1.Make tax saving investments 2. File your pending Income Tax Returns 3. Review your bank accounts, 4. Get your provisional Balance Sheets and Profit & Loss accounts 5. Plan to begin with startups in the month of March 6. Prepare one for you for FY 2016-17, preserve it n look for deviations in March 2017 7. Always buy fixed assets for business in the month of March, to avail for maximum depreciation and to have less cash in balance sheet. 8. Communicate your capital gain transactions

By on 13-11-2018

THINGS TO DO BEFORE THE END OF THE FINANCIAL YEAR

 As you sit down to reflect on the past year and prepare to ring in financial year 2016, you may feel like ignoring your financial situation for now. But the end of the year is the perfect time to evaluate your spending and prepare for the year ahead.

Here are a few key financial steps you should be sure to check off your list before the end of this financial year

•  Make tax saving investments
• File your pending Income Tax Returns
• Review your bank accounts, for any high value transactions (loans)during the year and resolve to settle it with corresponding book entry.
• Get your provisional Balance Sheets and Profit & Loss accounts prepared by your CA/tax Advocate for making provisions of taxes and create fund for it.
• Plan to begin with startups in the month of March, if possible, it may add one more FY to your profile.
• March is also known as month of making budget, prepare one for you for FY 2016-17, preserve it n look for deviations in March 2017, you will find yourself better financially aligned.
• Always buy fixed assets for business in the month of March, to avail for maximum depreciation and to have less cash in balance sheet.
• Communicate your capital gain transactions clearly to your CA, if any, to claim benefits by further investments.
• Renew or make rent agreements, if you are claiming HRA exemptions.
• Set your targets and resolve to be more financially literate in upcoming FY