Just when the economic activities were coming back on track with the start of the financial year 2021-22 in April, the second wave of coronavirus infection hit the country. Many parts of the country were forced into lockdowns and things again came to a standstill. However, now that we are moving back to normalcy and the government is hoping to vaccinate a large part of the country’s population in the coming months, we can expect things to turn around economically. While the pandemic has been tough for many people who were at the receiving end of economic slowdown and job losses, it has also taught us to plan for sudden economic hurdles that can pop up at any time. While we have lost almost three months of this financial year to the pandemic, we can now at least try to make our lives simple with better financial planning and doing the right things at the right time in the coming months.
Here’s what you can and should do for managing your money in the coming months.
The Central Board of Direct Taxes (CBDT) has extended the deadlines to file income tax returns for the financial year 2021. The last date of filing Tax Deducted at Source (TDS) for the fourth quarter of financial year 2020-21 has been extended to June 30, according to the circular.
While the initial deadline for filing Income tax returns for FY21 was July 31st, it has now been extended by the government. You use this month to gauge your credit positions by analyzing your credit report of the past.
September will be a hectic month with deadlines for various tax filings. The last date to pay your 2nd advance tax FY21 is September 15. Meanwhile, you will also need to file your Income Tax returns latest by September 30.
If you are looking to make some purchases this year, you could make the most of the festive discounts that will be up on offer in October. Save money by buying smart during the discount season.
Enjoy your time with family sharing love and care. This Children’s Day, you could plan to introduce your children to financial literacy by teaching them how to run a bank account.
Pay your 3rd advance income tax instalment by December 15. As you move to the news year 2022, track your financial goals and position to see if you are moving in the desired direction.
Make 3 new year financial resolution for securing your future while keeping your goals in mind. As you move in the last leg of the year, keep your tax investment proofs ready.
The month of February is very important as the government will present its new budget. The changes in policies by the government will impact your life too. So, analyze the budget details affecting you and plan accordingly. This Valentine’s Day, spend some quality time with your partner and move forward in taking financial decisions collectively.
Pay the 4th and final instalment of advance taxes of the financial year by March 12 and move to tax planning for the next year.