Tax Planning

Demystifying ESOP Taxation in India: A Comprehensive Guide

Tax Planning

10 min read

Demystifying ESOP Taxation in India: A Comprehensive Guide

Dive into our comprehensive guide to unravel the intricacies of ESOP taxation in India and make…

Understanding Tax benefits of owning 2nd home

Tax Planning

5 min read

Understanding Tax benefits of owning 2nd home

Homeownership is always a matter of pride, specifically in the Indian context where family traditions have…

Tax Filing: 5 Simple Steps to file your ITR (Income Tax Return)

Tax Planning

5 min read

Tax Filing: 5 Simple Steps to file your ITR (Income Tax Return)

Filing your Income Tax Return (ITR) in India can feel overwhelming, especially for first-timers. The complex…

How you can Minimise Tax Impact When Selling Property in 2024

Tax Planning

4 min read

How you can Minimise Tax Impact When Selling Property in 2024

Selling property can be a rewarding experience, but the taxes involved can quickly dampen your enthusiasm.…

Understanding TDS on Purchase of Property

Tax Planning

5 min read

Understanding TDS on Purchase of Property

Tax Deducted at Source, more popularly known as TDS, is often a tedious process for the…

Sovereign Gold Bonds and Their Taxability

Tax Planning

4 min read

Sovereign Gold Bonds and Their Taxability

Have you considered investing in Sovereign Gold Bonds?  Like what you're reading? Get our latest, straight…

Applicability of Tax-Loss Harvesting Strategy in 2024

Tax Planning

5 min read

Applicability of Tax-Loss Harvesting Strategy in 2024

Rohit had a diverse investment portfolio in 2023. By December, he realised he had the following…

Belated Return or Revision : Your Last Chance to File or Revise ITR for the Year 2022-23

Tax Planning

5 min read

Belated Return or Revision : Your Last Chance to File or Revise ITR for the Year 2022-23

When discussing personal finance, one topic we can’t overlook is income tax filing—an annual ritual where…

Income Tax on Income Earned Online in India

Tax Planning

6 min read

Income Tax on Income Earned Online in India

Unlock the secrets of navigating income tax on your online earnings in India with our comprehensive…

Advance Tax in India: A Guide for Individuals

Tax Planning

6 min read

Advance Tax in India: A Guide for Individuals

Demystify advance tax in India and take control of your financial obligations with this comprehensive guide…

Set off and carry forward of losses in Income Tax

Tax Planning

5 min read

Set off and carry forward of losses in Income Tax

Navigate the complexities of income tax by mastering the set off and carry forward of losses…

TCS Applicability on Foreign Remittance

Tax Planning

6 min read

TCS Applicability on Foreign Remittance

TCS on foreign remittance ensures tax compliance while transferring money abroad, impacting both individuals and businesses.

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Frequently Asked Questions

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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.

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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.

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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.