income
ITR Filing AY 2026-27: ITR filing season has started for Assessment Year (AY) 2026-27. Pensioners, salaried employees and other taxpayers now need to submit their Income Tax Returns before the deadline of July 31, 2026.
Before filing, it is important to know that the Income Tax Department has updated the ITR forms this year. The new forms include several changes, so taxpayers should understand the new rules and keep all the required documents ready before filing their returns.
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This year, the ITR forms are not just a simple income report. They also ask for more details in many places. One big change is the reporting of futures and options, or F&O, trading. Taxpayers now have to show both the turnover and the income from F&O in separate fields. The new forms also ask for MSME interest disallowance under Section 43B(h), so businesses must report that amount clearly. People who are partners in firms also need to give extra details about interest and remuneration from partnership firms.
The new forms also bring a separate column for the fee paid under Section 234-I when a revised return is filed. This means taxpayers cannot just leave revised return charges out of the form. In the same way, donations claimed under Section 80G now need more details, including the transaction reference number and bank code details. The official ITR-2 form also shows a detailed Schedule 80G with fields for donation amount, bank details, and transaction reference number.
There are also new rules for people using presumptive taxation. They must now disclose investment details in the revised forms. For charitable trusts, the form now asks for the total value of investments in Schedule J instead of the old nominal value. The trust also has to show the validity period of registrations taken under other laws.
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Non-residents using presumptive taxation under Sections 44B, 44BB, 44BBA, 44BBC, or 44BBD must separately report gross receipts or turnover and net profit. The forms also clarify that interest from companies, NBFCs, and HFCs should be shown under the “Other” head in Schedule OS.
These changes matter because a wrong entry can create trouble later. Taxpayers should keep bank statements, donation proofs, trading records, partnership papers, and investment details ready before filing.
The Income Tax Department’s own help pages and new forms show that the return process is becoming more detailed, so careful checking is now more important than ever. Even small mistakes can slow down filing or lead to correction notices later.
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