Chaitra Shukla Panchami is Kalpadi Tithi. As per Vedic division of time, this day relates to beginning of a Kalpa. As per Hindu Panchanga there are seven Kalpadi days in a year including Gudi Padwa/Ugadi and Akshaya Tritiya days.
Apart from being Kalpadi, this day is popularly known as Lakshmi Panchami. As the name suggests, the day is dedicated to Goddess Lakshmi, the Goddess of wealth and prosperity. Lakshmi Panchami is also known as Shri Panchami and Shri Vrata. Shri is another name of Goddess Lakshmi. This day should not be confused with Vasant Panchami which is also known as Shri Panchami but dedicated to Goddess Saraswati, the Goddess of art and knowledge.
The day of Lakshmi Panchami falls during the first week of Hindu New Year. Worshipping Goddess Lakshmi at the beginning of the year is considered very auspicious. People observe a day long fast and worship Goddess Lakshmi at home as well as in office. Some business houses and traders perform elaborate Puja on the very same day.