As the financial year 2024-25 is closing, the government and financial institutions are trying to ensure that taxpayers, policyholders and traders do not have any inconvenience in completing their necessary transactions. Keeping this in mind, Life Insurance Corporation of India (LIC), Income Tax Department, and other banking and insurance companies will be open despite being discharged from March 29 from March 29.
The objective of this decision is to help in completing the important transactions in the last minute of the financial year smoothly and provide necessary services to taxpayers before the tax paying deadline. Actually, this time the last working day of Financial was on Friday, which was 3 days before the end of the month, in such a situation, no work was missed, so banks, income tax offices and LIC offices will be open.
LIC office will be open tomorrow
Life Insurance Corporation of India (LIC) has announced that all its regional and divisional offices will be open on 29, 30 and 31 March 2025 as per normal work time.
This decision has been taken as per the advice issued by the Insurance Regulatory and Development Authority of India (IRDAI) on 12 March 2025.
LIC will provide complete facilities to policyholders to make ** premium payment, policy renewal, claim settlement ** and other financial transactions.
This step will prove to be a relief for those who want to complete the work related to their insurance policy in the last days of the financial year.
Why will the income tax office be open?
The Central Board of Direct Taxes (CBDT) has issued instructions under Section 119 of the Income Tax Act, 1961 that all income tax offices will be working on 29, 30 and 31 March 2025. This step has been taken to pay their tax on time and to avoid any kind of delay. Especially, 31 March 2025 is the last date for filing income tax returns and disposal of outstanding taxes for the financial year 2024-25. Taxpayers have to ensure that they pay their taxes as soon as possible to avoid the last time crowd.
There will be no leave in the bank
The Reserve Bank of India (RBI) has directed all agency banks to be open for government transactions on 31 March 2025, even if this day is the public holiday due to Ramadan-Eid (Eid-ul-Fitr). This decision will help traders, companies and individual taxpayers to fulfill their important transactions on the last day of the financial year. Many people try to settle their tax, GST payment, investment and other financial works at the last minute, due to which this decision will prove to be a relief for them.
Do this work before time
- Although LIC, Income Tax Department and bank will remain working till 31 March 2025, taxpayers and policyholders are advised to avoid crowds and possible technical problems at the last minute to complete their financial transactions as soon as possible.
- Digital transactions also have to pay attention that due to the capacity of network traffic and bank server, some obstacles may come at the last minute.
- In such a situation, make a habit of completing online banking, income tax return filing, insurance premium payment and other important financial works.
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