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Tax Planning Calendar for Salaried Professionals

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Tax Planning Calendar for Salaried Professionals

Most salaried individuals start thinking about tax planning only when the financial year is about to end. The result? Last-minute decisions, rushed investments, misplaced documents, and missed opportunities to save tax efficiently.

But tax planning doesn’t have to be stressful. With a proper year-round tax planning calendar, you can manage your finances smoothly and save more without the last-minute panic. At TGL Securities, we help individuals plan proactively so they can optimise every exemption, deduction, and allowance available to them.

This comprehensive month-by-month guide will help every salaried professional stay compliant, organised, and tax-efficient throughout the year.

Why You Need a Tax Planning Calendar

A structured tax planning calendar ensures:

  • You never rush to invest in the last 10 days of March

  • You optimise deductions gradually instead of at once

  • You track documents and expenses correctly

  • Your Form 16 matches your financial activity

  • You avoid unnecessary tax outflow

  • Your savings and investments align with long-term goals

With that clarity, let’s explore how you should plan your taxes from April to March.

APRIL — Set the Foundation for the Financial Year

April marks the beginning of the new financial year and is the best time to structure tax planning.

Tasks for April:

  • Review last year’s tax-saving investments

  • Decide if you want to opt for the old tax regime or new tax regime

  • Organise financial documents from the previous FY

  • Update your HR declaration (investments, rent, loans, etc.)

  • Begin SIPs or recurring contributions for Section 80C

April is also ideal for beginning disciplined planning rather than waiting till the year end.

MAY — Optimise Monthly Investments

This month is about setting up monthly commitments so you don’t overshoot your budget later.

Tasks for May:

  • Start or continue ELSS SIPs (80C eligible)

  • Begin recurring deposits in PPF

  • If paying home loan EMIs, ensure interest statements are being collected

  • Consider starting NPS (80CCD(1B) deduction up to ?50,000)

By spreading investments across 12 months, you avoid March-end pressure.

JUNE — Track Expenses for Exemptions

Certain exemptions depend on maintaining documents throughout the year.

Tasks for June:

  • Maintain rent receipts (if claiming HRA)

  • Track health expenses for parents and self (for 80D)

  • Record travel bills, fuel expenses if claiming LTA in future

  • Keep medical test reports for preventive health check-ups

A mid-year review helps keep your evidence organised.

JULY — Half-Year Review of Tax Position

July is crucial because Form 16 for the previous financial year is usually issued.

Tasks for July:

  • Compare your Form 16 with your investments

  • File ITR if applicable (before 31 July deadline)

  • Check revised tax liability estimates

  • Adjust monthly SIPs if you’re falling short of your 80C target

Filing ITR early also avoids unnecessary penalties and errors.

AUGUST — Review Insurance & Emergency Funds

Insurance and emergency planning are essential for tax and financial wellbeing.

Tasks for August:

  • Review life insurance cover (term insurance recommended)

  • Review health insurance for tax deductions under 80D

  • Assess your emergency fund

  • Update nominees in all financial accounts

Good coverage reduces financial risk and maximises legitimate tax savings.

SEPTEMBER — Mid-Year Tax Checkpoint

By now, half the financial year is complete. This is the right time to assess your tax outflow.

Tasks for September:

  • Review payslips to check TDS deductions

  • Track progress on 80C (PPF, ELSS, LIC, Home Loan Principal, Tuition Fees)

  • Review interest income from FDs, RDs, Savings Accounts

  • Adjust NPS contributions if required

A mid-year check allows correction without stress.

OCTOBER — Plan Big-Ticket Deductions

Some tax benefits require thoughtful preparation.

Tasks for October:

  • If considering home loan or education loan, explore options

  • Review donation plans (80G eligible)

  • Plan LTA usage for the upcoming holiday season

  • Review capital gains from investments

If you’ve had capital gains, plan tax-loss harvesting early.

NOVEMBER — Gather Investment Proofs & Bills

The financial year’s last quarter is approaching. Now is the time to consolidate your paperwork.

Tasks for November:

  • Collect all investment proofs for HR submission

  • Organise health bills, insurance receipts, rent agreements

  • Download PPF and NPS contribution statements

  • Review ELSS SIPs completed so far

Submitting proofs early helps avoid unnecessary TDS by your employer.

DECEMBER — Final Adjustment Review

This is the perfect month to refine your tax structure before year-end.

Tasks for December:

  • Check if you're short of your 80C target

  • Evaluate if an additional NPS contribution would benefit you

  • Finalise donations under 80G

  • Rebalance your investment portfolio

Most salaried professionals find they need to top up their investments due to salary increments or expense changes—December gives them time to adjust.

JANUARY — Last Quarter Rush Prevention

If you have not completed your tax-saving plan yet, January is your final buffer month.

Tasks for January:

  • Accelerate remaining 80C commitments

  • Clear pending health insurance payments

  • Submit updated rent receipts to HR

  • Re-evaluate ELSS lumpsum vs SIP continuation

Completing your planning in January relieves you from March panic.

FEBRUARY — HR Proof Submission & Reconciliation

For most companies, February is the last month to submit proofs.

Tasks for February:

  • Submit all tax-saving proofs to HR

  • Review Form 12BB details

  • Confirm final TDS deductions are accurate

  • Plan last-minute investments only if absolutely necessary

Accuracy is vital here — small errors can cause excess TDS or mismatched records.

MARCH — Closing the Financial Year Strong

March is the end of the financial year — by this time, emergency tax investments should be avoided.

Tasks for March:

  • Avoid unnecessary products purchased in panic

  • Review total tax outflow for learning

  • Prepare tax goals for the next year

  • Balance SIPs and investments for April

A well-planned March becomes the foundation for a stress-free April.

Conclusion: Tax Planning Is a Year-Round Habit

A structured tax calendar helps salaried professionals save more, stay organised, and reduce financial stress. Instead of rushing in March, you distribute benefits across 12 months — ensuring better returns, better compliance, and better financial discipline.

At TGL Securities, we help professionals create personalised tax strategies, optimise allowances, choose the right deductions, and align tax planning with life goals.

Smart tax planning starts today — one month at a time.