LatestIncome Tax 24 July 2026
New ITR Column For AY 2026-27
The Indian government has introduced a new column in the income tax return form for the assessment year 2026-27, which is meant for reporting receipts that are not in the nature of income, this move is seen as an effort to simplify the tax filing process and reduce disputes, the new column is part of the larger effort to reform the tax system and make it more transparent and efficient
The new column in the ITR form for AY 2026-27 is for reporting *receipts not in the nature of income*. This includes items like gifts, inheritance, and other non-taxable receipts.
- The move is aimed at simplifying the tax filing process and reducing disputes.
- It is part of the larger effort to reform the tax system and make it more transparent and efficient.
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