Tax Planning
5 min read
Section 43B of the Income Tax Act
As a business owner or a self-employed taxpayer who isn’t on a monthly payroll, you’re probably…
4 min read
What is Form 60: How to Fill and Download Form 60?
Introduction Have you ever tried making a substantial, high-value transaction but failed to do so because…
3 min read
How to File Income Tax Return Online?
Introduction Whether you’re a salaried individual or a self-employed businessperson, the Indian Income Tax Act, 1961,…
6 min read
ESOPs and Their Taxation
As the startup ecosystem is growing in India, companies often offer ESOPs or similar compensation plans…
4 min read
Gifts and Their Tax Implications
In India, exchanging gifts is a common way to express love and gratitude within our culture.…
6 min read
Deduction and Exemptions from Income Tax
Tax planning is essential for effectively managing your finances. Income tax laws offer several deductions and…
5 min read
Taxation for Freelancers and consultants
Unlike salaried individuals, freelancers and consultants often find it more complex to understand taxation requirements and…
5 min read
Benefit of opting for the Old Tax Regime
When it comes to personal tax planning, taxpayers are often in a dilemma to decide whether…
5 min read
Important Terminologies Related to Income from House Property: Here’s What You Need to Know
Owning your dream house is not about just a place to call home but it also…
4 min read
Received a Notice under Section 148? Here’s what you need to know
Receiving a notice from the income tax authorities can naturally cause anxiety, especially during assessments or…
3 min read
Difference Between Belated ITR and Revised ITR
Introduction While most people around you might have successfully filed their Income Tax Returns for the…
5 min read
Things to Consider Before Filing Revised Income Tax Return
Introduction With all the hubbub around filing income tax returns before the 31st of July, 2024,…
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Frequently Asked Questions
What is financial planning?
Financial planning is the process of evaluating your current finances and making a plan to map your journey to financial well-being.
It involves looking at all aspects of your financial life - income, savings, debt, investments, etc.
The aim is to understand where you stand today financially and then chart a course to get you where you want to be in the long run.
Financial planning provides direction and structure to your finances. It helps you intentionally move toward financial wellness.
The plan equips you to prepare for expected life events like retirement as well as unexpected events.
In short, financial planning bridges your present circumstances to your desired financial future. It gives you a path to follow.
What are the benefits of working with a financial advisor?
Working with a financial advisor can provide an invaluable perspective on your current situation. With the help of a financial advisor, you can assess your finances holistically - debts, assets, income streams, and more. With this comprehensive understanding, the advisor helps craft strategies tailored to your needs.
A financial plan crafted by a qualified advisor grants you agency over your financial life. It transforms vague anxiety about the future into proactive preparation. With expert guidance, you can map out actionable steps to strengthen your finances over time.
Why is financial planning important?
Financial planning is important because it provides clarity and control over your finances.
Having a financial plan helps you:
- Understand where you stand financially today
- Map out specific steps to improve your financial situation
- Prepare for major life events like marriage, child’s education, retirement etc.
- Budget effectively and evaluate your investment portfolio
- Strategic Tax Planning & Filing
- Manage and reduce debt
- Being financially ready for emergencies
- Creating a will to preserve your legacy
In short, financial planning is essential for financial stability and peace of mind. It gives your finances direction and purpose. With proper planning, you can take charge of your money and build financial security.
