The last few days of the current financial year 2024-25 are left. The Income Tax Department has taken an important decision to facilitate the settlement of pending tax related work for this financial year ending on 31 March. In fact, the offices of the Income Tax Department across the country will remain open from 29 to 31 March.

Despite the weekend and Eid-ul-Fitr falling on Monday, the offices of the Income Tax Department will remain open across the country. This means that taxpayers will be able to settle their tax related work even on a holiday.

What did CBDT say

The Central Board of Direct Taxes (CBDT) said in the order- All Income Tax offices across India will remain open on 29, 30 and 31 March 2025 to facilitate completion of pending departmental work. The last day of the current financial year is 31 March 2025. Therefore, all government payments and settlements related to this financial year have to be completed by the same day. The last date for filing updated income tax returns for 2023-24 is also 31 March.

Instructions for banks too

The Reserve Bank of India (RBI) has also issued instructions to banks doing government work to remain open on March 31 for the convenience of taxpayers. RBI said that necessary arrangements have also been made to conduct special clearing operations across the country to facilitate accounting of government receipts and payments in the current financial year itself.

Jump in direct tax collection

Net direct tax collection in the current financial year (2024-25) has increased by more than 13 percent to cross Rs 21.26 lakh crore. During the year, the government has collected Rs 10.44 lakh crore from four installments of advance tax, an increase of 14.62 percent, as against Rs 9.11 lakh crore in the previous financial year. The last installment of advance tax payment for the current financial year was due on March 15, 2025.

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