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5 best tips for Tax planning from financial advisor

It’s difficult enough to have a reasonable and adequate income these days amidst the rising inflation and dynamic needs, and it is hard to save a lot of money on the side too. What makes things all more challenging is the tax one has to pay on the income earned, which leaves very few opportunities to save money.

Taxes are an obligation one must comply with, and there is no way to bypass such an obligation. Thus, one must pay taxes, regardless of the needs and requirements. More often than not, it becomes burdensome for an individual, especially when they need to learn how to save money while paying taxes and following tax planning.

Boost your saving with tax planning

As a law-abiding citizen, you play an essential role when paying your taxes on time or before. Having said that, who wouldn’t want to save some significant amount of their hard-earned money? And there is nothing wrong with that, especially when you are legally doing that without resorting to any unfair means. All that is needed is for you to know some intricate details about the law and your current financial status and needs.

In such a scenario, tax planning can be of great assistance and not only help you save unnecessary outflow of taxes but also makes you financially aware of your needs and help you make informed decisions. Tax planning is a way of financial planning that leads to tax efficiency. It aims to reduce tax liabilities, optimize the exemptions, and use the benefits to their full potential as much as possible. However, easier said than done. While tax planning brings excellent benefits, it may be complex for someone who needs more knowledge or is a novice. Whatever it may be, these tips or ways can aid your tax efficiency efforts.

Estimate your taxes beforehand:

It is always suggested to note how much income you will be at the end of the year. That is the income that gets taxed. If you can get a rough idea of this estimate after that, you can look for instruments to help you save taxes on the amount. However, it is necessary to start early to avoid any last-minute panic or rush.

Investments and expenditures:

Having a specific idea of income and tax liability will enable you to free your hands for investments and expenditures. You can invest in tax-saving instruments such as provident funds, equity-linked saving schemes, saving certificates, and many more. Early planning can enable you to seek the best tax-saving tools that suit your needs and offer high returns with low risk.

Maintain a proper record of receipts

This is the best way to remain organized and has efficient tax planning in place. The receipts of money spent during a financial year can help you track a record of the significant expenditures made. You can claim a deduction through these receipts and save on paying taxes. Thus, it is necessary to keep receipts of medical bills, travel bills, etc., to claim deductions while filing taxes.

Be agile throughout the year:

Heed to the changes in income level at regular intervals. This will enable you to make necessary changes to the investments. Clarity on the tax liability is essential for a tax saving plan, and it will only happen through regular income analyses.

File ITR early:

Income tax is a complicated issue, and one is prone to make mistakes if rushed through the process. It will create problems, and you might even receive an undesirable notification. Thus, it is always advisable to file ITR in advance in a planned manner which can also garner you a TDS refund at the earliest.

5 best tips for Tax planning from financial advisor

It’s difficult enough to have a reasonable and adequate income these days amidst the rising inflation and dynamic needs, and it is hard to save a lot of money on the side too. What makes things all more challenging is the tax one has to pay on the income earned, which leaves very few opportunities to save money.

Taxes are an obligation one must comply with, and there is no way to bypass such an obligation. Thus, one must pay taxes, regardless of the needs and requirements. More often than not, it becomes burdensome for an individual, especially when they need to learn how to save money while paying taxes and following tax planning.

Boost your saving with tax planning

As a law-abiding citizen, you play an essential role when paying your taxes on time or before. Having said that, who wouldn’t want to save some significant amount of their hard-earned money? And there is nothing wrong with that, especially when you are legally doing that without resorting to any unfair means. All that is needed is for you to know some intricate details about the law and your current financial status and needs.

In such a scenario, tax planning can be of great assistance and not only help you save unnecessary outflow of taxes but also makes you financially aware of your needs and help you make informed decisions. Tax planning is a way of financial planning that leads to tax efficiency. It aims to reduce tax liabilities, optimize the exemptions, and use the benefits to their full potential as much as possible. However, easier said than done. While tax planning brings excellent benefits, it may be complex for someone who needs more knowledge or is a novice. Whatever it may be, these tips or ways can aid your tax efficiency efforts.

Estimate your taxes beforehand:

It is always suggested to note how much income you will be at the end of the year. That is the income that gets taxed. If you can get a rough idea of this estimate after that, you can look for instruments to help you save taxes on the amount. However, it is necessary to start early to avoid any last-minute panic or rush.

Investments and expenditures:

Having a specific idea of income and tax liability will enable you to free your hands for investments and expenditures. You can invest in tax-saving instruments such as provident funds, equity-linked saving schemes, saving certificates, and many more. Early planning can enable you to seek the best tax-saving tools that suit your needs and offer high returns with low risk.

Maintain a proper record of receipts

This is the best way to remain organized and has efficient tax planning in place. The receipts of money spent during a financial year can help you track a record of the significant expenditures made. You can claim a deduction through these receipts and save on paying taxes. Thus, it is necessary to keep receipts of medical bills, travel bills, etc., to claim deductions while filing taxes.

Be agile throughout the year:

Heed to the changes in income level at regular intervals. This will enable you to make necessary changes to the investments. Clarity on the tax liability is essential for a tax saving plan, and it will only happen through regular income analyses.

File ITR early:

Income tax is a complicated issue, and one is prone to make mistakes if rushed through the process. It will create problems, and you might even receive an undesirable notification. Thus, it is always advisable to file ITR in advance in a planned manner which can also garner you a TDS refund at the earliest.

An index fund is a type of mutual fund that invests in stocks that are similar to those in a specific market index. This implies that the scheme will outperform the benchmark index it is tracking. An index is a collection of securities that define a specific market segment. Index funds are classified as passive fund management because they track a specific index. Under passive fund management, the securities traded are dependent on the underlying benchmark. Furthermore, passively managed funds do not necessitate a dedicated team of research analysts to identify opportunities and select the best stock.

1) financial advisor 2)wealth management 3) tax planning 4) investment adviser

In contrast to an actively managed fund, which seeks to time and beat the market, an index fund seeks to match the performance of its index. As a result, the returns of index funds are aligned with the returns of their underlying market index. The returns are more or less equal to the benchmark, except for a small difference known as tracking error. the fund manager frequently tries to minimize this error as much as possible.Advantages of Investing in Index FundsIndex funds benefit from the following advantages:1. Low feesSince an index fund mimics its underlying benchmark, there is no need for an efficient team of research analysts to help fund managers pick the right stocks. Also, there is no active trading of stocks. All these factors lead to low managing costs of an index fund.2. No bias investingIndex funds follow an automated, regulation-based investment method. The fund manager is given a predetermined amount to invest in index funds of various securities. This eliminates human discretion/bias while making investment decisions.3. Broad market exposureTo ensure that the portfolio is diversified across all industries and stocks, investments should be made in a ratio that is similar to that of an index. As a result, an investor can use a single index fund to capture the likely returns on the larger segment of the market. For example, if you choose to invest in the Nifty index fund, you will gain investment exposure to 50 stocks spread across 13 sectors, ranging from pharmaceutical to financial services.4. Tax Benefits of Investing in Index FundsBecause index funds are managed passively, they typically have low turnover, i.e. few trades placed by a fund manager in a given year. Fewer trades result in fewer capital gains distributions that are passed to the unitholders.5. Easier to manageIndex funds are simpler to manage because fund managers don’t have to worry about how the market is treating the stocks that make up the index. A fund manager just needs to rebalance the portfolio periodically.How to invest in Index Funds?Do you want to learn how to invest in index funds? Investing in index funds has become simple in recent years. You can even do it from the comfort of your home.Here are the steps you can take to get started on your investment journey:Online Process

On franklintempletonindia.com, you can open a mutual fund account.

Complete your KYC procedures (if you have not done it yet).

Enter the necessary details, as required.

Determine which fund(s) you want to invest in based on your financial goals.

Select the appropriate fund and transfer the necessary amount.

If you want to invest monthly through SIP, you can also set up a standing instruction with your bank (systematic investment plan).

The profession of financial planning advisor has become more important than ever. These professionals help people acquire wealth without having to work. Investments are a great way to generate income and contribute to the economy. But they should be done with utmost care and caution. Without proper advice, a person may end up losing money. Here are some tips for investing wisely. You can also seek the advice of a financial planning advisor in Bangalore.

Fipro Education and Investments offers complete investment services to high-net-worth individuals. The company claims to serve Forbes 100 families as its clients. This investment advisory firm is SEBI registered, and has office in Bangalore. In addition to providing investment advice, Fipro also manages real estate properties. The company has a mission to help clients achieve financial security and peace of mind.

The team at Fipro is led by Mr. Suhas Shetiya, he was for over 100+ companies around areas like leadership development, sales effectiveness, commercial & business acumen, & strategic thinking. He brings over two decades of experience to his role as a financial planner & SEBI Registered Advisor.

Listed on the SEBI website as a SEBI Registered Investment Advisor, Fipro is the best financial planning advisor in Bangalore. Their end-to-end wealth management services include investment advisory, retirement planning, tax planning, portfolio management, and financial planning. As a Certified Financial Planners, Fipro can help you plan for the future. For more information, please visit fipro.in. We look forward to hearing from you.

Among the most important parts of a parent's life, children are the most crucial element of their life. Although caring for a child is in human DNA, planning for their future is not as easy as it sounds. Fipro offers a range of investment and insurance products that can help parents secure their child's future and minimize their financial burdens. These financial planning advisor in Bangalore are SEBI-registered Investment Advisor and can help you develop your financial plan for the future.

Certified financial planners and investment advisors are the key to achieving the desired goals and aspirations. Financial planning involves not just making decisions with your money, but also taking all your money inflows and outflows into consideration. Moreover, it is also a way of ensuring that your money works for you, and not against you. Here is an overview of the process of financial planning and its benefits.

A comprehensive wealth management solution, Fipro is a one-stop financial plan for individuals seeking financial freedom. They specialize in creating customized portfolios for individuals, so their golden years can be both financially secure and vibrant. They aim to become a one-stop financial solution for clients, so that they are free to focus on the things that are most important to them. If you're looking for a financial planning advisor in Bangalore, look no further!

The Financial Planning Advisor at Fipro has over a decade of experience in working with senior citizens and providing complete financial planning services. Their financial experts will help you create a strategy for asset allocation and invest your money wisely. They'll also help you identify insurance plans that suit your lifestyle and investment. It's important to have adequate insurance coverage to minimize the financial consequences of life's risks.

When you need the services of a Financial Advisor in Bangalore, you have several options. You can choose from a number of companies, including Wealth Secure, Fipro, Entrust Family Office, and Wealth Management. Each offers their own unique set of features and expertise, which helps you make the right decision. If you're looking for a top-notch advisor, read on for more information. There are many benefits to working with a Financial Advisor in Bangalore.

There are many benefits to consulting with a financial advisor. A financial planner can help you invest in the right assets and make the right decisions. They can help you plan an estate so your family is taken care of after you pass away. It is crucial to understand your financial situation so that you can achieve your goals. Fipro Financial Advisors in Bangalore are available to help you with your personal finance. Here are a few of them.

If you don't know where to begin, financial planners can help you plan an investment strategy that suits your needs and goals. They can help you determine your financial status and your risk tolerance and recommend investments based on their recommendations. Their advice is unbiased and will let you know the benefits and drawbacks of each investment. If you're not sure about investing, a financial planner can give you guidance and prevent costly mistakes.

Established in 2018, Fipro provides high net worth individuals with a variety of investment services. Their services include boutique investment advisory, private equity, mutual funds, taxation, retirement planning, and legacy services. They are a registered SEBI investment advisor. Their financial advisors have expertise in a wide range of financial and business matters, and will help you manage all of your assets.

The Fipro team has an extensive background in business development, customer service, compliance, and risk management. Their directors each have at least above ten years of experience in the industry and specialize in various areas. The team's experience includes building and implementing business processes and leading cross-functional teams. They are also experienced in implementing new technology to streamline business processes. The team's commitment to customer service and innovation has earned them praise from customers.

The Fipro office headquartered in Bangalore. Fipro provides comprehensive investment advisory and management services to high-net-worth clients. With over $9000 crores in AUM, entrust is an SEBI registered investment advisory firm that specializes in private equity, real estate, social investment, and legacy services. The company also offers comprehensive tax planning, estate planning, and wealth management services. In addition to its services, Fipro also provides financial planning and retirement planning to high-net-worth individuals and families.

The team of Fipro Financial Advisors is led by Suhas Shetiya, an equity specialist with over 10+ years of experience. He brings in rich experience in building companies from the ground up and has worked across stages from fund raising to execution. He was also responsible for the conceptualization of the Fortune Series PMS schemes.

Looking For Financial Advisor:

If you are looking for a financial advisor in Bangalore, you should get in touch with Fipro. They provide a comprehensive range of investment services for all types of clients and have the expertise to help you manage your wealth and make smart investment choices. These advisors are independent and are not associated with any particular bank or investment company. They will analyze your financial situation and recommend suitable products according to your needs and requirements. You can even get your PAN Card and address proof done online. The advisors will complete the E-KYC process in real-time, helping you track your progress and plan your finances.

Investment is one of the most popular ways of accumulating wealth. Investing in the right kind of financial products helps you generate income without working and supports the growth of the economy. However, you must be very careful while investing, as you can end up losing money if you don't have the right advice. It is advisable to seek the advice of a qualified financial advisor, who will help you make wise decisions about your money.

As parents, it is natural that you will provide the best of everything to your child, especially when it’s related to education, best schooling, facilities, etc. As you know, spending on a good school will provide your child with a good quality education that will shape their future and give them the best opportunities in life.

Even though education is the most important priority for parents, education cost is the major concern when they are planning to send their child to a good school. But, planning ahead in advance will give you plenty of time to assess your expenses, make a budget and pay for your child’s education.

So here is the step-by-step planning process for your Child Education Planning in a Bangalore.

Financial Planning: Financial planning is very important to achieve your biggest goal i.e your child’s education. And moreover, starting early is better so start planning from the day when your child is born especially if you want your child to attend good institutions.

Calculate the Education Expenses: Make a rough calculation of the total cost of education of your child from their nursery admission to their higher studies include all the costs which depend on various factors such as whether your child would be studying in India or abroad and make a rough idea depending on the School Fee Structure plus do not forget to add the rate of inflation.

Investing in a Good Portfolio: Not just saving, investing those amounts in a good equity fund will provide you with a valuable return. By the time your child is ready for school or college or higher studies, 15-18 years is a good amount of time to play with equity funds as volatility in returns is flattened out.

Assess Your Existing Assets and Liabilities: Listing down all your assets and liabilities will help you to figure out where you stand today, how is your current cash flow and will also help you plan for the future.

Insuring Yourself is Necessary: Having a family insurance policy is a must, especially for the person who is the only earning member in the family and there are other members who depend on him. It’s important to secure your and others’ future by taking insurance so that in case something happens to you, your family shouldn’t suffer and your savings for your child’s education are not used for medical or other expenses.

Research: If you plan well in advance, you do not have to shell out a large portion of your savings to provide the best education to your child. No doubt the best education comes with a price tag but if you research well, there are many schools where their School Fee Structure is quite affordable. So always research well while selecting the school for your child.

Save More Than Forecasted: Always prepare yourself for additional costs, because no matter even if you have planned well there may be many additional costs that will come which will increase the cost. So, it is recommended to save more than forecasted as these buffer amounts can be used for unforeseen expenses.   

You have worked hard to build a life for yourself and your family—A life full of dreams, achievements, and happiness. But as you nearby retirement, you may have new dreams and goals in mind. You would like to spend more condition time with your loved ones or travel the world. You would also want to fulfill commitments like your child’s higher education or wedding. With a little retirement planning, you have the power to fulfill your wishes while maintaining your financial independence.

Retirement planning means drawing up today for your future life so that you continue to meet all your goals and dreams independently. This includes setting your retirement goals, assessing the amount of money you will need, and investing to grow your retirement savings.

There are umpteen numbers of benefits of retirement planning. In fact, the earlier you start planning the better. Some of the benefits of Retirement Planning:

Peace of mind: Planning ahead will reduce anxiety for you and will help you be mentally free for your later years. Not planning can leave you ambivalent with regards to your income after retirement thus creating stress.

Contextualize Pre-Retirement Decisions: You will be able to make more capable decisions related to your career presently if you plan for your retirement. Is it better to do a job, or start your own practice independently? These decisions may be distinctive for someone with fifteen years to retirement compared to someone with only five years until retirement.

Getting on The Same Page: Some retirement plans are often affected by a savings desire to meet other objectives such as assisting an adult child in starting or acquiring their business. To the extent that these goals may affect your own retirement savings, you will benefit from planning ahead. One of the benefits of early retirement planning is that you can make sure your plans work well with other relevant parties.

Tax Benefits: There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible. The sensible thing to do is tax diversification. This comprises establishing different pools of money in accounts that are taxable, tax-free, and tax deferred. These different accounts allow income during retirement to be importantly withdrawn from a variety of sources depending on future conditions.

Cost Savings: There are many ways to reduce costs with applicable planning. Many of the insurance policies you may need (long-term care, etc.) can be acquired at a lower premium when younger and in good health rather than waiting until retirement and risking a higher rate or denial of coverage.

Legacy Opportunities: Planning for retirement can also provide benefits to your heirs or your favorite charitable causes. You may also wish to contribute to charitable institutes. Planning your retirement ensures all your wishes are fulfilled in the correct manner.

Retirement Planning in Bangalore was designed to help us once we retire. By identifying the ideal plan and starting early, you can easily build up a significant nest egg for your retirement. Fipro, houses Bangalore’s one of the best financial planners helping you throughout this process, making it easier for you to plan your retirement.

There are several benefits of working with a SEBI Registered Investment Advisor in Bangalore. Apart from being regulated, RIAs are well versed with the complexities of the financial world. They can advise you on everything from portfolio management to tax planning. Moreover, they can give you tips on how to invest money wisely. Getting proper advice from an investment adviser will ensure that you don't waste your time and money.

There are many advantages to working with a registered investment advisor in Bangalore. The most significant of these is that you can be assured of their professionalism. A qualified financial advisor is likely to have professional qualifications, a post-graduate degree, or a diploma in business or finance, as well as five years of experience. This will help you make informed decisions based on your financial situation and your personal goals. In addition, you can expect to get personalized service from an investment advisor.

A registered investment adviser is regulated by SEBI. You can visit SEBI's website for information on advisory companies. The first step is to come up with a list of names for your investment firm. If you're unsure, try brainstorming to come up with some new ideas. The city provides comprehensive resources for entrepreneurs and investors. The toll-free helpline number is available to answer any questions you may have.

You must contact the SEBI directly if you want to be a registered investment advisor. These companies must have a toll-free helpline and a website. A registered RIA will provide you with a certificate if your application is approved. The SEBI has several regional offices and a local office in Bangalore. You can also check your local office to see if a SEBI Registered Investment Advisor in Bangalore works with an insurance company.

The SEBI has published new regulations that apply to investment advisers. Among them are fee-only advisers, which do not receive commissions from financial product sellers and do not charge their clients as a percentage of their assets. As a result, fee-only advisors are the best option for you if you're looking for a professional who can offer you unbiased advice. If you're unsure about which kind of registered investment advisor is right for you, start by checking out the following sites.

When choosing an investment advisor, you should make sure they are registered with SEBI. You can easily check your advisor's status on the SEBI website. You can also do a quick search on the Internet for the SEBI's database. The name of the company will appear in the search results. The SEBI will then display a list of similar names that might confuse you. A flat-fee, fee-only SEBI Registered Investment Advisor in Bangalore can be trusted by investors.

For more info, please visit: https://www.fipro.in/corporate-workshop/

Call us: +91-6360809110.

An investment is an asset or item acquired with the goal of generating income or appreciation. An investment always concerns the outlay of some capital today—time, effort, money, or an asset—in hopes of a greater payoff in the future than what was originally put in.

Investing can be a tricky business and can confuse you immensely as to which is a better investment, Mutual funds or Direct Stocks. But with Fipro, the best financial advisor in Bangalore, this task has also become easy.

Their team of knowledgeable and qualified professional’s researches and bring you the pros and cons of both the investment for you to understand and decide.

But which is better, Mutual Funds or Direct Stocks? Let’s have a look. Some points to keep in mind while investing and deciding which is better:

1.Risk and Return: Individual stock purchases are a high-risk – high return proposition. Even though Equity mutual fund schemes have a higher risk due to the asset class they invest in, they have a diversified portfolio. Thus, by investing in mutual funds, you end up avoiding scenarios of negative returns.

2. Management: You solely rely on your research, knowledge, and skills while making an equity investment, which may or may not be adequate in all market scenarios. All of these drawbacks are not present with mutual fund purchases. Mutual fund houses have experienced financial experts who are fund managers and take care of your investments.

3. Diversification: A well-diversified portfolio should include at least 15 to 20 stocks but that might be a huge investment for an individual investor. With mutual funds, investors with little funds, as low as INR 1000, can get access to a diversified portfolio.

4. Cost: Due to the economies of scale, mutual funds attract lesser transaction costs when purchasing shares and therefore, pay lower brokerages as compared to individual investors. You can also save the annual maintenance charges on Demat accounts as you do not require it while investing in mutual funds.

5. Investment Style: When you invest in stocks directly, you have to do your own research, based on the knowledge of which you enter and exit the market. In case of mutual funds, you do not have the freedom to choose or transact in stocks or any assets as for that matter, during the time period of investment. The fund manager does all the investment, tracking, and management on your behalf which makes you a passive investor.

6. Investing / Trading time: Stock can be bought at any time during the exchange trading hours which start from 9:15 a.m. to 3:30 p.m. during which the transactions happen at the existing price. In the case of mutual funds, they can be bought or sold only once and at the day’s end after the NAV is finalized.

7. Tax Benefits: Mutual funds offer you the option to save taxes and can help you save up to INR 1.5 Lakhs under Section 80C of the Income Tax Act, 1961 by investing in tax-saving mutual funds. There is no such option to save tax while investing in stocks.

At Fipro, they make sure to listen, understand and acknowledge every client with what they need and what is best for them. Fipro is truly one of the best financial advisor in Bangalore giving you the safety and assurance that you require with your investments.