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

As the financial year is nearing end, the Union Finance Ministry, in a notification, has directed all the Income Tax offices across the country to remain open on the last Sunday of this month. The Ministry issued an order dated March 18, wherein its decision of opening all Income Tax office in India on March 29, 30, and 31, 2024 was announced.

It may be noted that March 31 of this year falls on a Sunday while March 30, 2024 is a Saturday and March 29, 2024 happens to be a closed holiday.

It added that the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, issued this directive to ensure administrative convenience.

For tax filers, March 31 is a key time. Here are four reasons why: 

For those 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. Among options to pick under Section 80C include PPF, ELSS, and term deposits. Health insurance premiums, education loans, and home loans are some other provisions that can reduce your tax liability. Sections 80D, 80G, and 80CCD(1B) also offer deduction under old tax regime.

Tax Deductible at Source (TDS) filing certificates is needed for deductions made under various sections for January 2024. 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.

If PPF or Sukanya Samriddhi Scheme (SSY) are in your scheme of things, March 31 is important. Such schemes need a minimum investment of Rs.500 and Rs.250, respectively in a year. If you fail to make this minimum deposit in a financial year, your account could be marked as default, for which a penalty may be levied. You have until March 31 to do so to avoid penalty.

Do note: The stock market will be closed on this long weekend, however, banks will be open on Saturday, March 30, as it will be the fifth Saturday, which is a working day.