On the onset of the new financial year, the Income Tax Department has decided to keep all its offices across the country open through March 31. All efforts will be made to provide assistance to taxpayers and to facilitate filing of returns, the finance ministry said.
The current financial year 2017-18 ends on March 31, which is the last date for filing belated income tax returns for Assessment Years 2016-17 and 2017-18. March 31 is also the deadline to file revised returns for Assessment Year 2016-17, the official statement added. March 29 and March 30 are government holidays on account of Mahavir Jayanti and Good Friday respectively.
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The income tax offices across the country that will remain open on March 29, March 30 as well as March 31, the taxman said separately on microblogging site Twitter.
The move, the government said, is in order to facilitate filing of income tax returns (ITR) and “completion of associated work”. ASK centers – or or ‘Aaykar Sampark Kendras’ – will also remain open on these days.
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Banks will be shut on March 29 and March 30, 2018.
From April 1, a number of income tax changes announced in the Budget 2018-19 will come into effect, impacting many taxpayers. The many tax changes announced in the Budget include a long-term capital gains tax on stocks and equity mutual funds to relief for senior citizens on interest income.
The government has also introduced a standard deduction for salaried employees, which will particularly benefit those in the lower tax slabs.
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