With the start of the new financial year, you need to do some work so that the finances are well managed throughout the year and there is no money trouble. Tell us what five things to keep in mind at the beginning of the new financial year.
Investing in PPF – PPF is the most preferred investment medium for most people. 1.50 lakh under Section 80C of PPF Income Tax. Most people go and invest at the end of the year, but if you invest at the beginning of the year, you should understand here that you will be interested for the entire year.
Tax plan for the present Most people plan the tax at the last minute. We invest in options where the lock-in period is longer or the investment is not tailored to your risk potential. It is always best to start planning tax at the beginning of the financial year.
15H / 15G Form – The bank will deduct TDS before depositing interest on the depositors ’accounts. If your income is below the exemption limit, you do not have to pay taxes. You submit the 15H / 15G form to the bank so that the bank does not deduct the TDS. These forms should be submitted to the bank, post office etc. at the beginning of the year.
Choose the method of taxation – Taxpayers can choose between two methods of paying taxes. Taxpayers can choose less slabs for the new tax system. However, taxpayers should not forget the 70 per cent tax deduction in the old tax system. Taxpayers must file an ITR and choose which tax slab they want. However, choosing the first tax slab makes tax planning easier.
Documents to Submit ITR – You need to file an income tax return soon, so it’s best to collect the document in advance. So, at the last moment, you can avoid trouble. Take a bank interest statement, a mutual fund investment, a home rental or a home loan statement in advance.
Now that there is much interest in HDFC’s FD, keep in mind these four things
