Tax filing rules just shifted for millions of Indian investors.

Tax filing rules just shifted for millions of Indian investors. The Income Tax Department has updated ITR forms for Assessment Year 2026-27, requiring explicit disclosure of interest income from Non-Banking Financial Companies, Housing Finance Companies, and corporate fixed deposits under Schedule OS. If you earned interest from NBFC or HFC fixed deposits and debentures during FY 2025-26, you must now report this income in the revised ITR-2, ITR-3, ITR-5, and ITR-7 forms. Previously, taxpayers had discretion on where to classify such income, creating ambiguity. The new forms eliminate this confusion by specifically naming NBFCs and HFCs in the "Others" column of Schedule OS. This change affects lakhs of retail investors across India. Schedule OS is the designated section for reporting income from sources outside salary, house property, capital gains, and business income.