Tax Planning
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…
4 min read
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…
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,…
4 min read
What’s the Difference Between TDS and TCS? Explained Simply!
This blog post explores the differences between Tax Deduction at Source (TDS) and Tax Collected at…
4 min read
Effective Strategies for Tax Planning for 2025
Tax planning is an integral part of managing one’s personal finances and an effective strategy allows…
4 min read
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…
5 min read
Tax on long-term capital gains
Understanding Long Term Capital Gains (LTCG) is crucial for any taxpayer. So, what is LTCG? It’s…
4 min read
Gifts and Their Tax Implications
In India, exchanging gifts is a common way to express love and gratitude within our culture.…
4 min read
Received a Notice under Section 142(1)? Here’s what you need to know
It can be alarming to receive a notice from the Income Tax Department, but you can…
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…
6 min read
Demystifying Taxable Income: A Beginner’s Guide for Indian Individuals
Unlock the basics of taxable income in India. This beginner's guide offers clarity on taxation essentials…
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…
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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.
