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24/7 Support: 846-035-2818

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Financial Planning

WHAT IS FINANCIAL PLANNING

Financial Planning is the process of planning a person's investments and assets to enable the person to attain his or her financial goals, keeping in mind the risk profile of the person.

WHY FINANCIAL PLANNING

As the GDP of India has been growing, the income and savings rate of the people has also seen an unprecedented growth in recent years. With an expansion in the number and complexity of financial products and plethora of information available at the fingertips due to the advent of technology, it has become increasingly difficult and crucial to pick up the right instruments and develop an appropriate roadmap that will fulfill one’s financial needs and secure the financial future.

In today's world of complex financial instruments and abundance of options, financial planning offers numerous benefits, as follows:

  • Systematic approach to goal fulfillment: Financial planning enables the person to take a systematic approach to planning his or her finances and takes the person closer to achieving his or her goals.
  • Timely action on shortfalls and surpluses: The plans, when reviewed periodically, enable quick reallocation of funds to meet any deficits towards goal fulfillment while any surpluses generated can be gainfully redirected to appropriate investment channels.
  • Consideration of risk profile and financial capacity: When planning one’s finances, the risk appetite of the person, along with the financial capacity of the person to tolerate risk needs to be taken into account. Financial Planning process takes these factors into account, and the investments are planned accordingly.
  • Market conditions: Financial planning enables the person to make the most of the market conditions and can help him or her turn market situations to his or her advantage.
 

Tax Planning

Tax Planning is an activity conducted by the tax payer to reduce the tax liable upon him/her by making maximum use of all available deductions, allowances, exclusions, etc. feasible under law. In other words, it is the analysis of a financial situation from the taxation point of view. The objective behind tax planning is insurance of tax efficiency. Tax planning allows all elements of the financial plan to function in sync to deliver maximum tax efficiency.

Tax planning is critical for budgetary efficiency. A reduced tax liability and maximized the ability of retirement plans.

 

Objectives of Tax Planning

  • Minimal Litigation
  • Productivity
  • Reduction of Tax Liability
  • Healthy Growth of Economy
  • Economic Stability
 

Types of Tax Planning

  • Short-range and long-range Tax Planning
  • Permissive Tax Planning
  • Purposive Tax Planning
 

Tax Planning in India

Indian law offers a variety of tax saving options for the taxpayers, allowing for a large range of options for exemptions and deductions through which you could limit your overall tax output.

  • The deductions are available from Sections 80C through to 80U and can be utilised by eligible taxpayers.
  • All these deductions happen against quantum of tax liabilities.
  • There many other sections under the Income Tax Act, 1961 such as exemptions and tax credits that can lower your tax liabilities.
 

Corporate Tax Planning

This is a way of lowering the liabilities on a registered company. One of the most used methods is by including the deductions on business transport, health insurance of employees, etc. With tax deductions and exemptions provided under the Income Tax Act, 1961, your enterprise can largely reduce its tax burden in a legal way.

Rising profits of an enterprise means higher liabilities of tax. In such a situation, it is important that they dedicate enough time on tax planning that reduces liabilities. With a tax plan, both direct tax and indirect tax is lessened at the time of inflation. Not just this.

Tax planning means a proper planning of:

  • Expenses
  • Capital budget.
  • Sales and Marketing costs.
 

A good tax planning results from the following

  • All you need to do is to claim the tax benefits is invest in eligible instruments.
  • Giving correct information to relevant IT authorities.
  • Being well informed of applicable tax laws and court judgements on the same.
  • Tax planning should be done completely under the purview of law.
  • Planning should take into consideration business objectives and flexibility for the incorporation of future changes.
  • You could be a long-time taxpayer or a first-time payer, in case you
  • Income Tax clauses seem so complex that the common man is averse of dealing with taxes.
 

Generic Saving Methods in Tax Planning

  • Medical expenses of disabled dependent
  • Expenses for a disabled individual
  • Treatment of specified diseases
  • Charitable donations
  • Donations for scientific research or rural development

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