The festival marks the start of spring and the Holi season. On this day Hindus worship Saraswati Devi, the goddess of knowledge, music, art and culture.
Bollywood celebrities took to Twitter to extend their wishes.
"My greeting for Basant Panchami and Saraswati Puja to all. Saraswati is the goddess of music and it is because of her blessings that I'm devoted to music, it's my privilege. I'm sharing goddess Saraswati's painting, made by my sister Usha and a link of a Saraswati Vandana," Mangeshkar said.
"And as per the Hindu calendar, it's my birthday too. Was born on Basant Panchami. So Happy Birthday to me too," he tweeted.
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"Today is Saraswati Puja. May the Goddess bless us with intellect, art, music, wisdom and goodness," Ghoshal wrote.
Singer Shaan said, "Basant Utsav greetings. Happy Saraswati Puja!"
"The first day of Ritu Basant (Spring Festival). Celebrates Kamdev and his wife Rati. Day to worship Goddess Saraswati. Happy Vasant Panchami," wrote 'Ra One' director Anubhav Sinha.