How to kill time during lockdown? Live free, live well going forward, just complete these important financial tasks now
There could be nothing better than to complete some financial tasks you have been pushing for a long time. It may be boring, but remember, it is one thing that will ensure your financial well-being going forwarrd.
It’s been almost a month since the country went into a lockdown. While the internet is running a productivity competition of its own, there are people out there who are yet to figure out how to make the best of this time, Well, they always had the option of picking up a new hobby or revisiting an old one but there could be nothing better than to complete some financial tasks you have been pushing for a long time. It may be boring, but remember, it is one thing that will ensure your financial well-being going forwarrd.
Income Tax planning
The government has given a relief by pushing the last date to file the income tax returns till June 30, 2020. Yet, this year’s process of filing income tax returns will be different and more draining, at least for some taxpayers. This is the first year when the taxpayers will have the option to choose between the new and old tax regime.
Finance Minister Nirmala Sitharaman introduced new tax slabs with reduced tax rates while still maintaining the old tax regime. The new regime lets go of tax exemptions including deductions on House Rent Allowance (HRA), investments and life insurance purchases under Section 80C, and more.
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Take stock of your investments
The everyday work life doesn’t allow you to keep track of your investments, at least those which were made for long term. The current break can be used to look into those and understand how your investments are doing. In case their value has decreased, there is no need to panic. You will have to create a strategy for future and diversify your investments.
Get insurance cover
The COVID-19 situation has once again made us all realise the importance of a good insurance plan. You can utilise your time to assess your insurance coverage. You can opt for a plan based on your future requirements. Life insurance, term plans, health insurance for yourself and your family is something that you should focus on seriously.
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10:38 AM IST