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BASL Registration Number: 1951 | Non-Individual RIA. Regn No. INA000017620 | Validity Perpetual

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Financial Year Resolutions

At the beginning of New Year 2013, we shared with you our thoughts not only relating to finance but in general as well, in the form of a Mind Map on a Life Worth Living.

As the new financial year starts, here we once again share a few tips in making our clients financial lives easier.

Financial Year 2013-14 Resolutions:

  1. I will collect my statements relating to Income generated in 2012-13 in April 2013 itself:I will submit all the above information to my Tax consultant in the month of April 2013 itself.

  2. Form 16, Capital gains statements, Rent receipts etc

  3. Income Tax Section 80C eligible investment proofs like ELSS, Insurance receipts, Housing loan statements, updated PPF passbook etc

  4. Medical Insurance premium receipts which are eligible for claiming Income Tax Section 80D benefit

  5. 2012-13 annual consolidated bank statements for my all single as well as joint bank accounts. (Savings bank interest upto Rs 10,000 p.a. is tax free.)

  6. I will do my Tax planning for the year 2013-14 in the month of April 2013 itself, instead of waiting till March 2014 end.

  7. I will pay my PPF contribution latest by 5th May 2013 to get interest@8.7% on this contribution for 11 months.

  8. I will review my Medical Insurance sum assured and see whether this amount will be enough after 10-20 years to meet any medical emergency.

  9. I will review the terms and conditions of my medical insurance to check whether this policy has any sub-limits or expects me to bear a portion of the claim amount (Co-pay condition) and last but not the least, whether I can renew it for life time.

  10. I will make an analysis of expenditure pattern in the previous year 2012-13 and categorize them into Essentials and Luxury.

  11. I will plan my expenses for 2013-14 on the basis of the above categorization.

  12. I will allocate my increments, bonuses and windfall gains received in 2013-14 in three baskets: Loan repayments, Investments and Indulgences.

  13. I will start the process of preparing a Will in April 2013 itself.

  14. I will implement the recommendations given by my Financial Advisor within 15 days.

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