02/07/2026
🚨 ITR Filing AY 2026-27 Update
Income Tax Department has added a new option in Schedule EI (Exempt Income):
Category: Other Incomes
Sub-category: Receipts not in the nature of income
Now taxpayers can voluntarily report receipts that are not treated as income under the Income-tax Act.
Examples:
Gift up to ₹50,000
Gifts from parents, relatives & family
Gifts received on marriage
Lump sum alimony
Compensation for damages
Expense reimbursements
This enhances transparency and may help explain high-value credits in your bank account or AIS, reducing the possibility of future queries.
However any exempt income should be report under correct head and taxable income should include in head of income only
Regards,
Sen Tax Consultancy