No long weekend for Income Tax department, all offices open from March 29-31

March 31 falls on a Sunday while March 30 is a Saturday and March 29 is a closed holiday.

Published on: Mar 20, 2024, 11:18:43 IST

By HT News Desk

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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.

The Central Board of Direct Taxes issued this directive to ensure administrative convenience, it said.

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.

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?

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.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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