The last month of this financial year 2024-25 is going on. In such a situation, this is the last chance to form its financial plans for this financial year. For example, if you have chosen the old tax regime, then work on your strategy till 31 March to take advantage of the dedications under Section 80C of the Income Tax Act, 1961. However, this is not only enough because along with saving tax, lock-in also has to be taken care of as most of the tax saving schemes are with lock-in. Apart from this, selling sometimes loss stocks can also be beneficial but with strategy. Here are some such methods and alerts, which have to work completely this month.
Do not wait for 31 March
Instead of waiting for the last date in the last month of the financial year, prepare from now on. To get maximum tax benefits according to your financial goals, prepare the strategy of investment in PPF, NPS, Sukanya Samriddhi Yojana, EPF, Life Insurance and ELSS etc. Note that due to only 31 March, take an insurance policy by keeping your budget in mind as it is a long plan.
You can take advantage by selling deficit shares
Taking advantage of tax harvesting, you can reduce your tax tandari. Tax harvesting means selling deficit investment and adjusting it with profits. According to the rules related to Capital Gains Tax, short -term capital gains i.e. holding less than a year are taxed at a rate of 20 per cent and long -term capital gains of more than Rs 1.25 lakh i.e. at a rate of 12.5 per cent on profit from holding of one year. Now let us assume that you have a capital gains, then there is a loss in some holding, then if you feel that the holding stocks are strong, then sell it again and buy it again the next day, this will bring you stocks again in holding and the deficit will decrease tax liability by adjusting from the profits of other stocks. Note that long -term capital loss can be adjusted only with long -term capital gains while short -term los can adjust both short -term and long -term losses.
Salaryid employees also have to pay advance tax
It is usually a belief that salaryed persons do not have to pay advance tax. Although this is not the case. Advance tax may have to be paid if interest, rent or capital gains are earning. If tax liability is being made more than 10 thousand rupees in the financial year, then advance tax has to be paid under section 208 of the IT Act. It has to be given every quarter i.e. four times in a financial year. This time, that is, the advance tax of the fourth installment of FY 2025 is to be submitted by March 15. If you miss this, it is fined at the rate of 1 percent per month.
Facility to buy insurance plan without giving premium
Insurance regulatory body IRDA has made it mandatory to all insurance companies to give BIMA -ASBA (insurance application supported by blocked amount) facility from March 1. The advantage of this is that money can be taken untouched insurance cover without account and unless the insurance company checks the health, income and other standards of the policyholders, the money will remain in the account of the policyholders. This facility is already about the IPO and the benefit will be that until the insurance companies deduct money, interest will continue to be received due to the money in the account.
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