Personal Finance Calendar 2024-25

Tue, 20 Aug 2024

7 mins

Let's delve into the essential dates shaping your financial landscape for the year ahead. From tax deadlines to investment milestones, here is a comprehensive roadmap to navigate the intricacies of personal finance in 2024-2025. Stay informed, plan strategically, and seize every opportunity for financial growth and stability.
 

• April

  New financial year begins
  As the new financial year commences, it's time to initiate your tax planning strategies. Have you considered exploring options like Equity Linked Savings Schemes (ELSS) or Systematic Investment Plans (SIPs)? They could potentially offer you avenues for tax savings and investment growth simultaneously.
  
  Choose between new or old tax regime
  When deciding between the new and old tax regimes, you're essentially navigating through different avenues for tax optimization. The choice between them involves weighing various factors such as your income structure, deductions, and long-term financial goals.

• May

  Prepare your income statement for FY 24- 25
  Get ready to compile your income statement for the financial year 2024-2025. This process involves meticulously documenting your earnings, expenses, and investments to gain a comprehensive overview of your financial activities during the period. By carefully crafting your income statement, you'll not only fulfill regulatory requirements but also gain valuable insights into your financial health, enabling informed decision-making for the future.
  
  10th
  Akshay tritiya
  Diversify your portfolio by investing in multiple assets like gold etc.
   

• June

  Collect FORM 16 from employer
  Ensure to collect your FORM 16 from your employer, a crucial document providing a detailed summary of your income and tax deductions for the fiscal year. This form serves as a vital resource for filing your income tax returns accurately and efficiently. By gathering FORM 16, you'll have access to essential information necessary for assessing your tax liability and maximizing potential refunds or benefits.
  
  Got your annual salary increment? Pay off your loan or invest
  Now that you've received your annual salary increment, it's the right moment to consider your financial priorities. You may allocate these additional funds towards paying off existing loans, thereby reducing debt burdens and potentially saving on interest expenses. Alternatively, you could explore investment opportunities to potentially grow your wealth over time. Carefully weighing these options ensures you make informed decisions aligned with your long-term financial goals and aspirations.
  
  15th
  Advance tax payment for FY 2024-25
  As part of your financial obligations for the fiscal year 2024-2025, it is important to make your advance tax payments on time. According to the guidelines, 15 percent of your estimated total tax liability must be paid as the first installment of advance tax. This proactive approach helps in managing your tax liabilities efficiently and avoids any potential interest or penalties for underpayment.
  
  30th
  Nominee Appointment deadline
  It's essential to appoint a nominee for your demat and mutual fund accounts to ensure your investments are securely managed in case of any unforeseen circumstances. Be mindful of the deadline to complete this nomination process to avoid any complications or disruptions in the management of your accounts. Assigning a nominee is a crucial step in safeguarding your financial assets and providing peace of mind for both you and your beneficiaries.

• July

  A new union budget after elections will be announced
  Post elections, a new union budget will be announced. It is crucial to review this budget carefully to understand its tax implications. Analyzing the changes and updates in the tax policies will help you plan your finances more effectively, ensuring you make informed decisions regarding investments, savings, and expenditures. Stay informed to take full advantage of any new benefits or to mitigate any potential impacts on your financial situation.
  
  31st
  Income tax return filing
  Individuals and entities not subject to tax audits, and those who haven't engaged in any international or specified domestic transactions, must file their income tax returns for the financial year 2024-2025. Ensuring timely and accurate filing of these returns is essential for maintaining compliance with tax regulations and avoiding any penalties. This process involves carefully documenting your income, deductions, and credits to reflect your financial activities for the year.  

• September

  Time for mid year portfolio review
  It's time for your mid-year portfolio review. This is a crucial opportunity to assess the performance of your investments, evaluate your financial goals, and make necessary adjustments. By conducting a thorough review, you can ensure that your portfolio remains aligned with your risk tolerance and investment objectives, and take advantage of any emerging market opportunities. This proactive approach helps in optimizing your investment strategy for the remainder of the year.
  
  15th
  Second advance tax instalment
  It's time to pay the second advance tax instalment for the financial year 2024-2025. You need to pay 45% of your total estimated tax liability, after deducting any advance tax already paid in previous instalments. Ensuring timely payment of this instalment is crucial to remain compliant with tax regulations and to avoid any interest or penalties. This step is vital in managing your tax responsibilities efficiently throughout the year.

• October and November

  29th Oct
  Dhanteras
  Diversify your portfolio by investing in multiple assets like gold etc.
  
  30th Nov
  ITR filing for transfer pricing cases
  Taxpayers involved in transfer pricing cases, specifically those with international and specified domestic transactions, must file their income tax returns for the financial year 2023-24. This filing requires meticulous documentation and compliance with transfer pricing regulations to ensure all inter-company transactions are reported accurately and fairly valued. Meeting this obligation on time is essential to avoid penalties and ensure adherence to tax laws governing such transactions.

• December

  Third advance tax instalment
   This instalment requires you to pay 75% of your total estimated tax liability, accounting for any advance tax payments made in previous instalments. Timely payment of this instalment is crucial to maintaining compliance with tax regulations and avoiding any potential interest or penalties. This proactive step helps in efficiently managing your tax obligations and financial planning for the year.
  
  31st
  Belated/Revised Return
  It's crucial to be aware of this deadline, as it signifies the last opportunity to rectify any errors or omissions in your original return or to file a return if you missed the initial deadline. Whether you're correcting mistakes or filing late, adhering to this deadline is essential to avoid any potential penalties or repercussions.

• January

  Submit tax investment proofs to your employer
  Ensure you submit your tax investment proofs to your employer without delay. These documents provide evidence of your investments and expenditures that qualify for tax deductions or exemptions. By promptly submitting these proofs, you help ensure accurate tax withholding and potentially reduce your taxable income, maximizing your tax savings. Additionally, timely submission facilitates smooth processing of your income tax returns, minimizing the risk of any discrepancies or delays in refunds.

• February

  Union budget
  The Union budget will be announced, and it's crucial to assess how its provisions could affect your tax liabilities. Reviewing the budgetary changes in detail allows you to understand any adjustments to tax rates, exemptions, or deductions that may impact your financial situation. This proactive approach empowers you to make informed decisions regarding tax planning and financial management, ensuring you maximize benefits and minimize any adverse effects resulting from the budgetary reforms.

• March

  15th
  Final advance tax payment
  Between January and March 2025, it's time for the final advance tax payment for the financial year 2024-25. This payment is significant, as it requires you to cover 100% of your estimated tax liability, taking into account any advance tax payments made in previous instalments. Ensuring timely and accurate payment of this final instalment is crucial to fulfilling your tax obligations and avoiding any potential interest or penalties. This proactive step helps in effectively managing your finances and ensures compliance with tax regulations as the financial year draws to a close.

• To bring it to a close

  At InCred Premier, we acknowledge that your hard-earned wealth deserves nothing less than the utmost care and attention. Rest assured, we are committed to providing you with unparalleled investment services.
  
  If you need help or have any questions as you progress, our dedicated team is here for you. You may reach out to us at care@incredpremier.com