Income Tax Update: Income tax offices will remain open even on Mahavir Jayanti on 31st March, the whole ‘game’ of tax is going to change from 1st April.

If you too have left any important work related to income tax incomplete, then this news is both a warning and a relief for you. In the year 2026, March 31 is the public holiday of ‘Mahavir Jayanti’, but since it is the last day of the financial year (2025-26), the government has taken a big decision. All income tax offices across the country will remain open on March 31, so that taxpayers can complete their pending work on time. Government’s ‘No Backlog Mission’: Work will be done even on holidays. March 31 is the most important day of any financial year because old accounts are closed on this day. The main objective of the department is that all the pending cases related to tax should be closed by this date. This is being called the ‘No Backlog Mission’ of the government. The department wants all the processes of data matching and verification to be completed before the beginning of the new financial year, so that the new system can be implemented smoothly from April 1. Why is March 31 a ‘do or die’ situation for taxpayers? For a common taxpayer, the March 31 deadline is the last chance in many ways:Advance Tax: This is the last date to deposit your outstanding advance tax.Tax Savings Investment: This is the last day to finalize investments (like LIC, PPF, ELSS) to save tax under Section 80C and other provisions. Pending Notice: If any notice has been received from the Income Tax Department or there is an old due, then this is the last opportunity to settle it. New Law: This year this day is also special because India’s decades-old tax structure is going to change soon after this. April 1, 2026: A new era in India’s tax history. A completely new income tax law is going to be implemented in the country from next month i.e. 1st April 2026. The government claims that this new law will replace the old complex rules and it will become very easy for the common man to pay and understand taxes. March 31 is not only the end of a financial year, but it is also the last day to conduct transactions under the old rules. Changes of Budget 2026-27 that will impact your pocket Many provisions of the budget presented by Finance Minister Nirmala Sitharaman will become effective from April 1: STT on F&O trade: Securities Transaction Tax (STT) on futures and options trading has been increased. Reduction in MAT: The Minimum Alternate Tax (MAT) rate has been reduced to 14%. TCS and Buyback Tax: Significant amendments have been made in the buyback tax rules and TCS rates. Overall, March 31 is your last chance to finalize your tax planning under the old rules. After this, a lot can change from the way of filling the form to the entire tax slab process.