Financial to-do list for 2018. Save these dates

Apr 30, 2018 | 8 months ago | Read Time: 3 minutes | By iKnowledge Team

Dropping your guard can always come back to bite you, especially if it is related to money. So, why skewer your carefully-laid financial plans? Mark your calendar instead and ensure you are on course and meet the targets you had set for yourself.

Sure, 12 months can seem to be a long time and remembering all these dates, and even taller task. So here are some of the important days of the year that you can circle on your calendar or, better still, set a reminder on your phone.

February 1

Budget: This is the day that can help you save taxes. And who doesn’t want to save taxes? No wonder this is the first important financial date of the year. The fact that the annual budget can overhaul the taxation structure means that you should be on your toes. Keep your ears pricked for any tax-saving opportunity. Doing so will only mean that you are not behind the nine-ball and playing catch up at the end of the year. So, go through the finance minister’s speech carefully and make appropriate plans to save on taxes.

March 31

The day of the Aadhaar:The Aadhaar card, for better or for worse, has become a very important financial document. The Indian government expects you to integrate it with all your financial documents. Remember to link your Aadhaar with PAN card, mutual funds, bank account, small savings account and insurance policies by March 31.

June 15

Form 16: You can get this form from your employer. This document testifies that your employment has deducted TDS (tax deducted at source) from your salary. Therefore, it is an all-important document while filing your tax returns. So, get your hands on this form quickly.

July 31

Tax filing: You need to file your income tax returns (ITR) every year. The ITR processed by the government can be an income proof and is useful during a loan application. So, make sure you file your tax returns on time, especially when you expect any tax refund from the government. The last date for filing the ITR for the current financial year 2017-18 is July 31, 2018.

June 15/September 15/December 15/March 15

Advance tax: The government meets its expenses partly by collecting advance tax every quarter. The quarter deadline for advance tax payment is June 15, September 15, December 15 and March 15 in a financial year.

There are three simple steps to find out whether you are liable to pay an advance tax. First, calculate your total income in a particular financial year. Then calculate the investments you plan to make. And the final step is to check whether your tax liability exceeds Rs 10,000. If it does exceed, you are liable to pay advance tax.

Other dates

There are a few more important financial dates that need to be circled on the calendar. However, these can differ from one person to the other.

  • Insurance premium: Make a list of life and health insurance policies. Note the dates on which you need to pay the insurance premium. Paying the premiums on time will ensure your insurance policies remain active.
  • Mutual fund SIP: Paying mutual fund investment on time will ensure you are on track to meet your financial goals.
  • Tax declaration: An employer collects information from employees about income from other sources or investments made for tax deduction in a financial year. This helps the employer to project the employees’ tax liability in a year. The employer deducts the tax and deposits it to the government. Therefore, you must submit tax declarations with your company in the first quarter of the year. 

To sum up

These are the few financial dates that need to be kept in mind. Adhering to this calendar every year you can ensure you meet your targets.

Advt. no.: IA/Apr 2018/3903


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