With financial year coming to a close, many people have already filed up their Income tax along with investments in other schemes like mutual funds, FDs etc. But, still, there must be many in the list who have not been able to decide where and what to invest in. So, marking this as a priority in your to-do list, here is a list of important financial task to complete before March 31.
Submit Left-over Income Tax Returns
Those who have still not filed their leftover ITR must do it before March 31. The last date of submission of IT FY 2017-18 is all set to end this week. Before you start filing it up do remember that now you have to pay a penalty of Rs 10,000 as said in Section 234F of Income Tax act. This is when you cross the last deadline i.e. 31st December 2018.
Book Profits in Long-Term Capital Gains
If you have invested in long-term capital gains, then it’s time to book profits. Investing in shares, the stock market and equity funds offer a tax profit of Rs 1 lakh in a year. So, if you book it now, you can avail Rs 1 lakh tax-free threshold. Sell them by March 31 and move a step ahead to buy for the next financial year.
Finalise your Tax Planning
If you have still not able to complete your tax planning, do it now before March 31. Don’t go for insurance policies or other investment options like bigger mutual funds and Ulips as they take a longer time to process and have much commitment too. Don’t panic and take proper steps. You can go for five-year bank deposits or NSCs as the process is available online and doesn’t take much time to process.
Lock Money in Fixed-Maturity Plans
Fixed-Maturity Plans (FMPs) are those funds wherein investment can be made only during a particular period of time. It also has a fixed maturity period may be for three years or more than that. But in case you have locked in the FMP for more than 3 years, then you can avail more benefit. There are many FMPs available in the market whose maturity period is by 2022-23. Inventing in these will give you an indexation benefit of four years.