If you are salaried, a pensioner, a student, or anyone else who doesn't need to do an income tax audit, make sure to file your income tax return (ITR) by July 31, 2026 for the assessment year 2026-2027. The deadline for filing ITR for the Tax Year 2026-2027 is July 31, 2027.
This year, the ITR filing utility has been updated to factor in a bunch of suggestions by taxpayers and updates from the new Income Tax Act. One such feature relates to exempt income. Usually there is no tax to be paid on exempt income but experts recommend reporting it just in case you face any scrutiny later on, so you can clarify it.
Chartered Accountant Himank Singla mentioned on X that while you didn't need to report the sale of rural agricultural land or gifts from relatives since they aren't considered income, many professionals still included them under the Exempt Income Schedule to avoid unnecessary tax notices. However, this reporting mechanism is now being re-introduced after being taken away.
