Lalita Panchami is a Hindu festival celebrated during the nine-day Navratri festival, which falls in the Hindu month of Ashwin (September-October) . It is observed on the fifth day of Sharad Navratri. Lalita Panchami is also known as Upang Lalita Vrat and is a fasting day for Goddess Lalita, who is considered to be an incarnation of Goddess Durga or Shakti.

Worshipping the Goddess on Lalita Panchami is believed to bring happiness, wisdom, wealth, prosperity, and peace in the lives of the devotees. The fast is believed to bestow these benefits on the devotees. The observance of Lalita Panchami involves keeping a fast and performing rituals to seek the blessings of the Goddess.

In summary, Lalita Panchami is a Hindu festival celebrated during Navratri, observed on the fifth day of Sharad Navratri, and is a fasting day for Goddess Lalita. It is believed to bring happiness, wisdom, wealth, prosperity, and peace in the lives of the devotees.