Things You Should Do In New Financial Year 2018-19

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Things You Should Do In New Financial Year
2018-19
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Introduction
When you step into a new financial year, the
first thing you must do is start planning your
finances. In fact, there are some of the crucial
steps that you need to follow and the sooner you
start, the better. There is no doubt that a new
financial year brings more challenges than the
previous year and you simply cannot ignore it.
You might have to face some alterations in the
new financial year than you have had done
earlier. So, the sooner your start the planning
the better. There is also a to-do list that you
must maintain.
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Dont stop SIP
After the announcement of the LTCG, the market
really started to become volatile and cut around
10 gains from its all-time high. Now, as a long
term investor, your duty would be not to worry
about the short term downfalls. You must take
these as an opportunity to invest more in lump
sum other than the regular SIP. It would help you
take advantage of the dollar-cost averaging.
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Review your Investments in New Financial Year
We actually invest on the goals without thinking
of the long or short term. Due to this, you need
to periodically assess if you are on the right
track. So, you must assess the portfolio and see
where you stand exactly with respect to the
goals. If you actually feel you are quite near to
the goal you can rebalance this by increasing the
debt portion and decreasing the equity allocation
so you dont face market risk.
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Plan your taxes
Many people wonder if they should invest in ELSS
during late March. But it has been seen that it
made impossible investing in ELSS funds for FY
2018-2019. Now to avoid the last minute hassles
we recommend you to start investing early in ELSS
funds. It is better that you plan up your taxes
properly. Taking help of an tax accountant can
often prove beneficial in such a case.
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For Salaried People
You might think of big vacations, a good bike or
car, a nice home, etc, instead of purchasing
those on EMIs and become liable to banks, it
would be important to restrict to yourself and
live a carefree life. Now, you can invest the
money in SIP and buy your dream house, car with
the corpus at a good price minus the risk.
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You must file the tax right away. You cannot file
revise the tax returns if you file the originals
returns after the due date. You cannot carry
forward the losses. Moreover, you will also get
full interest for advance tax paid if you are
eligible for return. So, you must file the IT
return without any fail.
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