The Union Finance ministry directed all the Income Tax offices to remain open on the last Sunday of this month. The ministry said that Income Tax offices will be open on March 29, 30, and 31. March 31 falls on a Sunday while March 30 is a Saturday and March 29 is a closed holiday. The Central Board of Direct Taxes issued this directive to ensure administrative convenience, it said.
Read more: Advance tax liability: You need to pay advance income tax by this date to avoid penalties
Taxpayers under old tax regime
For tax filers, who have opted for old tax regime and want to invest in a tax-saving instrument for FY 2023-24, March 31 is the deadline. They can choose from PPF, ELSS, and term deposits, health insurance premiums, education loans and home loans to reduce tax liability. Sections 80D, 80G, and 80CCD(1B) also offer deduction under old tax regime for such taxpayers.
What is needed for these deductions?
Tax Deductible at Source (TDS) filing certificates are needed for deductions made under various sections. March 30 is the deadline for filing challan statement for tax deducted under Section 194-IA, Section 194-IB and Section 194M in February 2024, as announced earlier.
Read more: Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email
Sukanya Samriddhi Scheme or PPF option?
March 31 is also important for you if PPF or Sukanya Samriddhi Scheme (SSY) is your bet. The schemes need a minimum investment of Rs.500 and Rs.250, respectively in a year and if you fail to make this minimum deposit in a financial year, your account could be marked as default and a penalty can be levied. You have until March 31 to do so to avoid penalty.
Will the stock market be open?
{{/usCountry}}March 31 is also important for you if PPF or Sukanya Samriddhi Scheme (SSY) is your bet. The schemes need a minimum investment of Rs.500 and Rs.250, respectively in a year and if you fail to make this minimum deposit in a financial year, your account could be marked as default and a penalty can be levied. You have until March 31 to do so to avoid penalty.
Will the stock market be open?
{{/usCountry}}The stock market will be closed on the long weekend. Banks will be open on March 30 as it will be the fifth Saturday- a working day.