look news india
Financial plan for 2025: Now counting days are left for the completion of the calendar year 2024. Those who want to start the new year with new rules and resolutions should also make financial plans and resolutions to be financially successful. So that in future life can be lived easily without financial congestion. Before the year ends, you should review your financial planning, tax planning and investment portfolio. So with some changes in the new year, you can get excellent investment returns.
1. rebalancing the portfolio
People should review their investment portfolio at least once a year when investing in different investment instruments. Many people do not pay attention to this issue due to workload and laziness. They should complete this work by the end of the year. With the help of which it can help in portfolio rebalancing. You can take advice from a financial advisor for this task.
2. tax planning
If you are using the old tax system of income tax, check whether you have made the required investments to claim tax deductions and you have time till March to do so. To claim deduction under Section 80(C) and 80(D) of Income Tax, you must invest before March 31. So now you can review this issue and take steps to save tax in two months.
3. Filing of belated return
If for some reason you have forgotten to file income tax return by 31st July, you can file a delayed return till 31st December. Income tax returns for FY24 can be filed with penalty till December 31. However, if the return is filed late, the taxpayer also has to pay interest on the tax amount. You can take advice from your tax expert in this regard.
4. insurance arrangement
If you have not taken term insurance or have a policy with less cover, now is the right time to review it. The cover of your life insurance policy should be adequate for your needs. Your health policy cover should also be adequate. At the end of the year, you can review it and plan to increase the cover in the new year.
5. Investment plan for 2025
Keeping in view the inflation rate in future, it is necessary to increase investment every year. So that returns and wealth creation do not reduce in the long term. If you have also planned to increase your investment from next year i.e. from January, then you will have to prepare for it from now. You can decide by looking at your financial situation how much additional investment you can make from January. If you want, you can increase your investment in mutual fund schemes through SIP from January.