Taxpayers should start tax planning from this month itself.

New Delhi. There is not much time left for the new financial year to begin. After 2 months we will enter the financial year 2023-24. Then people will once again start thinking about tax planning and other financial decisions. However, even before that i.e. in February also some such changes are taking place which can have an impact on the pockets of the common people. Along with this, RBI’s MPC meeting will also take place where the effect of change in policy rates will also be seen on your personal finance.

You should start preparing for these from now itself. There are going to be 5 such big changes in the next month, on which it is necessary to keep an eye on most of the people. Let’s see what are these changes.

MPC meeting
The decision of the meeting of the Monetary Policy Committee of RBI will come on 8 February. In this, possibly an increase of 25-35 basis points in the policy rates can be seen. Significantly, last year the MPC increased the policy rates by 225 basis points. 100 basis points means 1 percent. After another hike, loans will become costlier again.

T+2 redemption cycle
T+1 settlement cycle was implemented in the stock from 27th January. That is, the purchase and sale of shares will now be reflected in your demat account on the very next day itself. Mutual funds linked to it, which were now following T+3 redemption cycle, will now move to T+2 redemption cycle.

canara bank service charge
From February 13, Canara Bank will increase the service fee on the use of its debit card. The annual fee for Classic Debit Card will increase from Rs 125 to Rs 200. It will be Rs 500 for Platinum Debit Card and Rs 300 for Business Debit Card. The fee for card replacement has also been increased from Rs 50 to Rs 150.
HDFC Bank has changed the reward redemption criteria for its Millennia Debit Card. This change will come into effect from February 1. Customers can now redeem 70 per cent of the product price and the remaining amount will have to be paid by credit card. You will be able to redeem only 3000 reward points every month for cashback.

Of course, there are still 2 months to start this financial year, but you should start tax planning from now itself. To save tax, you can start investing in various schemes from February itself. For example, PPF, NPS, SSY, ELSS or Life Insurance premium etc.