income tax return
ITR: The process of filing Income Tax Return (ITR) for the assessment year 2026-27 has started across the country. If you are also preparing to file your tax return this year, then you will see a big change on the e-filing portal. The Income Tax Department has added a brand new column to its online filing website as well as the JSON utility. This new section has been named ‘Receipts not in the nature of income’.
What changed on the portal?
With the aim of making the tax filing process more transparent, this new option has currently been introduced only on the digital platform. The thing to note is that if you see the PDF version of the official ITR form notified by the government, this column will not be visible anywhere in it. It has mainly been made a part of online filing portal and digital utility. This simply means that when you go to submit your return online, only then will you have to enter your financial information in this new section.
Tax liability will not be affected
There is no need for the common taxpayer to panic about this new update. Experts in tax matters have made the situation completely clear. With the addition of this new column, there will not be an additional burden of even a single rupee on your tax liability. According to Ankit Jain, partner of Ved Jain & Associates, till now it was mandatory for the taxpayers to give details of only ‘Exempt Income’ i.e. tax-free earnings, which rule will remain applicable in future also. However, through this new option, the Income Tax Department is only asking for a clear account of those money which may look like your income, but legally they are not a part of your income. This is just a separate reporting category.
What information needs to be given in the new column?
Now the biggest question that arises is which money will have to be mentioned in this new section. According to tax experts, in this column you have to declare all those receipts which do not fit the definition of income. These mainly include loans taken from any bank, financial institution or individual, any property or cash received through will or inheritance. Apart from this, if you have sold any of your personal property or have received a huge amount from the sale of agricultural land in a rural area, then you will also have to give the information here.
What is the rule on gift shagun?
The rules are also very clear regarding omens received at weddings or expensive gifts received from close ones. Ritika Nayyar, partner, Singhania & Company, advises that one needs to be very careful while filing the return and filling this new column. You do not have to enter all your tax-free earnings in this column without thinking. As always, gifts received at weddings, gifts received from relatives and loan amounts will remain completely out of the tax net. Since this column is being flashed only in the online system, it is currently unclear whether leaving it blank will allow the portal to submit returns or not, but taxpayers should provide their financial information with complete honesty.
