Personal Finance News
2 min read | Updated on March 20, 2024, 18:15 IST
SUMMARY
The Income Tax department has cancelled the long Good Friday weekend for its employees, considering the end of the financial year 2023-24. The IT department said that its offices will remain open to complete pending departmental work.
The financial year in India begins on April 1 each year and ends on March 31 next year.
This year, Good Friday falls on Friday, March 29, followed by the weekend, March 30 on Saturday, and March 31 on Sunday, which offers a mini-break for office-goers. However, the Income Tax (IT) department has cancelled the long weekend for its employees, considering the end of the financial year 2023-24.
The financial year in India begins on April 1 each year and ends on March 31 next year. The IT department said that its offices will remain open on Good Friday weekend to complete pending departmental work.
In an order dated March 18, the Central Board of Direct Taxes (CBDT) said, "the financial year 2023-24 closes on March 31, 2024, which is Sunday. Further, March 30, 2024, is a Saturday, and March 29, 2024, is a closed holiday. Therefore, to facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29, 30 and 31 March 2024."
March 31 is the deadline for investing in tax-saving schemes for the financial year 2023-24, such as fixed deposit (FD), equity-linked savings scheme (ELSS), unit-linked insurance plan (ULLP) and National Pension Scheme (NPS) among others.
The last date for filing updated income tax returns (ITR-U) for the financial year 2020-21 (assessment year 2021-2022) is March 31, 2024.
ITR-U allows taxpayers to correct the errors on their ITRs up to two years from the end of the relevant assessment year.
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