6 key financial changes in June 2024: Credit card rules, mutual fund nomination and more

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personal finance deadlines and events in India. Here’s a concise overview of some essential points to remember:Form 16: Employers typically provide employees with Form 16, a summary of their income and tax deductions for the previous fiscal year (2023–24), by June 15.For Indian employees, Form 16 is a crucial document. It is issued by your employer as a Tax Deduction at Source (TDS) certificate, which you subsequently turn in to the Department of Income Taxation.

This form displays the applicable TDS deductions along with your total earnings from the previous fiscal year (2023–24).It also makes the process of preparing your income tax return easier by including all pertinent data regarding your income and deductions. You need to get a different Form 16 from every employer if you changed jobs or had a lot of employers in a given year. Apart from potential tax issues, this record can be helpful for many other purposes, such as loan applications, visa applications, and providing evidence of income for particular purposes.Advance tax payment: By June 15, the first installment of advance tax must be paid.

If your estimated tax liability for the year is more than ₹10,000, you must comply with this requirement. Cash flow management is aided by an advance tax because it spreads out income tax payments over the course of the year as opposed to requiring a large payment at the end. Three more payments are needed on September 15, December 15, and March 15th, after the June 15th installment.