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  • Category: New Year Resolutions
    Points:15

    Bidding Farewell to the Old (Financial) Year

    As the curtains close on this Financial Year (2023-24), let us all bid adieu to a chapter filled with challenges, triumphs and lessons learnt. From market fluctuations to innovation-oriented breakthroughs, each moment has changed the landscape of our financial journey. As we are going to embrace the horizon of a new fiscal dawn, let us carry forward the wisdom gained, forging ahead with resilience and determination. Farewell to the spreadsheets meticulously scrutinized, the numbers meticulously crunched and the strategies meticulously executed.

    May the upcoming year (2024-25) be abundant with prosperity, growth, and opportunities aplenty. We bid farewell to the past and welcome the future with open arms and strong optimism.

    By the way, what is your New (Financial) Year Resolution?
  • #777903

    Points:4
    The end of financial year is end of many investment activities for some people especially those who want to take advantage of Income Tax benefits and other rebates and discounts closing with the fiscal year end. They would start fresh on 1st April for any such activities to be counted in the next financial year.
    Financial year is an important marker for companies and organisations as all their resources and expenditures are counted within this period before announcing any profit or loss to its stakeholders. These companies must be making some resolutions for the next year based on the learnings from the current year.
    Thoughts exchanged is knowledge gained.

  • #777930

      

    Points:3
    Partha,

    Thanks for a unique New Year greeting! It is also creatively written. Indeed, I'm sure many people, including the CAs and their auditors, said goodbye to those Excel sheets with a huge sigh of relief!!

    Incidentally, RBI is celebrating its 90th birthday today and the honourable PM will be present to usher it in. Let us wish RBI a very Happy Birthday and many more robust and prosperous years ahead!

    By the way, what's your new financial year resolution?
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #777932

    Points:4
    Financial year is not only important for the companies and organisations but also for the individual tax payers who plan their investments during the year in such a way to maximise the return and minimise the tax outgo.
    There are many intricate points in our tax system and one has to often take help of CA for one's tax liability calculations.
    For Govt departments the end of financial year is a time to see their budget utilisations and performances met failing which they are answerable to a variety of queries from higher ups and the biggest challenge is cut in the budget based on the current year utilisation.
    Good managers generally manage their funds in a judicious way so that they get a good support from higher ups during the next financial year.
    Knowledge is power.

  • #777936

    Points:5
    Yes. Today a new account year they started. All banks are busy cloning their accounts for the financial year 2023-24. People who wanted to avail of tax exemption benefits might have planned their investments and completed their plans by yesterday.
    Reserve Bank of India completed 89 years and entered its 9oth year. RBI started its service to the nation in the year 1935. Sir Osborne Smith was the first Governor of the Bank. The Bank was constituted as a shareholders' bank.
    Coming to the part of the financial resolution, I have nothing specific. I would be happy if I managed my family without any issues financially and without depending on my sons for my requirements this year. I have seen heights in my life and by the grace of God, I have no financial issues and hope this year also will pass without any issues.
    drrao
    always confident

  • #777937

    Points:4
    A new account year has started and each bank has taken care to show the financial health of its bank in a robust form. There is the minimum loss by way of recoverable dues in terms of bad debts from the parties availing of loans. The target decided by the management has been achieved by providing a sign of relief.
    They resolve each year to raise their profit continually and every initiative is taken with the proper follow - up of the microplanning.
    In respect of resolution mine, I would like to manage my financial affairs of my own without the support of my daughters and son - in - laws except the emergency cases beyond my control.

  • #777939

    Points:4
    Usually I used to b busy and engaged on working of my expected tax burden, by reviewing and rechecking till then inputs in my bank pass book, and the TDS. I will have then a fairly good idea of what will be my tax burden. As I am a senior citizen advance tax is not compulsory, and whatever small amount after TDS, I used to pay while submitting IT return in May or later.

    This time, I was not at home for most of March and was laid up due to fever cough etc subsequently. So I am pretty blind about m tax liability this time.
    But I told myself "May24 mein dekha jayega " and f need, may have to pay the interest also.

  • #777954

    Points:1
    Thanks to Vandana Madam for reminding all of us the birthday of RBI. I completely forgot it. I hope in this new financial year, under the able guidance of RBI, the Indian monetary system will be more powerful and start ruling everywhere (in the world).

    In the new year, as a middle-class Government official, I will try to find ways to save at least partially the huge amount of income tax that I am forced to pay, but without taking any loan. Is there any such way?
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #778078

    Points:-5
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