As the new financial year (2025-26) begins on April 1, now is the perfect time to reassess and optimize your money management strategies. Financial landscapes evolve every year, so reviewing your plans and making necessary adjustments is crucial. Here are five essential financial tasks you should complete this April to save more money and stay ahead.
With the Union Budget 2025 introducing new tax rules effective from April 1, taxpayers need to reassess their tax strategy. Under the revised tax regime, income up to ₹12 lakh (excluding capital gains) is tax-free. Analyze whether the old or new tax regime benefits you more. If your income falls below ₹12 lakh, you may not need additional tax-saving investments. Planning your taxes early will prevent last-minute rush and ensure you maximize savings.
If your total income is below the taxable limit, ensure you submit Form 15G (for individuals below 60 years) or Form 15H (for senior citizens above 60 years) to your bank or financial institution. Doing this prevents unnecessary Tax Deducted at Source (TDS) on interest income. Before submission, verify your eligibility to avoid complications.
If you plan to invest in Public Provident Fund (PPF) or the National Pension System (NPS), make your lump sum contribution in the first week of April. This ensures you earn interest for the entire financial year, maximizing returns. However, only invest a lump sum if you have the necessary funds available to avoid financial strain.
Start gathering documents for filing your Income Tax Return (ITR) for the previous financial year (2024-25). The deadline for filing ITR is July 31, 2025. Salaried employees can file their returns easily after receiving Form 16 in June. Meanwhile, individuals with additional income sources like stock trading, rental income, or freelance earnings should begin collecting relevant proofs and tax-saving documents. If you have foreign income, consulting a tax expert is advisable.
Gold prices have surged, making it essential to be mindful of your gold investments. While gold is a safe asset, it’s recommended not to allocate more than 10% of your investment portfolio to it. Before making any purchases, evaluate market trends and diversify your investments wisely.
April is the ideal time to reset your financial goals and take proactive steps toward smarter money management. By focusing on tax planning, strategic investments, and proper documentation, you can optimize your savings and ensure a financially secure year ahead. Don’t delay—start your financial planning today!
