April 1, 2026, marks the beginning of a new financial year, and this year, it is more than just a calendar reset, as this year the government has announced
several rule changes for the financial ecosystem. It is a chance to take charge of your finances and set the tone for the months ahead. Getting key money decisions out of the way early can help you stay organised, reduce stress, and avoid last-minute scrambling. Adhil Shetty, CEO, Bankbazaar.com, stressed the importance of early planning. He told ET Wealth Online, “When core financial decisions are addressed upfront, whether it is choosing the right tax regime, ensuring adequate term and health insurance, or setting up long-term investments, the rest of the year tends to unfold with fewer reactive adjustments. This early clarity improves cash flow visibility and reduces the need for last-minute corrections,” says Shetty. Here’s how you can get your financial life in order right at the start of FY 2026–27: Set Your Tax And Investment Strategy Early Start by informing your employer about your preferred tax regime, old or new. This ensures accurate TDS deductions from your salary. If you skip this step, many companies default to the new tax regime. If you intend to claim deductions, submit your investment declaration as soon as possible. Those following the old regime should include instruments such as PPF, ELSS, insurance premiums, and home loan repayments. Early submission helps optimise monthly cash flow by reducing excess tax deductions. Secure Your Financial Safety Net The new financial year is a good time to strengthen your protection plans. Purchasing term insurance early in life often results in lower premiums and better coverage. Similarly, health insurance is critical to shield yourself from rising medical expenses and unexpected emergencies. Form 15G Or 15H If your income falls below the taxable limit, don’t forget to submit Form 15G or 15H to avoid unnecessary TDS on interest income. These need to be filed every year. Plan For Long-Term Goals And Retirement Starting retirement planning early allows you to build wealth steadily and meet long-term goals with ease. If retirement is approaching, consider rebalancing your portfolio. Moving funds from equity to safer instruments like debt or hybrid funds through a Systematic Transfer Plan (STP) can help reduce risk. Keep Your Financial Records Updated Ensure your KYC details are accurate across all financial platforms. Updated records prevent disruptions in transactions and compliance issues. Also, review and update nominee details across bank accounts, insurance policies, and investments—especially if there have been changes in your family situation. Senior Citizen Benefits If you are entering your 60s, consider senior citizen-focused investment options. These include higher interest fixed deposits and schemes like the Senior Citizen Savings Scheme (SCSS), which currently offers attractive returns. Additionally, senior citizens benefit from a higher TDS exemption threshold on interest income. (Disclaimer: This article is meant solely for informational and educational purposes. The views and opinions expressed are those of individual analysts or brokerage firms and do not reflect the stance of Times Now. Readers are advised to consult certified financial experts before making any investment decisions.)
