ITR Filing 2026-27: Big news for taxpayers. The Income Tax Return (ITR) filing for the Assessment Year 2026-27 has begun, and taxpayers across the country are engaging in this process. A significant update on the online portal has caught the attention of filers this time around. A new section called Receipts not in the nature of income has been introduced by the Income Tax Department on the online filing portal and JSON utility. This addition has sparked confusion among taxpayers, raising questions about the potential implications on money that was previously not subject to taxation.
Reason for the inclusion of the new column
Tax experts have shed light on the purpose behind this recent modification. The new column does not aim to escalate tax obligations for taxpayers. Rather, it serves as a distinct reporting segment where individuals are required to disclose funds that do not fall under the category of taxable income. Notably, this new column is not visible on the official ITR forms or government-notified PDF versions; it is exclusively present on the online filing portal and digital utility.
Information to be provided in the new column
Ankit Jain from Ved Jain & Associates explained that while taxpayers were previously only obligated to report exempt income, this requirement remains unchanged. However, the introduction of this new column is intended to capture funds that might seem like income but do not meet the criteria for taxable income. Taxpayers are expected to furnish details regarding various receipts in this section, including:
1. Loans acquired from a bank or individual.
2. Inherited money or assets received through a will.
3. Money obtained from the sale of personal belongings.
4. Profits from the sale of rural agricultural land.
5. Wedding gifts and gifts from relatives, which continue to be tax-exempt.
Ritika Nair, a partner at Singhania & Co., advises caution when completing this column. She emphasizes that only funds that do not qualify as taxable income should be declared here, excluding tax-exempt sources like wedding gifts, gifts from relatives, and loan amounts. As this column is solely visible on the online platform, it remains uncertain whether returns can be submitted without this information.