Tax Planning
4 min read
Residential Status and its Importance in Taxation
Your tax liability depends on your residential status so it is essential to understand how you…
4 min read
Is Agricultural Income Fully Exempt from Income Tax?
Agricultural income is commonly viewed as entirely tax-free, but few complications are involved in its tax…
4 min read
13 Income Tax Rule Changes in 2024 That Will Impact Your ITR Filing in 2025
The income tax reforms announced in 2024 have introduced a range of updates that will influence…
5 min read
How to File Income Tax Return for Salaried Employees: A Step-by-step Guide
As if a tedious 9 to 5 taking a toll on you wasn’t enough, now you…
5 min read
New TDS Changes Effective from October 1, 2024: What You Need to Know
As part of the Union Budget 2024, significant amendments to the Tax Deducted at Source (TDS)…
5 min read
Budget 2025: New income tax slabs, other key Budget announcements that will impact your personal finance
In her Budget 2025 address, Finance Minister Nirmala Sitharaman declared her tax proposal’s objective to be,…
6 min read
Section 10 of the Income Tax Act
When we talk about saving on taxes, exemptions can make a world of difference. One section…
5 min read
Income From House Property & Its Taxation
Owning a house is a significant achievement that comes with various tax benefits under the Income…
5 min read
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…
6 min read
How to File Income Tax Returns for Previous Years?
Introduction Did you miss filing your ITR last year or the year before? If the answer…
4 min read
Benefit of opting for the New Tax Regime
Taxpayers are often confused when it comes to choosing between the new tax regime and the…
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…
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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.
