RBI asks banks to stay open on March 31

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The Reserve Bank of India on Wednesday advised banks to keep its branches dealing with government business to remain open on March 31. The last day of the current financial year is a Sunday. “The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself,” the RBI said in a statement. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.

Keeping in view the long weekend, the income tax department has asked cancelled the long weekend for its employees.

“To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024,” said the Income-tax department in an order. If you are required by income tax law to deduct TDS and you have already done this then you must file challan statement for tax deducted under section 194-IB, or 194-IA by a specified date. According to Tax2Win, a challan-cum-statement in forms 26QB and 26QC is required to be filed if tax is deducted at source (TDS) under sections 194-IA and 194-IB. The deductor is required to provide the challan-cum-statement within 30 days from the last date of the month in which the tax was deducted.