Income Tax · New Forms 2026

New Income Tax Forms 2026 — what has changed, what you need to know.

Complete guide to the new and revised income tax forms for Assessment Year 2026-27 — updated ITR forms, new compliance documents, AIS and TIS changes, and CBDT notifications explained by Chartered Accountants in Mumbai.

Each assessment year brings revisions to the income tax return forms and compliance documents notified by the Central Board of Direct Taxes (CBDT). For Assessment Year 2026-27 (Financial Year 2025-26), the revised ITR forms reflect the legislative changes introduced in the Union Budget 2025-26, including amendments to the new tax regime under Section 115BAC, changes to capital gains tax rates and holding period rules announced in the Finance (No. 2) Act 2024, updated Schedule 112A reporting requirements, and the expanded TDS provisions under Section 194T and other newly introduced withholding sections.

The new forms also carry structural changes in Schedule AL (Assets and Liabilities), expanded disclosure requirements in Schedule FA (Foreign Assets), and new reporting obligations for virtual digital assets under Schedule VDA. The Annual Information Statement continues to expand its data coverage — property registrations, credit card spends, foreign remittances, and GST turnover data are now increasingly reflected in the AIS, requiring taxpayers to reconcile a significantly larger body of pre-filled information before filing.

NDS Advisors monitors every CBDT notification, form revision, and circular as it is issued, and updates our ITR preparation process accordingly. We guide our clients through every change — what is new, what additional documents or disclosures are required, and how the revised forms affect their specific filing. Whether it is a revised Schedule 112A, a new VDA disclosure, or an expanded Schedule AL threshold, our clients are informed and prepared before the filing season opens.

Our New Income Tax Forms 2026 Services

Updated ITR Form Analysis

Detailed review of all changes in ITR-1 through ITR-7 for AY 2026-27 — new schedules, revised disclosures, and dropped requirements explained.

Section 115BAC — New Regime Updates

Changes to the new tax regime rates, slab thresholds, and eligible deductions for AY 2026-27 — impact analysis for each taxpayer category.

Capital Gains Changes — Post FA 2024

Application of revised LTCG/STCG rates and revised holding period rules introduced by the Finance (No. 2) Act 2024 in the ITR-2 and ITR-3 capital gains schedules.

Schedule VDA — Virtual Digital Assets

New mandatory disclosure of income from virtual digital assets (crypto, NFTs) and the flat 30% tax under Section 115BBH — updated Schedule VDA reporting.

Schedule FA & Foreign Asset Disclosures

Changes to Schedule FA for AY 2026-27 — expanded foreign asset categories, new disclosure fields, and updated FBAR-equivalent requirements.

AIS Expansion & Reconciliation

Updated AIS data sources for FY 2025-26 — new SFT filers, expanded transaction categories, and reconciliation strategies for the enlarged pre-fill.

New TDS Provisions — Section 194T & Others

TDS on salary payments to partners (Section 194T) and other new withholding provisions effective from FY 2025-26 — impact on payroll and ITR filing.

CBDT Notifications & Circulars Digest

Consolidated summary of all CBDT notifications, circulars, and press releases relevant to filing for AY 2026-27 — curated and explained for practical application.

Our Process

Form Change Review

Review all revised ITR forms as notified by CBDT; identify changes relevant to each client's income profile.

Client Impact Assessment

Assess which changes affect each taxpayer — new disclosures, revised rates, new schedules, or changed thresholds.

AIS Reconciliation Update

Update reconciliation checklist for expanded AIS data sources; identify new pre-fill entries requiring verification.

Return Preparation with New Forms

Prepare ITR using the latest notified forms — incorporating all new schedules, disclosures, and rate changes correctly.

Client Briefing

Inform clients of changes that affect their filing — new documents required, changed deductions, revised rates — before preparation begins.

Why It Matters

✓Filing on new forms — no defective return from outdated format

✓Capital gains rates correctly applied post-FA 2024 changes

✓New regime rates and slabs correctly used for AY 2026-27

✓Schedule VDA completed — no missed crypto disclosure penalty

✓Schedule FA updated — no undisclosed foreign asset risk

✓AIS expanded data fully reconciled before filing

✓Section 194T compliance — partner salary TDS correctly handled

✓CBDT changes tracked — no surprise notices from missed updates

Frequently Asked Questions

The ITR forms for AY 2026-27 reflect the Finance (No. 2) Act 2024 amendments including revised capital gains tax rates and holding periods, updates to the new tax regime slabs under Section 115BAC, expansion of Schedule VDA for virtual digital assets, and revised Schedule AL thresholds. The forms are notified by CBDT each year and replace prior year forms — filing on an outdated form results in a defective return notice.

The Finance (No. 2) Act 2024 rationalised capital gains taxation: long-term capital gains on listed equities and equity-oriented funds are taxed at 12.5% (up from 10%) under Section 112A with the Rs 1.25 lakh exemption threshold (up from Rs 1 lakh); short-term capital gains on these assets are taxed at 20% under Section 111A (up from 15%); and long-term capital gains on other assets are taxed at 12.5% without indexation as a general rule. These rates apply for FY 2025-26 / AY 2026-27.

Schedule VDA (Virtual Digital Assets) is a mandatory disclosure schedule in the ITR for taxpayers who have earned income from cryptocurrency, NFTs, or other virtual digital assets during the year. Income from VDAs is taxable at a flat rate of 30% under Section 115BBH with no deduction for expenses (other than cost of acquisition) and no loss set-off allowed against any other income.

The AIS continues to expand its data coverage each year. For FY 2025-26, the AIS includes data from a wider range of SFT (Statement of Financial Transactions) filers, expanded property registration data, credit card and debit card spending data, foreign remittance data from AD banks, and GST turnover data for business taxpayers. Reconciling the AIS before filing is more important than ever given the volume of pre-filled data.

Section 194T, effective from 1st April 2025, requires partnership firms and LLPs to deduct TDS at 10% on salary, remuneration, commission, bonus, or interest paid to partners if the aggregate amount exceeds Rs 20,000 per financial year per partner. This is a new TDS obligation that did not exist previously — firms must now obtain TAN (if not already held), deduct TDS on partner payments, deposit the TDS, and issue Form 16A to partners.

Filing for AY 2026-27 — start with the right forms.

Our Chartered Accountants are fully updated on every CBDT change for AY 2026-27. We ensure your return uses the correct forms, the correct rates, and includes every new disclosure required.