How to plan your Finances | New Financial Year | CA Shitij Gupta | Wealthy
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How to plan your Finances | New Financial Year | CA Shitij Gupta | Wealthy
Welcome to Wealthy’s Official YouTube Channel. In this video, we discuss 5 important things that you should do at the beginning of a new financial year to avoid hassle at the end of the year. The first step is to select your tax regime. If you are a salaried employee, your employer must have already informed you about this. After you select your tax regime, your TDS will be deducted accordingly. If you do not inform your employer about your selection, new tax regime will be selected by default. The second step is to plan tax-saving investments like investments made under section 80C and 80D and other instruments. The third step is to top up your SIP. If your SIP amount has been constant for a long time, consult your tax advisor about the same. The fourth step is to have a check on your insurance coverage whether your insurance coverage is sufficient or not. Fifth step is to plan your tax strategy. If you have earned only salary income during a financial year, then most of your tax liability would be taken care of by the tax deducted from your salary by your employer.
But those with various other sources of income including investment income, professional income, rental income, and any other income, your tax liability is the sum of the tax on all those components. The Income Tax laws require those who need to pay more than Rs 10,000 after considering all tax payments, including TDS, to pay advance tax during the financial year in which they earn the income.
Watch the video for more information.
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►►Shitij is a chartered accountant and also graduated from Delhi University. He is known for his extensive research in mutual funds and the stock market for the past 9-10 years.
Wealthy is a FinTech firm making Wealth Management more accessible. Its platform is helping thousands of wealth management professionals focus on clients' interests and deliver quality service. We have 800+ financial products with 5000+ wealth partners. Wealthy is a one-stop solution for all your investment needs. To learn more about Wealthy, Visit: https://www.wealthy.in/
Playlist Link -
• Explainers | CA Shitij Gupta
• CA Shitij Gupta
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