Happy new financial year!

We are a week into the new financial year. For the small section of people who are not aware, a financial year runs from 1st April every year to 31st March of the next calendar year. The beginning of the financial year could be the perfect time to plan for the year ahead and for the long term. Here is a checklist of important things to start with.

Revisit your financial goals

Life is never constant- changes in our personal life – marriage, new addition to family etc., or in professional life like a new job etc. could mean re-assessing and making changes in our financial goals regularly.

Review your portfolio

This could be a good time to review your current investment portfolio to see if they are on track in terms of performance relative to their peers and in achieving the investment objectives. Also changes in the financial environment and your financial goals could call for changes in your portfolio too.

Filing Income tax returns for the previous financial year

31st July is the last date for filing income tax returns for individuals. Though the process of filing has been made online and simpler, it is important to have all the necessary papers in place-form 16 from your employer, interest and TDS certificates from banks, details of tax saving investments etc.

Tax planning and investment

The union budget in February/March every year introduces new tax saving incentives and schemes. There could be changes in the income tax slabs which may change one’s total tax outgo. Update yourself with all these details and changes and chalk out a plan right now to invest the required amounts in appropriate tax saving schemes during the year.

Identify new investment opportunities

The finance and investment market is dynamic and constantly changing with new innovative products being introduced from time to time. It is important to understand, identify and invest in the suitable ones to maximize the efficiency and returns of your portfolio.

Plan your purchases

Planning to buy a new car, invest in a house or go on a family vacation later this year? All these require a huge outlay. So start planning for it now – the estimated budget, how much would be funded by you, explore taking a loan etc.

Seek professional help

If you are from a non finance background, you may find it difficult to understand the diverse and complex investment products available today. Do not hesitate to take professional help of a credible financial planner/advisor in handling your finances.



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