New Delhi: New financial year calls for looking and managing into the finances in a fresh way. With the new financial year (2025-26) starting from April 1, it is time to make changes and plan accordingly in regards to your money related matters.
Tax Planning
The new Income Tax rules announced in Budget 2025 have come into effect from April 1. While presenting the budget, Union Finance Minister Nirmala Sitharaman announced an across-the-board change in tax slabs and rates to benefit all tax-payers. She announced that there will be no Income Tax on annual income up to Rs 12 lakh under the New Tax Regime. The limit to be Rs 12.75 lakh for salaried taxpayers, with Standard Deduction of Rs 75,000. The government did not announce any changes in the Old Tax Regime.
Form 15G and 15H
If your income is not taxable, then submit Form 15G (age less than 60 years) or 15H (age more than 60 years). This prevents TDS from being deducted on interest. Form 15G/ 15H is a self-declaration form that shall be submitted by the eligible person (payee) to the payer for non-deduction of tax from the specified payments, Income Tax website states.
Invest in PPF and NPS
If you plan to invest lump sum in Public Provident (PPF) or National Pension System (NPS) schemes, the best time for deposit is the month of April as it will benefit you in earning interest for the whole year.
Start preparing for ITR filing
The taxpayers should start preparing to file Income Tax Return (ITR) for the previous financial year (2024-25) from April. The last date to file ITR is July 31, 2025. The salaried people will be able to file ITR after getting Form 16 in June. Until then, people can collect proof of other income (such as stock, rent or professional income) and keep the tax-saving documents in one folder.
People who are purchasing gold should take advice from financial experts as the yellow metal’s rates have skyrocketed in the last few months and the geopolitical conditions play a major role in deciding the price of gold.
The new financial year (2025-26) brings changes to tax laws and investment opportunities. Understand the new income tax regime, including the Rs 12 lakh tax exemption limit. Learn how to utilise Form 15G/15H to avoid TDS on interest. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
