Such people should take out some time for these tasks at the end of the year. Moneycontrol is telling you about some such important tasks, which would be good to complete before 31 December.

1. Rebalancing your portfolio

The stock market started declining in early October this year . The decline has been seen reducing in the last few sessions. However, the value of your portfolio would have decreased due to the decline in October and November. The balance of equity and debt would have changed. This is the right time to take a close look at the portfolio once. If the share of equity in your portfolio has decreased, then you can use the opportunity of market decline to invest in equity. This will balance your portfolio again.

2. Tax planning

If you use the old income tax regime, then you should check once whether you have made the necessary investment to claim tax deduction. If you have not done so, then you have time till March for that. To claim deduction under Income Tax Section 80C and 80D, you have to invest before March 31. By checking now, you will know how much more investment you have to make for tax savings. If your health insurance is going to be renewed in January or February, then you have to plan for its premium payment from now. If this is not done, renewal may be missed.

3. Investment plan for 2025

Many people increase their investment every year. This is very important to create a big fund in the long term. If you have also planned to increase your investment from next year i.e. January, then you have to prepare for it from now. You can decide the plan by looking at your financial situation as to how much additional investment you can make from January. If you want, you can increase your investment in mutual fund schemes through SIP from January.

4. Belated return filing

If for some reason you have missed filing income tax return by 31 July, then you can file belated return till 31 December. Income tax return for FY24 can be filed till 31 December with penalty. However, in filing belated return, the taxpayer also has to pay interest on the tax amount. You can take the advice of your tax expert in this regard.

5. Insurance planning

If you have not taken term insurance or you have a policy with low cover, then this is the right time to review it. The cover of your life insurance policy should be sufficient for your needs. The cover of your health policy should also be sufficient. By reviewing it at the end of the year, you can plan to increase the cover in the new year.

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The post Financial Deadline: Complete these 5 work before 31st of December for better financial planning first appeared on Rightsofemployees.com.

Financial Deadline in March 2024: March, the last month of the financial year 2023-24, is going on and its 8 days are being completed. The last date of many financial transactions is coming to an end in this month. This month, the deadlines for many tasks related to Aadhaar update, investment for tax saving, PPF, SSY account are ending.

If you have not updated Aadhaar for a long time, then complete this work before March 14. UIDAI has fixed March 14 as the last date for free Aadhaar updating. After this you will be charged for online Aadhaar update.

If you want to claim tax exemption for House Rent Allowance or Leave Travel Concession, then submit the related bill before March 31.

March 15 is the last date to deposit the fourth installment of advance tax for the financial year 2023-24.

If you change your job in the financial year 2023-24, then it is necessary to submit the 12B form received from the old company to your current employer. Complete this work before 31st March.

To get tax exemption in the financial year 2023-24, complete the investment work in March. Otherwise you will not be able to get the benefit of tax exemption later this financial year.

If you have not invested even a single rupee in schemes like PPF, SSY throughout the year, then do this work before 31st March. Otherwise such accounts will be deactivated from April 1. In such a situation, invest at least Rs 500 in the PPF scheme and at least Rs 250 in the SSY scheme.

National Highways Authority of India (NHAI) has extended the deadline of Fastag from 29 February to 31 March. In case of not updating KYC, NHAI will deactivate Fastag.

Generally people resort to auto debit mode to deposit home loan EMI, SIP, insurance premium. In such a situation, if money has not been deducted from your account through auto debit mode, then complete this work today itself. Due to this you will not have to face any kind of problem later.

The post Financial Deadline in March 2024 : The last date for these important things related to Income Tax, Fastag, Pan-Aadhaar is 31st March. first appeared on Rightsofemployees.com.