New Delhi: The new financial year 2025-26, will begin from April 1 and everyone should have their financial plans ready so that they are able to manage their money according to the changes.
To manage finances in an adequate manner, an individual should decide the goals and review the budget. You should go through your insurance policy and if needed, update or change it according to your needs. One should also recheck the tax strategy. If a taxpayer is eligible for Form 15G/15H then, the individual should submit it so that TDS is not deducted on interest.
You should take help of a financial advisor and discuss the tax saving investment plans. The people who have not created a will, could consider making it in the new financial year, which begins on Tuesday.
People planning travel trips should start saving for holidays and book tickets early. People thinking of long-term investment can opt to purchase gold on Akshaya Tritiya on April 30. To avoid hassle free and last minute surprises, taxpayers could gather necessary documents, collect Form 16 and start preparing for tax filing in May.
If an individual receives a bonus from the company, he/she can use it to pay pre-payment of an existing loan or create an emergency fund. Filing Income Tax Return (ITR) by July 31 is one of the most important factors an individual needs to keep in mind. If a taxpayer misses the ITR filing deadline, the Income Tax department will impose a penalty of up to Rs 5,000. Another tax factor is one can pay the second tax installment (45%) in September.
The taxpayers should make sure to pay the third tax installment (75%) in December. The people filing belated ITR are required to file it by December 31. Pay the fourth tax installment in March and make tax saving investments by March 31. The taxpayers should make sure to submit insurance and other tax saving investment proofs in January-February 2026. One should also closely follow the Budget announcements.
In the new financial year, people should create a budget for festive expenses in advance as it helps them to enjoy the festivals and spend within the budget and avoid unnecessary expenditure. This type of year-round planning can help you keep financially strong.
The new financial year 2025-26 brings crucial financial planning opportunities. Review your budget, insurance, and tax strategy, considering Form 15G/15H for TDS exemption. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
