Income Tax Department updates ITR forms 2026-27 with new disclosures
The Income Tax Department just dropped updated ITR forms for the 2026-27 assessment year, making tax filing a bit more straightforward.
The fresh forms, ITR-1, ITR-2, and ITR-4, come with new rules and extra disclosure requirements to match the latest tax policies.
ITR-1 and ITR-4 allow 2 properties
Salaried folks can now use ITR-1 to report long-term capital gains under Section 112A if their gains are up to ₹1.25 lakh and they aren't carrying forward losses.
Plus, reporting income from two house properties is now allowed in both ITR-1 and ITR-4, a welcome change for anyone juggling multiple homes.
There's also a push for more detailed info on capital gains (especially around transactions before and after July 23, 2024), as well as clearer disclosures about deductions like donations and political contributions, and trading activities.