This week in Indian law: The financial year 2023-24 concluded on 31 March with compliance deadlines dominating the professional landscape. Court and regulatory activity was minimal due to Good Friday, Easter weekend, and the ongoing Model Code of Conduct. Three contextual developments in the quietest week of the quarter.
Top story
Financial Year 2023-24 Concludes
Category: regulatory-updates | Date: 31 March 2024
The financial year 2023-24 concluded on 31 March, with tax, corporate, and regulatory compliance deadlines concentrated in the final days of March. Practitioners across practice areas focused on advance tax payments, form filings, statutory audit preparations, and year-end regulatory compliance. The convergence of FY-end with the election period and holiday season created an unusually compressed compliance window.
Why it matters: The new financial year commences 1 April 2024, but the ongoing Model Code of Conduct means that new government-initiated regulatory changes will be minimal until elections conclude. Practitioners should focus on existing compliance frameworks rather than anticipating new regulatory developments.
Also this week
- Good Friday and Easter — 29 March was Good Friday, a national holiday. The Easter weekend (30-31 March) further reduced court and government activity. Only three working days in the week for courts.
- Model Code of Conduct continues — The ECI's Model Code remains in effect, suppressing new policy, legislative, and regulatory activity until the elections conclude in June.
- Lok Sabha election preparations — Phase 1 polling scheduled for 19 April. Electoral machinery in full deployment mode across the country.
By the numbers
- 31 March — End of FY 2023-24; compliance deadline for multiple statutory filings
- 19 April — Phase 1 of Lok Sabha 2024 elections
- 7 — Total phases of Lok Sabha elections, concluding on 1 June
- 0 — Articles published from the 29-31 March period due to holiday weekend
Looking ahead
- New financial year: FY 2024-25 commences 1 April 2024. New compliance cycles begin.
- RBI MPC: The next monetary policy meeting is scheduled for 3-5 April 2024.
- Phase 1 on 19 April: The first phase of Lok Sabha elections covers 102 constituencies across 21 states.
- Supreme Court continues: Regular benches resume post-Easter; several important criminal law and constitutional matters listed.
This is the Veritect Weekly Legal Roundup for Week 13 of 2024. For daily updates, visit our legal news page. Subscribe to receive this roundup every Monday morning.
Veritect provides this content for informational purposes and does not constitute legal advice.