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Tag: Financial advisor

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How to Save Tax Without Fresh Investment in FY 2019-20?

Save Tax Without Fresh Investment

When the month of March is comes to end, the only thing that comes to the mind of a salaried person is Tax Liability and Returns. Tax Liability is a duty levied by the government on your income which aids it to conduct public welfare activities. Tax planning here becomes a necessity as there are a lot Individuals who often pay tax more than they were required. The only reasons are the lack of weakness and knowledge about various deductions and schemes issued by the government in order to help the individuals avoiding excess tax liability. In common parlance, the best time for tax planning is in the starting of the year but people tend to procrastinate till the year end and end up either making errors in filing statements, paying more tax or filing belated returns. 

However the good news is that even if you have been careless towards planning tax the whole year you can still claim certain deductions on expenses that you have incurred in the normal course of your daily routine. Some of the deductions are-

Children’s Education & Hostel Allowance and Tuition Fees (Sec 80C & Sec 10(14))

The most common expense generally an individual incurs is the tuition fees of school, college or any other recognized institution for the purpose of full-time education of any two children of the employee is eligible for deduction.  Please note that any sum in the name of donation, development fees or capitation fees or any other payment of similar nature shall not eligible for deduction. In certain cases where the Children’s Education & Hostel Allowance is provided by the employer, such sum shall be added to the gross income of the individual & deduction of Rs 100 & Rs 300 per month per child upto 2 children shall be eligible.

Medical & Life Insurance (Sec 80D & Sec 80CCC)

Keeping in mind the uncertainty of human life and importance of medical and life insurance, the government has incorporated sums expended in such regards as an eligible deduction. Tax deduction based on health insurance premiums paid for individual, spouse, and dependent children shall be eligible for deduction up to Rs 25,000 per budgetary year.  Similarly, for investments made with respect to life insurance shall be eligible for deductions as per the related provisions. 

House loan and interest (Sec 80E, Sec 80E, Sec 24)

Employer’s contribution to NPS

Every individual whose employer has made contribution under section 80CCD(2) to the notified pension scheme which is not covered within the overall cap of Rs 1.5 lakh for cumulative deductions under sections 80C, 80CCC and 80CCD(1) shall be eligible for the deduction in accordance to the said section. Such deduction under is in addition to the cumulative deduction available under section 80C, where the overall limit is Rs 1.5 lakh, and 80CCD(1B) which is Rs 50,000.

Contribution made towards PPF and other approved schemes

There are a lot of regular investments that a common person invests in for which deductions is allowed under the Income Tax Act. This includes any deposits made with National Savings Certificate, Sukanya Samriddhi Account, Senior Citizen Savings Scheme 2004 (SCSS), NABARD Rural Bonds, 

Equity Linked Savings Schemes (ELSS)

ELSS is tax saving mutual fund that help the investors to save taxes up to Rs 1.5 lakh under Section 80C of the Income Tax Act. ELSS funds are considered ideal for new investors to start their investments in equity mutual funds. They, generally, have a mandatory lock-in period of three years and are among the shortest lock-in period among tax-saving investments permitted under Section 80C.

Standard deduction

A standard deduction up to Rs 50,000 is allowed for all salaried employees. This deduction is is mandatorily available and is considered by the employer while computing tax liability of each employee. The respective deduction is available at the time of filing ITR. However, while planning your taxes for FY 2019-20, you must consider standard deduction as well to compute your total tax liability.

Apart from all the deductions mentioned above there are multiple other deductions under the Income Tax Act 1962 which are available to an Individual.

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5 Things To Know Before Hiring Financial Advisor

Financial Advisor

Who is a financial advisor?

A financial advisor is an investment professional who is an expert when it comes to managing your saving and other investment related problems. They help you to draw up investment plans, choose the best investment alternative amongst the pool of choices available and enable you to fulfill your wealth related objectives. 

Why to consult financial advisor?

Ever tried flying an aircraft on your own? Some of you might have yes as an answer which has been supported by years of intense training and experience of flying a plane. Managing your wealth could be just the same as flying an airplane. 

If you know how to fly it you’d be in the clouds but if you don’t your life could be at high risk so it is advisable to let the pilot handle the yoke. Similarly, if you lack the necessary skill & knowledge of managing investments you should consider a financial planner.  

There are a lot of changes in the ever changing market; a majority of individuals are unable to understand the dynamicity which usually causes a major loss to the investors. Therefore, a financial planner is one that you should consider before investing your hard earned money.

Following are the list of factors that you should consider before appointing a financial advisor.

  • Decide whether you need a financial advisor

Considering a financial advisor is always a good thing to go for, but the advice usually carries a brokerage or commission. This decision normally depends upon the investor’s knowledge, education and other related factors. If you have a strong knowledge of the fields of finance and generally keep yourself updated you might skip the option of hiring a financial advisor. Otherwise it is highly recommend considering a financial advisor. 

  • Find a Reputable Advisor

Before consulting a financial advisor, you must check his reputation, feedback & reviews of the past and current clients.  There are a lot of financial advisory firms available in the markets which have good repute and a loyal customer base which makes your investment safer.  

  • Past performance of the financial advisor 

Before investing your hard earned money you should be aware of the past tracking records of the financial advisor. A lot of people are shy about asking for proof that whether their financial planner actually has a successful track record managing accounts.   

  • The Education Level & Certifications of the financial planner 

The government has various certification & education bodies which skeptically check the competence of the financial planner. Such certifications are an assurance that the individual which you are referring to is a genuine expert in the fields of investment and has a better command over understanding the dynamics of the market. 

  • Know when to consult a new advisor

There could be a lot of possible situations where you might want to shift to a new financial planner in place of the current one. A good advisor is one which understands your investment needs, has multiple conversations with you, discussing your long term goals and assessing your plan. If you feel that your advisor is not able to serve to your expectations, give good suggestions or is unable to help you achieve your investment objectives you should consider a new business planner.

Who is VSRK?

VSRK is one of the financial advisory firms in Delhi, giving advisory on mutual funds, life insurance, general insurance, pre-IPO, PMF, IVF and other structured financial products. 

Why should you choose us?

Here at VSRK we advise about your financial needs at different level of your age, be it for your child’s education, pension plans, medical insurance plans or making huge investments for profitable businesses. That’s what makes us one of the best financial business planners in Delhi. 

Our awards

  • VSRK has been a member of UTI Mutual Fund Chairman Club since 2008.  
  • VSRK has been awarded as wealth management firms in Delhi by Pan India in Distribution of UTI Mutual Fund products in IFA Category for the year 2009-2010.

VSRK has also been awarded IFA Category WEALTH FORUM Advisor Award – 2010 for Highest Growth in AUM Equity + Hybrid), North Zone – Delhi Region for financial business planner in Delhi. 

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Why in Investment in Latest Performing Mutual Funds a Progressive Choice?

Performing Mutual Funds
Modern Case Scenario
In this modern world of Investing, people like Warren Buffet and Geraldine Weiss, who are considered as legendary investors, have always advised not to depend on any single source of income and have continuously warned the world about the catastrophic results which over-dependence on any one source of earning can cause. In the past, we have seen scenarios such as the case of Jet airways where a huge group of people were retrenched and lost their jobs. Situations such as these have a major impact on the lives of those affected and their mere existence is often threatened due to lack of finance to support their needs and their families, coercing them to be indebted or forcing them to sell their precious possessions. This is why advisors usually recommend their clients to create a second source of income i.e. investment.
Investing in Mutual Funds
When we think about investment, the rate of return on investment is the first thing that strikes our brain and the risk factor, along with ROI, is one of the most important elements in making any investment decision. Now, the real question arises as to where should this money be invested into, many of the secured securities such as fixed deposit, bonds usually have a low rate of return accompanied with lesser risk and the securities with a higher rate of return such as shares of a company have a much higher risk component, thereby demonstrating the positive relationship between the risk factors and the gain. Here finding the right balance between the element of risk and adequate rate of return is very essential.

For people who wish to play on the safer side usually invest in debt securities and bonds, whereas people with higher risk appetite usually invest in equities. However, for investors who want to have a comparatively higher return than debt but want moderate risk, are often advised to invest in the latest performing mutual funds. The level of risk in a mutual fund depends on what it invests in. Mutual funds are said to be riskier than bonds but earn more returns on the investment.

So, till here we know that mutual fund is one of the best ways to get good returns on our investments by taking moderate risks. But, knowing how to invest in the best performing mutual funds could be a real hassle for common businessmen and investors.
We, at VSRK wealth creator, are committed to solve all your queries regarding investment and help you to decide the best Investment and course of action for your Wealth Management.
How we can help?
VSRK Wealth Creator is one of the best-known names amongst the leading financial consultants in Delhi. When you opt for our professional services, your investments in mutual funds are operated by our dedicated team of portfolio managers working devotedly along with our with specialized investment research team, to enhance your income on amount invested by allocating the funds into an enormous pool of securities in order to decrease the overall risk to
the minimum level possible and thereby providing you with high returns as well as comparatively low risks.
Being a financial consultant in Delhi, for the past decades, enables our experts to prudently examine various companies, their performances & growth, and after exhaustive analysis of all the necessary factors and elements select the best alternative, amongst the available investment option which is aptly suited to achieve the objective of wealth maximization.
Why Mutual Fund?
We believe in the golden investment adages such as “do not put all your eggs in one basket” and “never test the depth of river with both legs”. Investments in the leading performing mutual funds enable the users to be benefited from the diversification of the amount of investment into various alternatives. Such benefits of diversification were traditionally, available to High Net -worth Individuals (HNIs) who had large amounts to be invested, however investing in the best performing mutual funds provides the investors with such benefits of diversification, and also gives you an opportunity to invest with fewer funds as compared to other avenues in the capital market.
While on one hand wealth is being created, on another hand provides us with an option to en- cash our investment immediately. This helps us to maintain high cash liquidity, which is generally missing in most of the securities such as bonds and fixed deposits and might be of great help in emergencies. Along with all these benefits, the investors can choose from a large list of options to invest in, whether it is in a blue chip company, bond or any other security.
So, it can be concluded that best performing mutual funds are a great source for wealth creation, which provides the investors with comparatively high returns, moderate risks, high liquidity and a diversified option of securities to invest in.
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How are Fintech Companies creating disturbance in Banking Sector?

Times have changed and the technology has also challenged the status quo of the Financial Sector. The bombardment of mobile payment apps, online shopping, investments, mobile to mobile banking has made a tilt shift of 180 degrees in financial arena. The Banking System has been confronted by this new idea of Fintech Companies which are spreading its roots in India. People now-a-days to avoid paper formalities and finding ease of access through the internet, are switching from Banks to these Fintech Ventures.

Mobility has played a vital role in financial revolution. In this fast-paced World, one needs all the information and services on their smartphones. Financial Services traditionally needed an infrastructural setup (branches) and fixed assets to raise their entry for customer retention. While technology advancements now allow Fintech startups to virtually operate to deliver complex financial solutions. The digital transformation coupled with mobility gives the ease of excess to their clients who initially were forced to wait in long queues for making a deposit, requesting a check-book or conduct trades. That’s where these Fintech Companies earn trust and credence from the public at large giving flexible and adaptable options to their customers.

 

Ways how Fintech is creating disturbance in Banking Sector

Fintech venture opens the door to choose between various and multiple schemes which are available in market. Whereas, mostly bank can only promote their own products. Fintech not only offers numerous plans like mutual funds, pension plans or insurances but with the help of various tools and artificial intelligence draws a comparative analysis chart for the customer which eventually aids them to choose the right plan/scheme for their financial goals.

These Fintech Giants have incorporated the pop of online transactions and use of digital wallets, which eventually has made our life trouble-free than those times where we use to trade goats for wheat. Old fashioned banking transactions have been losing its charm. Today these e-wallets allows anybody to transfer funds from any place on the planet to any person having a mobile phone. This provides a faster, cheaper and more reliable way to transact than conventional banking system. Customers like to experiment with new methods offered by Fintech players which aids them track their payments, passbooks and account balance more transparently on their smartphones. In recent years we have also seen a rapid growth in block-chain, crypto-currency which has taken toll in the financial world by providing a swift way to transact.

Fintech players also empower customers with mobile applications which time to time notifies Portfolio Insights, Tracking of Goals, etc. This contributes customers to get information about their investments and holdings. The inheritance of Mobile Application embodies a platform which personalizes with each and every customer which mostly Bank fails to deliver. With all the statistics and data on one’s fingertips, customer is always updated. Neobanks are a very refined example for the same. In this digital sphere, Fintech endeavours from customer support chat-boxes, machine learning algorithms and biometric fraud analysis which attracts customer’s confidence.

Fintech ventures also promotes machine-learning through artificial intelligence which keeps a track of money laundering. These security software alerts while making any fraudulent payment or any virus attacks, which aids in check and balance of every transaction. Biometrics, facial recognition, iris scans and voice pattern adds a layer to the security system which increases the authenticity and reliability.

Financial Advisor in delhi ncr

– This article has been contributed by Swapnil Aggarwal, Director, VSRK Wealth Creator

 

Reff. Url:- https://goo.gl/WL8EFW

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Top 5 Ways to Control Your Expenses and Increase Savings

We all have many needs and desires. Our most of desired wishes are related to doing or purchasing something. To fulfill all desires and basic requirements we all need money. Money doesn’t come easy, so before spending money we all need to think about how to spend it correctly. From purchasing grocery to paying bills somewhere we all encounter some financial issues. Today maintaining Lifestyle is so expensive. We all need to plan our budget and expenses according to our Income. Saving money is Very important.

There are so many methods, Tricks and strategies to save money and to achieve your money goals. Below are five of the simplest but most effective Methods to save money .

Always Trace Expenses

First of all you need to check where most of your money spends. It will give you an idea of your needful expenses and extra spending’s. It can help you to cut down those spending’s which is not that important for you. Before purchasing something you should ask yourself Do I really need this? The amount which I am spending on particular thing is in budget or not. When you will think about spending money, then this will help you to stop purchasing unnecessary things.

Invest your Money

If you have a goal to fulfill all your financial needs then you will have to save money. There are many Certified Financial planners and Financial advisory firms that can help you to plan your finance. These financial advisors will suggest you according to your earnings and financial condition which Investment plan and Insurance will be best for you. If you select Good financial planner then the half work is already done, Because right advisor will give you the right planning and will help you to meet your financial goals.

Make Budget

Well it is most easiest way to plan your money matters. From top priority things to less needy things you can make budget.  List your Liabilities according to balance, then handle them accordingly. It will give you an idea of how much amount you need to plan your monthly financial aims. In that way you can cut down unnecessary expenses, and so on and so on until you finally reach debt freedom. It can also benefit you to save money for things which you want to buy other than your daily requirements. In general, the idea is to make sure your that priorities are taken care of before you spend that money on less important things.

Make future Finance Goals

Always plan your future finance. Talk to your partner, and plan what you expect from yourself after n number of years. Then plan accordingly. If you Picture your future then you will be able to save more money. Set your financial targets. When you set targets for your future you become more responsible in money management. Commit and challenge yourself towards Financial targets.

Keep yourself Motivated and up for Savings

First of all you have to keep yourself Motivated for completing your financial goals. This Attitude of keeping yourself active towards your goal will give you more innovative ideas to save money. It will also give you new ways to earn money.  Try to save money whenever you find a way. If you are you’re not sure how much you should save, Save 10 percent of your income, no matter how much you earn. This can help you to meetup all your financial expectations.

Empower yourself by following these methods. You can Talk to Financial Advisor For more better Investment and saving plans.

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