Only four days are left to file belated income tax (IT) returns for assessment years 2016-17 and 2017-18 as well as for revised income tax returns for assessment year 2016-17. Thus, income tax offices will remain open from March 29-31 to help taxpayers file their income tax returns despite the period being a long weekend on account of Mahavir Jayanti (March 29-Thursday), Good Friday (March 30- Friday) and Saturday (March 31) and Sunday (April 1). The new financial year – 2018-19 – will start with effect from April 1. The income tax department has also been reminding taxpayers to file their income tax returns on time.
Here are five things you must know about filing of income tax returns ahead of the March 31 deadline:
1. Income tax offices and Ayakar Seva Kendras (ASKs) will remain open during holidays from March 29-31 to facilitate taxpayers in filing returns before the end of the current financial year. “To facilitate filing of Income Tax returns and completion of associated work, all income tax offices throughout India shall remain open from March 29-31, 2018, ” a finance ministry statement said.
2. The financial year closes on March 31, which is a Saturday. March 29 and 30 are also government holidays.
3. The income tax department also reminded taxpayers to pay their advance tax for FY18 – if not already paid – by March 31 with interest and avoid payment of excess interest on self-assessment later on.
4. Income tax returns cannot be filed without a valid permanent account number (PAN), a ten-digit alphanumeric number, issued in the form of a laminated tamper proof card, by the income tax department of India. The government has also extended the last day to link PAN card with Aadhaar card number – a 12-digit unique identity number issued by the Unique Identification Authority of India (UIDAI).
5. You can file your income tax return on the department’s official website, which is https://incometaxindiaefiling.gov.in/home. The system will ask you mention the details of user ID, password. Following this, you will be made to enter the captcha code after which you can upload the details pertaining to your income as well as the bank accounts you operate.