For AY 2026-2027, Income Tax Return (ITR) forms have been updated to reflect the enhanced reporting requirements in respect of tax deductions like Section 80G, 80GGC, and others.
Section 80G is used by individuals and other taxpayers to get tax deduction in lieu of donating money to charitable institutions or relief organisations. Section 80GGC is also used for getting tax deductions but for donating money to a political party.
Here's the additional reporting which needs to be done now:
Schedule 80G seeks the IFSC and Transaction Reference Number
[ITR 1 to 6]
Taxmann research says that the new ITR forms seek the disclosures in respect of the deductions claimed for donations made to specified funds, charitable institutions, or relief organisations under Section 80G.
This schedule requires the taxpayer to provide detailed information for each donation, including the type of donation, the applicable limit, and the allowed deduction percentage.
It also asks for the name, PAN, and complete address of the donee, along with the city, state code, and pin code, to ensure that the donation is traceable and made to an eligible institution.
The new ITR forms have introduced the following two additional reporting requirements in the Schedule for claiming deductions:
- Transaction reference number for UPI transfers or the cheque/IMPS/NEFT/RTGS reference number, and
- IFS code of the bank.
