Budgeting Finance Financial Advice Personal Strategy

Financial Planning has become a major part of our life and it is almost necessary for long-term goal planning for the financial year 2022. However, managing finance also needs some research smart decision on the investor’s part. To ease your burden and help you make a better financial decision here is the calendar for the Financial year 2022.

Due to the second wave of the pandemic, we already lost 3 months of this financial year. But since the economy is now returning back to normalcy, we can hope to see some major financial trends this year.

June

The Central Board of Direct Taxes (CBDT) has extended the last date of filing Tax Deducted at Source (TDS) for the fourth quarter of FY 20-21. As per the official notice “The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31 st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021”.

July

financial returns deadlines

While as per the initial instructions, the individual taxpayers were required to furnish their return of income for the Assessment Year 2021-22 by 31 July 2021. The last date for that has now been extended by the government. Thus, you can use this month to gauge your credit positions.

You can use this month to relax and can do some analysis on your past credit report. This way you can draw out a solid plan for yourself to build a better credit position.

credit score analysis

August

You have the whole month of august for you to plan for the upcoming tax deadlines in September. This is the month of Independence Day and many cultural programs are observed during the month. Enjoy the kite flying with your family on this Independence Day.

September

In September you can expect some serious work and should prepare yourself to face the challenges. The month is going to be enormous as there are deadlines for various tax filings. The last date of furnishing the 2nd advance tax FY21 is September 15. And hence you will need to pay all taxes before, in order to stick with the deadline.

Also, the deadline for the furnishing of the return of income for the Financial Year 2022 has been extended to September 30 from July 31, 2021. Even though the month of September is looking hectic already you can use the month of July and August to plan in advance.

October

Hey, the month of October is full of the festive season and all the sales and enthusiasm that comes with it. So, if you’ve been eyeing something that was a bit over your wallet, you can make those purchases now. You can make the most out of the festive discounts that will be up on offer in October. Save money buy smart during this discount season.

November

The winter has now begun in the country, the weather is beautiful for day-outs and a family picnic just sounds right. This Children’s Day, you could introduce your children to financial literacy by teaching them how to run a bank account.

The Audit assessors will have to file the income tax return before November 30. Earlier the date was October 31.

December

With the festive spirit of Christmas, the month of December in the calendar is here. The date for the 3rd advanced income tax installment to be furnished is December 15.

As you move to the new financial year 2022, take some time to look upon your finances for the year 2021. Try to come up with pointers for you to correct any financial behavior that you did not like. Do not forget to track your financial goals and position to see if you are moving in the desired direction.

January

As you move in the last leg of the calendar, keeping your tax investment proofs prepared is a good idea. These bills and coupons that you have collected during the year will help you to file for a tax refund.

Try to make 3 new year financial resolutions for the security of your future while keeping your long-term goals in mind. Also, try to come up with some short-term goals to ensure that you don’t stray from your financial goals.

February

Every year the new budget is released by the government in the month of February. This month is very important in terms of your financial plans for the new financial year. These policies will be affecting everything in the country including you. So a good analysis of the budget becomes crucial for you to figure out what will be affecting your finances and plan accordingly.

This Valentine’s Day, spend some quality time with your partner, and while a strict financial plan is good but a special day for your partner is not a bad idea. With all the loving memories move forward to execute your financial decisions collectively.

March

Spring is knocking on the door, it is time to say goodbye to your winter clothes and give a warm welcome to the upcoming warm weather. The march is here and the deadline for the 4th and final installment of advance taxes of the financial year 2022 is March 12. Pay the final installment of your advance tax and move forward with the tax planning for the next year.

For more such updates, keep watching this space!

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