Financial Year 2025-26: Important Personal Finance Tasks to Do in April 2025

As we move into the financial year 2025-26 in April 2025, it becomes important to take a fresh look at your personal finances and make adjustments if needed. What has worked for you in the last year might not work for you this year. Frequently evaluate your financial strategies either on your own or with the help of a financial advisor, and the beginning of a new financial year is the perfect time to start this process. Here are some tasks that you should complete in April 2025.

Begin Your Tax Planning for FY 2025-26

One should utilise the first month of the new financial year in tax planning for the whole year. The budget 2025 introduced revised tax slabs and rates under the new tax regime. These changes have come into effect today, i.e., April 1, 2025. Now individuals earning up to 12 lakh will not have to pay tax. Make plans while keeping these changes in mind and choose the tax regime that suits you best.

For example, if you earn under Rs. 12 lakh, you will not have to pay tax, and therefore, you may not need to invest in certain tax-saving investments that you were doing in the old regime to claim deductions.

Submitting Form 15G and Form 15H

Filing Form 15G/15H helps prevent unnecessary TDS deductions on your interest income, but it’s important to verify if you meet the eligibility requirements.

• Form 15G can be submitted by individuals below 60 years to prevent the deduction of TDS if their taxable income is zero.
• Form 15G can be filed by those individuals whose age is above 60 years to avoid TDS if their taxable income is zero.

Assess Your Budget and Financial Goals and Plan Your Investments Wisely

Many individuals only focus on tax savings and exploring new investment opportunities. As the new financial year starts, it’s a good time to check your budget, determine your financial goals, and plan your investments.

This will prevent you from overspending and eliminate unnecessary expenses. Review the mistakes you made in past years and correct them so that you do not repeat the same mistakes this financial year. Assess your financial goals and see if you are on track.

Book Tickets for Holidays Early

If you are planning to go on a trip with your family or on your own, it’s best to book tickets in advance. Last-minute plans can be expensive, as flight and hotel prices go up closer to the travel date. Booking early allows you to save more money during the trip.

Be alert while purchasing Gold for Akshaya Tritiya

Akshaya Tritiya is falling on April 30, for which there may be a rush to buy gold. If you’re purchasing gold for spiritual or religious reasons, go ahead without much concern. However, if you’re buying gold as an investment, proceed with caution.

This year, buying gold might be challenging for many, as the price of gold has increased significantly over the past year. While the decision to buy gold is entirely yours, it’s wise to ensure that no more than 10% of your investment portfolio is in gold.

Get Ready to File your ITR for the Previous Financial Year

April is the perfect time to begin preparations for ITR filing for FY 2024-25. The due date to file the ITR for the income earned in the FY 2024-25 is July 31, 2025, for the taxpayers whose accounts do not need to be audited.

Salaried individuals can file an ITR after getting Form 16 from their employers, which is usually after June 15. In the meantime, you can gather proof of other income sources, like capital gains from stocks and mutual funds, rental income, or professional earnings.

Keep all tax-saving scheme documents in one place. If you earned income from foreign sources, reporting it in your ITR might be challenging, so it’s a good idea to consult a tax expert for help.

Invest in NPS and PPF

If you invest a lump sum in schemes like PPF or NPS every year, try to make your investment in the first week of April. This way, you’ll earn interest for the full year. However, only do this if you have the full amount available. If not, invest as soon as you can.