For taxpayers, who have opted for the old tax regime, March 31st will be the last date to invest in a tax-saving instrument and save the taxes for FY 2023-24.
The Union Finance ministry directed all the Income Tax offices to remain open on the last Sunday i.e. 31st March of this month. It added that Income Tax offices will remain operational on March 29, 30, and 31. The Central Board of Direct Taxes issued this directive to ensure administrative convenience, it said.
Earlier March 31 and March 30 were holidays as it falls on a Saturday and Sunday and March 29 was a holiday for Good Friday. But now as per the Finance Ministry’s directive, Income Tax offices will remain operational on March 29, 30, and 31.
Why Is March 31st an Important Deadline?
For taxpayers, who have opted for the old tax regime, March 31st will be the last date to invest in a tax-saving instrument and save the taxes for FY 2023-24. They have multiple tax deductions and exemptions available under Sections 80D, 80G, and 80CCD(1B) under the old tax regime. Popular schemes like PPF, ELSS, and term deposits, health insurance premiums, education loans and home loans are available to invest and save taxes. If you want to save taxes before 31st March, you can read it over here more.
Will The Stock Market Be Open On 31st March?
The stock market will be closed on the long weekend. It will not be operational on 29th March being the Good Friday holiday and also not work on 30th & 31st March 2024 as it falls on Saturday & Sunday.
Will There Be Bank Holiday On 31st March?
Due to the financial year ending and taxpayers’ deadline on 31st March 2024, RBI has directed certain banks to remain open on March 31st. Hence for certain banks, holiday on 31st March is canceled.
“The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself,” the RBI said in a statement.