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Why Disclosure of Income is Important

disclosure of income

Once you have selected the financial advisor/planner of your choice, the next step will be to meet them and discuss about your financial plan. Your advisor will need to ask you questions related to personal and professional matters to get to know you better and to device suitable plan for you. This means that you should be honest with your advisor with questions relating to these matters, especially when it comes to disclosing your income.

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Things To Consider Before Finalising Financial Goals

Things To Consider Before Finalising Financial Goals

The purpose of financial planning is to achieve your goals. Your goals help you to shape your investments as per your requirement. Therefore, you must be very clear about your goals before you start planning your finances. Your financial advisor will also be able to help you better if you are clear with your goal. Here’s what you should consider before finalising financial goals.

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How to Plan for Retirement Income?

How to Plan Retirement

The aim of retirement planning is to have regular income even after requirement and be financially independent. Apart from income for household expenses you also need to income for insurance premium, contingencies, etc. If you also have other goals such as children’s higher education, marriage, your dream home or dream vacation among others, then you will need a higher corpus to accommodate these dreams.

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What are Portfolio Management Services?

PMS

Portfolio Management Service (PMS) is a financial service designed for High Networth Individuals (HNI). HNI investors generally prefer customized investment options and thus PMS is suitable for such investors. PMS is offered by various entities such as asset management companies, banks and brokerages registered with SEBI. PMS Managers are highly qualified investment professionals with extensive knowledge and research experience.

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Benefits of Taking Term Plan

benefits-of-Term-Plan

Term plan is a life insurance plan to provide financial protection to the family of the insured in case of death. Many of us delay or avoid buying insurance not thinking what will happen to the family if some unforeseen event takes place. If your family is dependent on you financially, you should definitely get a term plan for yourself. Life is uncertain and by buying a term plan you can secure your family’s future. Here are some of the benefits of taking a term plan.

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How should You Choose Financial Advisor/Planner

How to choose right financial planner

When it comes to planning you finances it will be best if you seek help of a financial advisor. Not everyone has knowledge about financial matters and it will be better if you take professional advice for managing your finances. By managing your own finances or taking advice from friends and relatives, you may not be able to successfully manage your finances and thereby miss your goals.

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How You Should Save Taxes?

How to Save Taxes

The Income Tax Act has made several provisions which allow you to reduce your taxable income. Many of these provisions allow you to not only save tax, but also serve as good investment options. The budget 2019 further brought tax cheer to people, especially the middle class. Now individuals with income up to Rs.5, 00,000 will get full tax rebate. Standard deduction has also been raised to Rs.50, 000 from 40,000. Given below are some useful tips on how can save taxes.

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LTA Tax Exemption – Leave Travel Allowance

LTA Tax Exemption – Leave Travel Allowance

LTA doesn’t need any introduction; but has a tricky claim process & understanding.

First & foremost, one can claim LTA only for 2 years in a block of 4 years (current block is 2018-21). In case of no-claim in this block of 4 years, you are allowed to carry forward one-year, i.e. if you have not claimed in previous block (2014-17), now for current block, you can claim for three years 😉.

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What Happens If You Die Without a Will?

What happens if you die without a will?

A will is a legal document by which a person can express what should be done with their assets when they die. Very few people however prepare their will. When a person dies without a will, it can lead to disputes among family members regarding who will have claim to the assets. The true heirs may also have to spend time and money to claim the assets which are rightfully theirs. In such cases, the assets are passed on according to the succession laws of the religion to which the deceased person belongs.

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