Investments but missing documents! Tips taken from social media? Ladies, don’t make these 3 financial mistakes this time.

The current financial year (2023-24) is about to end and we are sure that you have submitted the proof of investment in your office under declaration of investment. But if this has not been done, get this done as soon as possible so that there is no unnecessary deduction in salary. If you don’t invest at all, it’s a mistake. Many times it happens that we are not able to make a decision on time and sometimes we don’t even understand what is the right decision. It can happen to anyone, so there is a need to learn from mistakes and omissions and plan accordingly for the coming financial year (2024-25). Let us know the top things you should or should not do to avoid any unpleasant situations. Mr. Agarwal, Founder and Financial Educator of Finsafe India, shares four steps you should take for the year 2024-25.

Avoid social media for investment advice:

In the age of attention grabbing with seconds rails, much of what you hear may sound like advice but not necessarily the right advice in your case. She gets caught up in whatever she hears in her circle and on social media. Women investors should remember that other people’s financial situation is different from theirs, so it is not a good idea to invest on the advice of others. Remember, you have to stay away from the temptation to get rich quick and there is no way to make quick money all the time. If you are investing in the stock market, stay away from Futures and Options (F&O). Data from market regulator SEBI shows that 90 percent of F&O traders are in losses.

Focus on investments that beat inflation.

Inflation means inflation. Investors should check whether their investments are giving positive returns after tax and inflation. If not, they need to seriously rethink the way they allocate their portfolio.

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Investment-linked insurance schemes and post office schemes like NSC will be phased out in the next financial year. It will take a lot of courage to exit the market at any loss or low profit, but if one wants to grow money, one has to work hard.

Investments but missing documents!

At the end of the year, you need to make sure all your financial documents are in order. The cost of poor tax filing or non-declaration far outweighs the savings from the tax deduction. The two months of January and February are important from financial point of view for salaried people in terms of investment announcement. Those of you working women must have filed all the investment documents for the current financial year in their respective offices by now. If this is not done, it would be better to get it resolved as soon as possible. If you didn’t invest, a huge amount can be deducted from your salary.

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The most important thing to note here is that the amount to be deducted from your salary depends on the income tax slab of your income. Only if you are in a tax slab, you may face trouble for not depositing upfront investment. For the month of March, the employer calculates TDS after verifying your investment proof. Failure to submit these investment proofs on time may result in higher deduction of TDS during March.

Tags: Income Tax, Investment Tips, Post Office