by ABFRLadmin | March 22, 2023
Imagine sipping hot chai in the cool winds at a hill station. Or maybe trekking across a mountain or a swim on pristine white beaches. Before that, its time for a reality check: the end of the financial year. A wonderful part of the year, when the corporate world rushes to complete tasks and make sure everything is organized in time.
The anxiety, nervous tension, and never-ending to-do lists seem to grow with every passing day. Those who are new to the corporate world are sure to feel overwhelmed by all of this, but nevertheless, everyone would find this intriguing, as all these will be the steps in their corporate journey too.
But fear not, dear reader! Because nothing screams “fun” like complying with laws, here is a list of things every employee must do before the financial year ends.
1. Review your Performance OptimisticallyYear end is also appraisal time! The best time to take a vacation is after that nerve-racking performance review. While the organization-mandated review will take its due time and course, its always better to be prepared and have a precise understanding of how your year has gone by, both quantitatively and qualitatively. Give yourself a fighting chance to get that promotion or double-digit raise that you deserve!
Pro Tip: Numbers speak louder than words! Figure out a way to quantify your work as much as possible.
2. Submit Investment Declarations ConfidentlyAdulting is a gift that never stops giving, isnt it?! The paperwork, filing of taxes, and gathering all the income statements just to give yourself a reality check. However, HR could be your best buddy for this time of the year. Submit your investment proofs on time and sit back in awe to experience the wonder, that is TDS deductions! TDS deductions are done based on these important documents. The fact that you’ll get to show off your financial planning skills and impress your colleagues, can be counted as a tax-free bonus!
Pro Tip: Dont go hunting for a CA, there are several portals that can help you for free!
3. Link your Aadhar with your PAN MandatorilyThe all-powerful UIDAI or Aadhar as it is popularly known needs to know all about you. From your SIM, bank account, food apps to your passport, it is linked to everything that add value to your life. The PAN Card, on the other hand, is a grim reminder of adulthood- it cements that fact that you are now supposed to be gainfully employed. So, make sure that both these worlds collide, if you need to establish that you exist. Beyond that without this lining, your PAN card will become inoperative, and you wont be able to withdraw or deposit more than 50k from your bank account. (yes, we do wish for you to have that much and more in your bank account). You won’t be able to trade securities, so say goodbye to your investments. So, stop what you are doing and tick this one off from your to-do list as soon as you can.
Pro Tip: Go to the UIDIA or Income tax website and do it in minutes!
4. Track your Wealth Growth CautiouslyReview your fixed asset investments such as mutual funds, stocks, and bonds. This is a good time to assess the performance of your investments and make any necessary adjustments to your portfolio. Take a look at your fixed asset investments and make sure they’re all in good shape. If you have any assets that are past their prime, it’s time to let them go and make some room for fresh investments.
Pro Tip: Get your nominees reassessed and sorted!
5. Declare your Passive Income JudiciouslyIf you have any passive income streams such as rental income, dividends, or interest income, review your income and expenses. This will help you plan your taxes better and ensure that you are not missing out on any tax benefits.
Pro Tip: Are your investments generating the kind of returns you had hoped for? If not, it might be time to explore other opportunities.
6. File your Taxes IndependentlyCalculating your debt to the government is always fun, right? Every year, the tax structure undergoes a paradigm shift, and many things that seemed to help you save on taxes get replaced with things that are irrelevant to you. That said, remember to double-check all of those baffling forms and rules so that you can save a few more of those hard-earned pennies!
Pro Tip: If you have any investments you forget to declare, you still have time to do it when you file your returns.
7. Go on, Take a Break Lavishly!Have you checked your leave balance before the end of the financial year? Chances are some of them may lapse, just as you tried and failed and nailing work-life balance. Once you have all the yearend responsibilities taken care of, a break at the beach wont hurt. Make the most of those leaves and, most importantly, guilt-free.
Pro Tip: Its also a good time to keep your bills handy and claim for Leave & Travel Allowance (LTA) and enjoy rebates on your vacation time!
As you draw the curtains on yet another gainfully employed financial year, its time to reflect on what you have learnt, what you have accomplished, and what kind of exotic vacations you are going to take next year! So, close the books with a little fun and see what ChatGPT throws up for your vacation plans!
