Overview
Vasant Panchami, also rendered Basant Panchami, is a Hindu festival celebrated in honour of the goddess Saraswati, on account of which it is also known as Saraswati Puja. The festival marks the preparation for the arrival of spring and is observed across many parts of India.
The festival falls on the fifth day (Panchami) of the bright fortnight (Shukla Paksha) of the Hindu lunar month of Magha. In the Gregorian calendar, this typically corresponds to a day between January and February each year.
According to tradition, Vasant Panchami is celebrated forty days before the full bloom of spring, since the transition period of any season is held to be forty days. The day also marks the beginning of preparations for Holika and Holi, which are observed forty days later.
As Saraswati Puja, the day is associated with the worship of the goddess of learning, music and the arts. Devotees offer prayers and observe customs linked to knowledge, education and the creative pursuits associated with Saraswati in Hindu tradition.
References
Adapted from the English Wikipedia article on Vasant Panchami.