Income tax department alerted the tax payers to avoid the last minute rush
While a substantial number of income tax payers may have cleared their income tax (I-T) liability for the assessment years 2016-17 and 2017-18, but the ones who have not paid as yet can still do so by filing the belated income returns (I-T). Ideally, the salaried individuals are expected to pay the income tax return before July 31 of the year following the one for which the income tax return is filed, however, there is a provision to file the return anytime afterwards but before the next financial year's 31 March. Sample this. For the financial years 2015-16 and 2016-17, also known as assessment years 2016-17 and 2017-18 in the income tax parlance; the income tax payers are meant to file their returns anytime before July 31 of 2016 and 2017, respectively. However, the belated income tax (I-T) returns for these years can also be filed before March 31 of 2018, which is just two weeks from now. Making use of this provision, income tax payers can file the return for these two years gone by.