NEW FINANCIAL YEAR 2020-21 Resolutions |To Do List|

This New Financial Year 2020-21 Bring New Prosperities to You! Work Hard! Work Smart!

1. Don't keep all your money in just one bank account If there's one thing that the unfortunate episode of PMC Bank/ Yes Bank has taught us, it's that you should not put all your money into one bank account. Urban co-operative banks especially are not well-regulated. Definitely don't fall prey to the higher returns offered.

2. Don’t delay in filing your Income Tax Return or GST Return or any other

Penalties were introduced for late filing of income tax return (ITR) & GST Returns (Late fees & Interest). So, if you did not file your return on time last year, make sure you do it on time in F.Y 2020-21 to avoid that late filing fee & interest.

GST department has started issuing notices under section 50 of the CGST ACT 2017. Recently in one such notice sent to a brokerage firm, the notice: “Records indicate that you have filed your GSTR-3B return for the period 2019-20 after due dates, Firm advised to deposit the interest amount of Rs 5.9858630140000004,

3. Close inactive bank accounts If there are bank account/s not being used by you and just lying dormant, close these. By not doing so, you might be penalized for NON MAINTENANCE CHARGES. Also remember, if the only transaction in an account is the periodic credit of interest on the existing balance, such accounts will be treated as dormant.

4. Keep your credit profile clean It's not just your credit score but your overall credit profile matters too when looking for loans. Don't rely heavily on your credit cards for borrowing, these are in fact the most expensive form of debt. Exhausting your credit limit regularly will hit your profile too. Make sure that your utilization never exceeds 40 percent of the total credit limit available.

5. Make Small Investment

Drop by Drop is the water pot filled. Likewise, A small investment makes a BIG DIFFERENCE.

6. Avoid using a credit card to withdraw cash Lenders charge a cash advance fee of up to 3.5 percent on the amount of your ATM withdrawals. The percentage may vary bank to bank as per lenders policy.

7. Protect your banking transactions Do not opt for saving of password option prompted by the browser while accessing Internet banking. Beware of malicious sites and apps while accessing Net banking or downloading Net banking apps.

8. Be careful while buying insurance from a bank Banks generally have tie-ups with insurance companies. These agents try and push products to existing bank customers. Due to this cross-selling, many times, banks sell insurance plans to customers without telling them about the details of the product.

9. Don’t put easy passwords

Make it a rule to not set passwords that are easy to crack. Things like '1234567890', 'password123' etc. In this case, the more complicated, for example, make use of Symbols like Ramu#123! ((!@#$%^)

10. Learn from Previous Financial year mistakes/error

In case if you have committed any of mistake in Previous financial year, Avoid in the current financial year. Consult a proper tax practitioner/auditor/any professional.

For any other clarification or further information kindly visit www.yogeshsuthar.com

Disclaimers: The information set out above is included for general information purposes only and is not exhaustive and does not constitute legal or tax advice. In view of the individual nature of the tax consequences, each investor is advised to consult his or her or their own tax consultant with respect to specific tax implications arising out of their participation in the Scheme.