For futures and options (F&O) traders, the revised ITR-3 form for assessment year 2026-27 has made it mandatory to report F&O turnover and income. The income tax return (ITR) will be marked defective without these details. The revised ITR-3 form has enhanced disclosure requirements in Schedule Part A —Trading Account. Taxpayers have to separately report income and turnover from F&O, intraday equity, commodity and currency, enhancing transparency and improving tax compliance. They must separately report F&O turnover and income, ensuring a clear distinction between non-speculative derivative trading and speculative intra-day equity transactions.