One way to manage your finances is by keeping a track of all important dates. Right from the deadline to filing income tax returns to paying your bills, a financial calendar is a must have for every women to stay on track with their money matters. So, save these dates and plan your year accordingly.
Note: The dates marked in blue are all tax related dates.
- This month list out all your financial goals for the year
- Set payment reminders for each month for insurance premiums, utility bills, property tax etc. This way you won’t miss a single date and will avoid paying late fees!
- Throughout the month track your expenditures and at the end calculate how much you saved.
- Plan one step ahead and estimate a savings figure for each month. Depending on this amount leave a portion aside for investing.
- On the 1st the government’s going to be announcing the Union Budget, so keep an eye on the Income Tax part of the news. This will tell how much tax you’re liable to pay on your income.
- Now’s the time to claim any allowances promised by your company because few allowances cannot be claimed while filing your income tax returns i.e. 31st July.
- If you’ve not yet filed your income tax returns for financial years 2015-16 and 2016-17 then March 31st is your last chance. Ideally don’t wait up for the last day or you’ll find yourself in a mess. Check out how taxes are filed here if you’re still unsure.
- 15th: Last date to pay the fourth installment of advance tax for the financial year 2017-2018.
Advance tax is a compulsory way for someone who’s tax liability is more than Rs. 10,000 to pay taxes. It allows them to pay tax in intervals and not on a lump sum basis. Like a ‘pay as you earn’ tax concept so the burden doesn’t fall all at once. For all those getting a salary don’t worry this is already done in the form of TDS-Tax deducted at source by your employer.
- 31st: Deadline for linking your Aadhaar cards to the various services:
- Try not to make any last minute tax saving investments that don’t fit in with your financial goals!
- Whatever was discussed in the budget it will come into effect from the 1st of this month
- If you’re planning on investing a lumpsum amount in PPF do it before the 5th of this month to get a higher interest.
PPF is basically a better and tax free way to invest your money. One can deposit money for 15 years with a maximum of 12 installments per year.
- 18th: It’s Akshaya Tritiya (Akha Teej) the third day of unending prosperity according to the Hindu calendar. Everyone’s going to buy gold because its ‘auspicious’. But from an investment perspective buying gold right now isn’t the best idea (according to experts that told DNA Money).
- If your boss has increased your salary increase your investments in line with the hike. Also use this to pay up any debt or loans that are left.
- If your increased salary changes your tax liability (and you now fall under a higher tax slab) then restructure your investments and include more tax saving investments.
- Now’s the time to plan your summer vacations because any further delays will only make your trip expensive. Check out: How you can travel on a budget?
- 3rd: For senior citizens above 60 years, this is the last date to invest in the Pradhan Mantri Vaya Vandana Yojana. It provides an assured return of 8% per annum and pension is payable for 10 years.
- If you haven’t started investing your money as yet, invest it now keeping in mind your tax liabilities.
- 15th: Last date to pay the first installment for your advance tax for the financial year 2018-2019.
- Start collecting forms 16 (from your employer) and 16A (from the issuer of that income) to ensure the smooth filing of your Income Tax Returns.
- In the financial sense this is a light month so use it to review your insurance, monitor your investment portfolio, and keep a check on your budget.
- 31st: It’s the last date for filing your returns for the financial year 2017-2018 if you miss this date then you can file them before March 31st 2019. But you might incur penalties up to Rs. 10,000 for the delay or you’ll receive your refunds late.
- Have a mid-year review with your financial advisor.
- This month has a few long weekends so plan your trips and make them pocket friendly of course!
- 15th: It’s the last date to make the second installment of your advance tax.
- Keep a track of your income tax returns and check up on your tax refunds for the same.
- Festive season kicks off with Navratri beginning on the 10th and Dussehra on the 19th. You should have your budget in place before you go shopping to avoid overspending. Just make sure you don’t buy things just because there’s a sale on them.
- 5th (Dhanteras) & 7th (Diwali): This is the perfect time to make big-ticket purchases due to the big discounts, but make sure you don’t overshoot the budget.
- 15th: Last day to make the third installment for your advance tax.
- Re-review your financial portfolio and check if your goals and investments are on track for the year.
- With all the savings that you’ve made enjoy your Christmas and have a Happy New Year!
Now that you’ve got all dates jotted down, go ahead and fill them up in your planner and remain financially savvy throughout the year!
(This is an abridged version of what appeared in the EconomicTimes.)