It is the new year and with it comes new deadlines and important dates one should be mindful of. These include dates like completing your tax-saving exercise, filing your income tax return on time, paying the instalments of advance tax, paying your insurance premiums, reviewing your investment portfolio and so on.
Here is a calendar with all the important money dates marked for the year 2021. Use this calendar to make sure you keep your date with all the necessary financial commitments through the year.
January
- Mark the dates for all your insurance premium payments and renewals. Check whether you need higher life and health insurance this year.
- Set reminders for EMIs, credit card and bill payments, school fees, etc.
- Keep tax investment proofs ready for your employer.
- Check if a financial goal is close and you are prepared for it.
- List out any major expenses or big purchases likely this year.
February
- 1st: Budget will be presented. Check if new rules or changes will affect your income, taxes and investments.
- 10th: Claim all allowances before March to avoid last-minute glitches. Remember, some like LTA can’t be claimed in tax returns.
- 14th (Valentine’s Day): If planning a wedding this year, ask your partner relevant money-related questions about saving, spending and future plans, so that you are on the same page financially.
March
- 15th: Last date for paying the fourth instalment of advance tax for 2020-21.
- Make tax-saving investments before 31 March, but don’t rush into instruments that are not aligned to your goals.
- FASTag is mandatory while getting new third party insurance and will be applicable w.e.f. 1 April. Get it, if you haven’t.
April
- Sit with your financial adviser to go through your portfolio and plan tax-friendly investments in line with your goals for the next financial year. If you don’t have an adviser, do so yourself.
- Make a will, if you have assets and dependants.
- If you are planning a holiday in summer or autumn, book tickets. If planning for winter or next year, start researching and saving.
- Submit forms 15G /15H to avoid TDS.
May
- 14th (Akshay Tritiya): If your portfolio has less than 10% gold, buy it.
- If you get an increment/ bonus, increase your investments or repay a debt.
June
- 15th Last date for paying the first instalment of advance tax for 2021-22.
- Collect Form 16 from your employer to help file tax returns.
- It’s a good time to complete your paperwork and documentation.
July
- File your income tax returns before the 31 July deadline.
August
- If you want to get the house painted or renovated before the festive season begins, start work on it now.
September
- 15th Last date for paying the second instalment of advance tax for 2021-22.
October
- 7-15th (Durga Puja & Navratri): Splurge on festive discounts but not before you make a budget for your spends. Also, check if discounts are genuine.
November
- 2nd: (Dhanteras)
- 4th (Diwali): Make your jewellery and other big-ticket purchases if the discounts are authentic and you truly need the items.
December
- 15th: Last date for paying the third instalment of advance tax for 2021-22.
- Start conducting research if you want to buy a car in the new year and try to buy it preferably without taking a loan.
- Get set for Christmas and New Year celebrations!
