In the ever-evolving world of finance, what worked in the past may not necessarily work in the present or future. It’s important to regularly reassess your financial strategies and make adjustments as needed, either independently or with the help of a professional financial planner. The start of a new financial year is the perfect time to do this.
As we kick off the Financial Year 2025-26 on April 1, now is the ideal opportunity to get your financial affairs in order. Below, we’ve outlined seven personal finance tasks that you should consider tackling this April.
- Review Your Budget, Financial Goals, and Investment Plan
While many of us focus on tax savings and new investment opportunities, it’s equally important to review your overall financial strategy as the new financial year begins. Take time to assess your budget—this can help you identify areas where you can cut unnecessary expenses, fix any errors from the previous year, and increase your savings. Additionally, revisiting your financial goals will ensure you’re on track to meet them. If not, consider adjusting your strategies or consulting a financial planner for guidance.
- Begin Your Tax Planning for the New Financial Year
April is the perfect time to start planning your taxes for the upcoming year. With the recent changes in the Budget 2025, including updates to the new tax regime, it’s important to reassess your tax strategy. For instance, if your income is under ₹12 lakh, you may not need to make certain tax-saving investments you previously did under the old tax regime. While you now have the flexibility to direct your funds differently, it’s essential to make thoughtful choices when it comes to tax-saving investments.
- Submit Form 15G and Form 15H
To avoid unnecessary TDS deductions on your interest income, consider submitting Form 15G or Form 15H. Form 15G is available to individuals under 60 years of age with no taxable income, while Form 15H is for those over 60. Submitting these forms can help reduce TDS deductions on your income, but be sure to check if you’re eligible to file them.
- Invest in PPF and NPS Early
If you regularly invest a lump sum in schemes like the Public Provident Fund (PPF) and the National Pension System (NPS), consider making your investments in the first week of April. This allows you to earn interest for the entire year in PPF and potentially benefit from better returns in NPS, especially after recent market corrections. However, keep in mind that these investments won’t help with tax deductions under the new tax regime, so make sure your investment strategy aligns with your overall financial goals.
- Start Preparing for Your Income Tax Return (ITR) Filing
April is an excellent time to begin preparing for your Income Tax Return (ITR) filing for the assessment year 2025-26 (for income earned in FY 2024-25). The deadline for filing ITR is July 31, 2025, for those whose accounts don’t need auditing. If you’re a salaried employee, you’ll need to wait for Form 16 from your employer (typically available after June 15), but in the meantime, you can start gathering other income proofs, such as capital gains, rental income, and professional income. It’s also helpful to organize your tax-saving investment documents and consult a tax expert if you have foreign income to report.
- Be Mindful When Buying Gold for Akshaya Tritiya
Akshaya Tritiya, which falls on April 30, 2025, is traditionally a time for purchasing gold. If you’re buying gold for religious or spiritual reasons, go ahead with confidence. However, if you’re considering it as an investment, be cautious. Gold prices have surged significantly over the past year, and it’s important not to overexpose yourself to the yellow metal. Ideally, no more than 10% of your investment portfolio should be in gold.
- Book Tickets for Holidays Early
Finally, a more enjoyable task—plan your summer vacation! Whether you’re traveling with family or solo, booking your travel tickets early can save you a significant amount of money. Last-minute bookings often lead to inflated prices for flights and hotels, so it’s wise to plan ahead and secure better deals.
By addressing these tasks early in the new financial year, you’ll set yourself up for a more organized and financially secure year ahead. Don’t wait until the end of the year—start now to make the most of the opportunities that lie ahead!
For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036
