Tax Planning in FY 2019-20

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As the beginning of the new year is the right time to make resolutions and invest wisely in yourself, the commencement of new financial year again presents you with 365 blank pages to write your financial future. Make sure you draft your investment declaration for the year FY2019-20 after thoroughly analyzing where to invest your hard earned money, this year.

The new financial year 2019-20 is here and as we set out for another year of good returns and increased income, here is the list of important tasks you must mark on your April 2019 datebook now to ensure you save taxes, meet financial deadlines and invest in financial instruments that not just maximize your ROI but also save you tax this year.

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Start by investing small in April 2019 itself, every single penny invested in the right set of investment tools that save tax, is equal to money saved from paying in taxes. There are various sections under the income tax act that help you claim deductions or exemption from taxable income.

Besides tax planning for FY 2019-20, you must also look through other financial deadlines like:

1st of April 2019 marks the day when your shares in physical form will become illiquid if you do not dematerialize them. Take time out and convert your physical scrips in a DEMAT account so as to continue transacting in the year to come.

First Week of April 2019 is the timeline you must set for yourself as an entrepreneur, solopreneur or freelancer to submit all invoices or raise bills for any product/service sold for or before March 2019.

If your annual income is less than taxable, then you must submit form 15G/15H in this month to make sure your bank doesn’t deduct TDS on interest income above INR10,000/-

Credit : ABP News