1. Summary

The video provides a comprehensive guide for Income Tax Return (ITR) filing for Assessment Year 2026-27. It highlights that while filing is expected to begin after May 30, the ideal time to file is after June 15 to ensure data reconciliation with Form 26AS, AIS, and SFT reports.

Key Changes for AY 2026-27 discussed include:

• Address Fields: Introduction of Primary and Secondary address fields; a reminder to use client contact details rather than consultant details to ensure notices are received.

• F&O Reporting: Separate schedules and columns are now available for reporting Future & Options (F&O) turnover and P&L under the Business head (ITR-3).

• MSME Payments: Disallowance of interest paid on delayed payments to MSMEs; specific reporting is now required in the ITR.

• Partner Remuneration: Partners must now separately disclose remuneration and interest received from firms, subject to 10% TDS.

• Political Donations (80GGC): Mandatory disclosure of the name and PAN of the political party for claiming deductions.

• Revised Return Fee: A new late fee structure (₹1,000 to ₹5,000) for returns revised between January 1 and March 31, 2027.

• 80G Donations: Mandatory reporting of IFSC codes and Transaction Reference IDs for donation claims.

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