The new financial year has begun. The beginning of a fiscal year is an excellent time to review your tax planning, investments, and financial goals.
Many tech startups and global IT firms, including Amazon, Alphabet, Meta, and Microsoft, have begun the year 2023 with mass layoffs. Several companies gave their employees pink slips with no notice period. In March, Facebook parent Meta announced 10,000 job cuts in a second round of layoffs. The industry is preparing for a significant economic downturn.
Meanwhile, the fiscal year 2023-24 will soon begin. It is time for new beginnings, a thorough review of your finances, and planning for the coming year.
- Overview of the Financial Year Calendar 2023-2024
- April 2023- Time to choose between New or Old Tax Regime
- May 2023- The Tax Filing Season- Review nominations across investments and bank accounts.
- June 2023- Collect Form – 16 from your Employer.
- July 2023- Time to review your Annual Information Statement
- August 2023-The festive season is upon us! Start Making a Budget!
- September 2023- Review your NPS Asset Allocation!
- October 2023- Use the festive season discount wisely! Spend Wisely!
- November 2023-Review your Investment Portfolio this Diwali!
- December 2023- Review your expenses for the year 2023!
- January 2024- Make Money Resolutions for New Year 2024!
- February 2024- Watch out for early bird summer deals!
- March 2024- Last Month of the Financial Year!
- 1. Start Planning your Investments
- 2. Tax Planning
- 3. Review your Insurance
- 4. Negotiate Lenders
- 5. Spend wisely!
Overview of the Financial Year Calendar 2023-2024
April 2023- Time to choose between New or Old Tax Regime
22nd April- Akshaya Tritiya-When buying gold, remember the 6-digit Hallmark Unique Identification number is mandatory.
May 2023- The Tax Filing Season- Review nominations across investments and bank accounts.
Are you sure you have an emergency corpus? If not, start building now!
3rd May- Last Date for choosing a higher pension option under the Employees’ Provident Scheme
June 2023- Collect Form – 16 from your Employer.
Starting a new job? Don’t forget to do your first SIP!
15th June-Pay 1st Advance Tax Instalment
July 2023- Time to review your Annual Information Statement
Get your credit report and review it for any errors.
1st July- Are you planning a foreign investment? If yes, then remember foreign investments exceeding Rs. 7 lakhs will attract 20% TCS
31st July- Deadline for filing Income Tax Returns for FY23
August 2023-The festive season is upon us! Start Making a Budget!
Also, make a will if you haven’t yet and give a copy to someone trustworthy!
15th August- Be Financially Independent!
September 2023- Review your NPS Asset Allocation!
15th September-Pay 2nd advance tax installment
30th September- Last day to furnish nominations for Demats and MF accounts.
October 2023- Use the festive season discount wisely! Spend Wisely!
November 2023-Review your Investment Portfolio this Diwali!
10th November- Buy Gold within limits.
30th November- Last Day to submit existence certificate to claim pension for Central Government Employees
December 2023– Review your expenses for the year 2023!
15th December- Pay 3rd advance tax instalment.
31st December- Due date to file revised returns.
January 2024- Make Money Resolutions for New Year 2024!
31st January- Due date to revise returns for updated returns filed in December 2023
February 2024- Watch out for early bird summer deals!
1st February – The Union Budget Day!
March 2024- Last Month of the Financial Year!
15th March- Pay 4th Advance tax instalment.
30th March- Last day for tax planning for FY24
31st March- Last day to reclaim income tax benefits.
1. Start Planning your Investments
Consider your investments. Examine your diversification across equity, debt, gold, and international investments. Perform an asset allocation test. Even if you’ve determined your asset allocation in the past, you should review it every year or two to see if your attitude toward money has changed.
Make an investment strategy. If you haven’t already, April 1 is a good time to start a systematic investment plan (SIP). Those with ongoing SIPs should see if they can top up a little bit, given the annual increments that they will hopefully receive very soon.
2. Tax Planning
Our money calendar also reminds you of important tax deadlines. You must pay your advance taxes in addition to planning your taxes and filing your income tax returns on time.
3. Review your Insurance
Remember to review your health and life insurance needs. Are you properly insured? If not, you should get a good health insurance policy as soon as possible. You should also go over your portfolio and sell off any underperforming traditional insurance policies.
If you have a health insurance policy and have recently married or plan to marry this year, consider expanding your coverage to include your spouse.
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4. Negotiate Lenders
Since the start of the rate tightening cycle in May 2022, the Reserve Bank of India has raised repo rates by a total of 250 basis points. The repo rate is now 6.5 percent, up from 4 percent last year.
Individual borrowers are being impacted by the series of rate hikes, particularly those with floating-rate mortgages.
Even in a high-interest-rate environment, there will always be opportunities to negotiate a lower interest rate or an option switch with your bank. In our financial calendar, we strongly advise you to switch your home loan even if the difference in rates between existing and new lenders is only 35-50 basis points.
5. Spend wisely!
It’s perfectly acceptable to spend your hard-earned money and have fun. Maintain a budget, however, and keep track of your expenses.
Also, keep an eye on your credit report for any unusual activity or errors. If you want to borrow from a bank or a non-banking finance company, having a good credit score will help you get good loan rates. (NBFC).
Take a vacation with your family every now and then. Look for the best travel deals and vacation packages.
Starting with this financial year (April 1, 2023), make sure you begin your tax planning as soon as the year begins.
We hope you found this blog informative and use the information to its maximum potential in the practical world.
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