This financial calendar will aid you to plan your taxes, remind to file your income tax on time and save on penalty
A new financial year (2019-20) has just started. Each month brings with itself a new task for us to do.
Be it tax-planning, which we seriously advise you to start in the first month itself rather than procrastinate, or giving tax declaration, filing for IT returns, or even making resolution to spend wisely in the festive season.
It’s good to set some meaningful goals at the start of the year.
To help you get through each of the hurdles, we bring Moneycontrol’s annual financial calendar for 2019-20.
This calendar will aid you to plan your taxes, remind you to file your income tax on time and save on penalty, take smart financial decisions throughout the year and stay on course to achieve set financial goals.Keep a copy with you.
|Month||Don’t forget to…|
|Why wait till the end of the year to plan your taxes? Start your tax-saving mutual fund SIP right away.|
|If you haven’t dematerialised your physical equity shares by April 1, you can no longer sell them in physical form. But you can still dematerialise them later.|
April 30: Due date for submitting declarations of interest income to your bank in Form 15G/15H for the financial year ending March 2019. Form 15H is for senior citizens (60 years and above) and Form 15G is for everyone else.
May 7: Akshaya Tritiya. Considered to be an auspicious occasion to buy gold. Moneycontrol recommends to buy gold mainly for asset allocation and not on occasion. Stick to gold sovereign bonds and avoid physical gold if you can.
|May 31: Deadline for non-resident Indians (NRI) to get a permanent account number (PAN). Quoting PAN will be mandatory for NRIs for transactions (money transfer, making investments and so on) of Rs 2.5 lakh or more during financial year 2018-19.|
|For salaried employees, keep an eye out on Form-16. It contains details of the amount of tax deducted at source (TDS) on salary by your employer along with the salary breakup for the financial year.|
|June 15: First instalment (15% of taxable income) of advance tax is due for income greater than Rs 10,000 in a financial year (other than salaried income). In first instalment, deposit 15% of tax liability.|
|July||July 31: Last date for filing your income tax returns for financial year 2018-19.|
|August||August 15: India’s independence day. But are you truly financially independent? Emergency corpus to ensure you don’t dip into you long-term savings, adequate insurance and a solid investment plan are a must.|
|September||September 15: Second instalment (45% of taxable income) of advance tax is due for income greater than Rs 10,000 in a financial year (other than salaried income). In second instalment deposit 45% of tax liability.|
|Happy Diwali. Online discounts are on offer. Spend wisely. Do not overspend and avoid paying EMIs unnecessarily.|
|Time for the half-yearly check of your portfolio. Are you on your track to reach your financial goals?|
|Baby’s day out. Good time to teach your kid money management. Buy your child that piggy bank and nudge the kid to put money in it regularly.|
|November 30: Last day to claim foreign tax credit, for taxes paid abroad while working. Submit Form no. 67.|
|This is a good time to review your expenses in year gone by. Prepare a budget for new year and stick to it.|
|December 15: Third instalment (75% of taxable income) of advance tax is due for income greater than Rs 10,000 in a financial year (other than salaried income). In third instalment deposit 75% of tax liability.|
|January||Organise your investment proofs, house rent receipts, medical test receipts, donation receipts, and so on, to submit to your employer for year-end tax computation.|
|February 1: Union budget is announced so keep an eye and understand how it’s going to impact your wallet.|
|Planning for summer holidays with your family? Keep an eye out on the early-bird deals.|
|March 15: Fourth instalment (100% of taxable income) of advance tax is due for income greater than Rs 10,000 in a financial year (other than salaried income). In fourth instalment deposit 100% of tax liability.|
|March 31: Last chance, hoping you have got all your tax planning investments in order.|