Updated March 20th, 2024 at 15:03 IST

No Long Weekend For The Income Tax Department; Offices Will Be Open From March 29 to 31

Income Tax offices open March 29-31, deadlines approaching for tax-saving investments, filings, and PPF/Sukanya Samriddhi Yojana deposits.

Reported by: Digital Desk
Income Tax Offices Open on Weekends Ahead of FY 2023-24 Deadline | Image:ANI

The March ending is coming, and the Union Finance Ministry has issued notifications to all the Income Tax offices to stay open on the weekend also. The ministry has said that all the offices will be open on March 29, 30, and 31, 2024. The notification was sent on March 18. March 29 is a disclosed holiday, while March 30 and 31 are Saturday and Sunday, respectively. 

The Central Board of Direct Taxes has issued this directive to ensure administrative convenience. This was done by them under Section 119 of the Income-tax Act, 1961. With the end of this month, the financial year is also ending, and for people who have opted for the old tax regime and want to invest in tax-saving instruments for FY 2023–24, March 31 is the deadline.

Some of the other options they can choose are PPF,ELSS, term deposits, health insurance premiums, education loans, and home loans. These are the options to reduce your tax liability. Moreover, sections 80D, 80G, and 80CCD (1B) also offer deductions for taxpayers who chose the old tax regime. 

The TDS (Tax Deduction Source) filing certificates are needed for deductions made under the various sections. The second last day of March, which is March 30, is the deadline for filing the challan statement for the tax, which is deducted under Section 194-1A, Section 194-1B, and Section 194M in February 2024, as announced earlier. 

March 31, 2024, is also important if you invest in the PPF of the Sukanya Samriddhi Yojana. The schemes only need a yearly investment of Rs. 500 and Rs. 250, respectively. And if you fail to make this minimum deposit in a financial year, your account will be marked as default, and you will need to pay a penalty. To avoid penalties, you need to make all the payments until March 31.
 

Published March 20th, 2024 at 15:03 IST