ITR filing 2026: New disclosure rules on donations, F&O & more explained

The Central Board of Direct Taxes (CBDT) has notified the ITR forms for FY 2025–26 (AY 2026–27). The updated forms introduce changes aimed at improving compliance while simplifying filing for small individual taxpayers using ITR-1 and ITR-2.

Taxpayers claiming deductions for donations to political parties must now provide additional details. Along with the contribution amount, date, and payment mode, you must also disclose the name and PAN of the political party under Section 80GGC.

Taxpayers involved in futures and options (F&O) trading must report detailed profit and loss components, including opening stock, purchases, direct expenses, sales and closing stock. New ITR forms also require specific disclosure of turnover and income from F&O trading.

To claim deductions on charitable donations under Section 80G, taxpayers must provide detailed information, including the recipient entity’s name, PAN, address, and location details. Additionally, new forms require a transaction reference number for UPI transfers or the cheque/IMPS/NEFT/ RTGS reference number and an IFS code of the bank.

The new ITR forms introduce a mandatory secondary address field. Earlier, only one address was required, but now taxpayers must provide both primary and secondary addresses along with contact details.

These changes indicate a move towards greater transparency and traceability in tax filings. Taxpayers should ensure all required details are ready in advance to avoid errors or delays while filing returns before the deadline.