Many countries adopt 31st March as financial year end which means closing the books of accounts for that year and opening new books for the new financial year starting from 1st April. It also means revealing to the shareholders and the stakeholders the details of all expenses and income of the organization during the last year and to file the relevant corporate tax. For individuals, income tax return is required to be filed with the relevant government authority within a prescribed timeline.
Let's replace 'money' with 'time' and calculate 'time-based return' or 'annual time sheet' rather than only focusing on 'profit-based return' or 'income-based return'. We all have 365 days or, in case of a leap year, 366 days in a year. Below is a sample of the time-based return that everyone should consider regularly or atleast on an annual basis along with the corporate or income tax return:
Time spent in sleeping, eating and doing other necessary chores relating to personal care.
Time spent in performing household or work related tasks.
Time spent in serving society.
Time spent in spiritual activities.
Time spent in doing activities that makes one happy and feel content such as working on passion projects.
Time saved from unnecessary discussions or arguments.
Time spent in learning or educating or upgrading one's self.
Time wasted that could have been saved and used productively.
For each of the above activities, think about how much time has been spent during a day or a month or a year and then evaluate your time sheet and your hours and minutes the same way you evaluate your balance sheet. Complete the cycle of filing return after the end of every financial year (whether it is March or August or December) not only in terms of money but also in terms of time as it is very well said that 'Time is money'.
Sthitapragya Diaries encourages its readers to build a healthy time portfolio as one would like to build a healthy wealth portfolio. With the start of a new financial year, embed reviewing of your time sheet into your daily routine so that your time return reflects more and more activities that are profitable and productive. This will also help one to spend their time wisely and reflect more of the productive time rather than wasted time in their time return. Human birth being valuable it is the duty of every human to value the time provided by the Universe and endeavor to utilize every minute efficiently.
Therefore, irrespective of who you are or what is your age, as a human being, you are responsible to prepare and monitor your time return. When you value your own time, others will also value your time.
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