ITR filing for FY 2025-26: Key changes in due dates, ITR forms, and F&O disclosure rules taxpayers must know

With 31 July just over a month away, the countdown for filing income tax returns (ITR) for the financial year 2025-26 (assessment year 2026-27) has begun. Before you start the exercise, you must acquaint yourself with the changes in rules and forms this year. While the new Income Tax Act, 2025 came into force on 1 April 2026, ITR filing for FY2025-26 will be governed by the Income Tax Act, 1961.

Staggered dates for ITR 3, ITR 4

The due date for filing ITR 3 and ITR 4 (in non-audit cases) is now 31 August 2026, instead of the earlier 31 July deadline. This follows the announcement made by Finance Minister Nirmala Sitharaman in Budget 2026, and will come into force from this return filing season.

The staggered deadlines could give some breathing space to taxpayers and chartered accountants who would otherwise have to file all such returns by July. “This provides a limited cushion for businesses and professionals. However, the extension should not be misconstrued as an opportunity to defer compliance. In practice, the expanded disclosure requirements and the need for detailed reconciliations mean that taxpayers may actually need to begin preparations earlier to avoid last-minute issues,” says Sudhakar Sethuraman, Partner, Deloitte India.


If you are a salaried individual who dabbled in Futures & Options (F&O), intra-day trading last fiscal, you have to use ITR 3, not ITR 1 or ITR 2. “If such individuals decide to opt for the presumptive scheme under Section 44AD, then you have to use ITR 4, else ITR 3,” says chartered accountant Himank Singla, Partner, SBHS and Associates.

Sethuraman says the extended timeline would also help individuals claiming foreign tax credit in India on their overseas income by giving an additional window and aligning with most countries that have different filing timelines.

Key changes in ITR forms

You also need to keep an eye on the host of changes in the ITR forms. For instance, individuals with up to two house properties (instead of just one earlier) can now file the simpler ITR 1 or ITR 4 forms. “ITR 1 and ITR 4 also include a new field to report unrealised rent.

Resident taxpayers with foreign retirement accounts can no longer claim rebate under Section 89A while filing ITR 1 or ITR 4,” says Archit Gupta, Founder and CEO, Cleartax.in.

The forms are updated to reflect the revised capital gains tax regime. “Accordingly, references to the earlier tax rates of 15% under Section 111A (short-term capital gains) and 10% under Section 112A (long-term capital gains) have been removed and replaced with the applicable rates of 20% and 12.5%, respectively,” he says.

The new ITR forms require certain additional details from the taxpayer seeking a deduction under Section 80GGC. Taxpayers are required to provide the name of the political party and its permanent account number (PAN) under Schedule 80GGC, as per Taxmann.

More detailed F&O, intra-day trading disclosures

If you have had share buyback, F&O or intra-day trading transactions, you will have to furnish the details in ITR 3, 5 and 6. “Separate reporting has been introduced for buyback losses, F&O, intraday and other trading transactions,” says Sethuraman.

Taxpayers engaged in F&O trading are required to disclose key items debited and credited to the profit and loss account for the financial year. These include opening stock, purchases, direct expenses, sales and closing stock.

“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 F&O trading and the income from such trading that is credited to the profit and loss account,” according to Taxmann.

Be mindful of tighter scrutiny

All the changes point to the income tax department’s growing focus on datadriven scrutiny and compliance.

“The biggest change this year is not merely in the format of the return forms but in the level of disclosures expected from taxpayers. The department is increasingly moving towards real-time validation of information rather than post-filing scrutiny,” says Mayank Mohanka, Founder, TaxAaram.com.