Till last year (AY25-26), I was able to declare exempt income such as the following in my ITR form. The Descripttion fields was free format editable text.
Schedule EI
Other exempt income (including exempt income of minor child)
|
Nature of Income |
Descripttion |
Amount |
|
Any Other |
Sovereign Gold Bond maturity redemption capital gain. Exempt section 47(viic)
|
|
|
Any Other |
Gift from relative. Exempt Section 56(2)(x)
|
|
However, in the new forms this year (AY26-27), the free format Descripttion field is not present and instead predefined Category and Sub-Category fields are provided. I can find some of the relevant values from section 10 in the drop-down lists but matching values for the two examples provided above (Sovereign Gold Bond maturity redemption capital gain. Exempt section 47(viic) and Gift from relative. Exempt Section 56(2)(x)) are not available).
How should such exempt income be declared when filing tax returns?
CAclubindia
