Quick checklist for the new Financial Year 2025-26

1. Avail updated Form 15G and Form 15H online

Now you can submit Form 15G/15H effortlessly from your home or office through online, if you are eligible to submit 15G/15H. Form 15G/15H is a self-declaration, which can be submitted by a person resident in India (not being a Company or Firm or Co-operative society) to their Bank for non-deduction of Tax at source from the interest received on Term Deposits (Fixed Deposit, Cash Certificate & Recurring Deposit) with the Bank. This declaration can be submitted only if the estimated income from all sources is less than or equal to the basic exemption limit shown as per the guidelines from Income Tax Department. A Permanent Account Number (PAN) is mandatory for the customer to submit Form 15G/15H.

2. Download Interest Certificate via Mobile / Internet Banking

You download an interest certificate to provide proof of interest earned, which is crucial for claiming tax deductions and accurately completing your tax returns, especially for income from savings accounts, fixed deposits, or loans.

3. Download Form 16

You can use Form 16 to claim deductions and exemptions allowed under the Income Tax Act. Financial institutions may require Form 16 as proof of income for various transactions, including loan applications, Credit Card issuance, or other financial services.

4. Select new or old Tax Regime

You can choose the new tax system if you want more freedom with their investments and want to avoid investing in the eligible tax saver instruments that have a lock-in period ranging from 3 years (as the case of ELSS tax saver mutual funds) to retirement age (as in the case of National Pension System). But before deciding whether to stay with the old tax regime or switch to the new tax regime post Budget 2023 amendment, it is best to do an evaluation and analysis of tax payable under both regimes using an income tax calculator to check which among old vs new tax regime works better for you.

5. Declare Tax Exemption

If you qualify for tax exemptions, you don't have to pay taxes on certain types or amounts of income. In addition to personal and dependent exemptions, there are tax exemptions for charitable organizations and other qualifying organizations. Learn more about tax exemptions, whether you're eligible, and how the Tax Cuts and Jobs Act changed exemptions.

6. Set standing instructions for payments

Setting standing instructions for payments ensures timely and automatic recurring payments, saving time and preventing late fees or missed payments for regular bills and subscriptions.

7. Plan tax saving

Tax-saving investment schemes help you lower your tax payable amount. They also help you grow your money to meet your financial goals.

8. Set Insurance Premium reminders

Insurance payment reminders are essential to ensure timely premium payments, preventing policy lapses and maintaining coverage, as well as streamlining cash flow and improving collections for the insurance company.

9. Review investments & savings

Whether you have recently begun investing or have been doing so for many years – revisiting your investment mix on a regular basis to refresh yourself on where your money is and how it has been performing can help you stay on track.

10. Update contact details with your Bank

Your contact details are important to help your Bank stay connected with you and provide you with a smooth, secure, and hassle-free banking experience. By keeping them updated, you stay informed, prevent fraud, and ensure uninterrupted access to essential banking services.

With Suryoday SFB, make your Financial Year 2025-26 smooth & rewarding by following this simple and quick checklist.