Tax Planning

Vital Dates you Should Keep in mind for Funding, Tax Planning

April 1 has already marked the beginning of a new financial year 2022-23 for all of us, and as it begins we must take note that we spend all our money judiciously so we can always better our portfolio and use the money in case of emergencies . The beginning of a new financial year is the best time to get your financial plans in order, like planning your investments, getting good insurances and keeping a check on your monthly spends. You should also build an emergency corpus, since there is a pandemic going on and on top of it sits a number of international conflicts that is pulling down stock markets worldwide.

Here is a calendar with all important desks and monthwise money related tasks that you should do:

APRIL

– If you get an annual bonus, pay off your debts first and then invest another big chunk. April is the best time to make tax investments and start your ELSS SIP. Spend the rest of the money from your bonus

– You must also submit Form 15G and 15H to avoid TDS deductions

– On the other hand, senior citizens of age 75 and above who get income from pension and fixed deposits must submit Form 12BBA.

MAY

– May is the tax filing season and so prepare your income tax statement for the current financial year. You should also build an emergency corpus by now

– Review all nominations for bank accounts, investments and insurance policies, and also review your insurance cover as premiums are likely to rise

– May 3 marks Akshaya Tritya. But you must not buy gold out of suddenness and only buy it if your investment in this asset is less than 10 per cent

JUNE

– June 15 is an important date for you. On this day, make the first installation of advance tax payment.

– Also collect form 16 from your employer for the current financial year

– Be alert regarding the RBI’s monetary policy meet and check if your home loan EMIs have gone up if the central bank increases interest rates

JULY

– July 1 is the last date to tokenize your debit and credit card to carry out only transactions securely

– You should also review your annual information statement and resolve it if there are some discrepancies

– Another important July deadline is July 31 — the last date to file ITR for FY22

– Review credit errors, suspicious loans thorough your annual free of charge credit report

AUGUST

– Review your asset allocation and performance under NPS

– This is also the right time to make a will and give it to someone trustworthy

SEPTEMBER

– September 15 is the last day to pay the second installation of advance income tax

– September 30 is officially the middle of the financial year, and it’s your time to review your financial portfolio

– Make plans and create a budget to spend for the festive season ahead in the next quarter

OCTOBER

– Start doing income tax planning if you have not already

– Get hold of sales and discounts and shop for the festive season

– Brush up your investments during Diwali

NOVEMBER

– Keep and eye on travel deals to make a trip in the winter season and choose wisely

DECEMBER

– Time for the third advance tax payment installation, which is on December 15

– Review your expenses for the whole year

JANUARY

– As the new year begins, review your financial aims and asset creation towards them

– Keep your investment proofs ready to show your employer

FEBRUARY

– February 1 is the most important day of the finance, as it is Budget Day. Keep an eye on the budget presentation to know your tax liabilities

– Keep a track of deals for traveling during a summer vacation

MARCH

– Two important dates this month — pay your fourth advance tax installment

– March 30 is the last date to plan your taxes for FY23

Read all the Latest News , Breaking News and IPL 2022 Live Updates here.

Related Articles