Tax Planning
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How to Interpret AIS and TIS on the Income Tax Portal: A Comprehensive Overview
"Simplify your tax process as we demystify the Annual Information Statement (AIS) and the Taxpayer Information…
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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…
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Benefit of opting for the New Tax Regime
Taxpayers are often confused when it comes to choosing between the new tax regime and the…
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ESOPs and Their Taxation
As the startup ecosystem is growing in India, companies often offer ESOPs or similar compensation plans…
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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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How to Choose the Correct ITR Form: A Guide to Choosing the Right Income Tax Return Form
As the tax season approaches, one of the most crucial decisions taxpayers face is selecting the…
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Residential Status and its Importance in Taxation
Your tax liability depends on your residential status so it is essential to understand how you…
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Form 15G & Form 15H: Overview, Usage, Parts, and Eligibility
If you have completed your tax filing for 2023-24 and are now looking to maximise your…
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Capital Gains from Equity and Mutual Funds: Special Considerations Under Section 111A & 112A
Income tax laws have distinct rules for the taxation of equity shares and mutual funds. To…
8 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…
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Section 80 Deduction List
Tax planning plays a vital role in managing your finances effectively. Amongst many deductions in the…
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Understanding Tax Credits: How to Use Form 26AS and Annual Information Statement (AIS) for Accurate ITR Filing
Form 26AS and Annual information statement (AIS) display a comprehensive view of the financial transactions made…
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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.
