A new financial year (2020-21) is about to begin very soon. Each month brings with itself a new task for us to do. Here is what you need to do this financial quarter to set some meaningful goals at the start of the year.
April: 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 fi nancial 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. Various fi nancial 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 nonresident 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 fi nancial year 2020-21.
June: For salaried employees, keep an eye out on Form16. It contains details of the amount of Tax Deducted At Source (TDS) on salary by your employer along with the salary breakup for the fi nancial year.
June 15: First installment (15 percent of taxable income) of advance tax is due for income greater than Rs 10,000 in a fi nancial year (other than salaried income). In fi rst installment, deposit 15 percent of tax liability.