Category: Financial Services‎

Most investors believe handling finance is a matter of minimizing losses and keeping balances in the right books. But will that push them towards their goals? Financial planning services take you through a deeper look into your current assets- money and specific plans that will help you achieve your objectives within a certain time.

The results of a successful financial plan are adequate and paying investment, an active retirement plan, ample savings, tax wellness, and multiple insurance plans. Having said that, let us look into types of financial planning services.  

Tax Planning Services 

Tax is one of the burning issues in an organization; it often drains cash out of the company unnecessarily. But with financial planners who are experts in tax, you are sure to solve most of these problems. Financial planners will help you limit tax expenses and maximizing your tax refunds. In some cases, you will find financial planners taking you through the actual process of filing tax returns which is highly beneficial to the organization.

Retirement Planning Services 

Your employees need a secure future with a proper retirement plan. A retirement plan prepared by financial planners ensures that you save enough money to enjoy happy days when you can’t work anymore.

Estate Planning Services 

Most people have grand plans for their loved ones after they cease to exist. This includes signing up for various life insurances, expanding your long-term investment goals, and saving more for the uncertain future. But you can secure a better financial future for your loved ones by adding estate investment to the list.

Financial planners will help you invest in appreciating estates whose value increases with time. So, in case of your death, your family may start living off your estates as they fit through the loss. Also, good financial planners will help you file tax returns related to your estates on time to avoid penalties and seizure of property.

Budgeting  

In many organizations, the driving force behind its objectives is spending the right amount of money on them. A proper budget plan may generate millions. For this, you need financial planners who will take you through the entire budgeting process.

Investment Planning Services  

Financial planning plays a crucial role in investment. When you have the money or the assets, and you want them to generate income, financial planners will help you out. First, they will identify a suitable investment opportunity and advice you on how to channel your resources to produce profits.

However, note that financial planning is not part of investment management. For, these you can seek help from asset or investment managers.

Bottom Line 

Financial planning services stem from a single perspective of ensuring that your money generates profit and on time. Other than income, planners will help you secure a better future for your loved ones through estate investment, retirement, and insurance plans. But the exact service a financial planner will offer is tailor-made depending on your needs. So make sure you are dealing with a planner who understands the industry very well.

Tax planning is necessary because it changes your experience of paying tax. Where you would have to simply find out the amount of tax payable and make the payment, tax planning helps you knowing the different types of ITR and smartly minimizing the income tax payable. This means that you end up with more money in your hands. This money can be used to invest in profitable avenues for financial security today and in the future.

Many taxpayers are fully aware of this. Hence, near the end of each financial year, there is a rush to find new and effective ways to save tax.  This search primarily involves finding investment options that would be great tax saving options as well. But, to know which investment options to look for, you need to know the various tax benefits that financial instruments can offer.

Tax planning through investment

Tax planning and tax saving can be done by investing your money into the right investment opportunities. More precisely, you have invested it in opportunities that the government grants tax benefits for. Since, tax deductions can only be granted by the government, it is important that every investment opportunity you look into has provision in the Income Tax Act, 1961. Here are the various investment opportunities that the government offers tax provisions under:

• Life insurance

Life insurance is one of the most preferred types of tax saving opportunities. However, most people look at it as simply a safety net to be used in the case of an unfortunate event. But the ones that have a better financial knowledge know how much of a tax saving tool life insurance can be. It qualifies you for a tax deduction under the Section 80C of the Income Tax Act.

In addition to the tax deduction, premiums for life insurance are also very affordable. This means it is one of the most cost-effective tools you can have for financial security. The tax deduction in life insurance depends on the amount of life insurance you get. The amount of life insurance, in turn, depends on a host of factors like income, expenses, liabilities, financial goals etc. Nearly all life insurance products offer tax benefits. However, if you want to get higher coverage and in turn get higher tax benefits, you should go for term insurance.

• Equity Linked Savings Schemes (ELSS)

First thing you should know about ELSS funds is that they are a type of mutual fund. However, what is unique about them is that they are the only mutual fund type that come under the scope of Section 80C of the Income Tax act. ELSS funds make you eligible for a tax deduction up to a maximum of ₹ 1,50,000 per financial year.

Before the year 2018, the returns that you would earn after you invest in ELSS funds would be tax-free. However, the 2018 budget by the government added a stipulation to the gains you make off of ELSS tax saving mutual funds. As per these changes, any long-term capital gains you may have above the limit of ₹ 1,00,000 will be taxed at a percentage of 10%. This means earnings made from ELSS funds do not work on an income tax slab. However, even with the 10% tax payable, you would still have enough returns left with you.

• Fixed deposits

The idea of a fixed deposit is that invest a lump sum amount with a bank or other financial institution. This lump sum amount then earns you profits in the form of interests. While you are earning profit from it, the principal investment that you made remains the same.

A tax saving fixed deposit comes under the Income Tax Act’s Section 80C. Under it, the amount you invest can earn you tax deduction. How much of a deduction you get depends on the amount of money you invest in the FD. However, you can only get a maximum of ₹ 1,50,000 in tax deduction each financial year.

Tax is a mandatory and important contribution you have to make as a citizen of the country. But paying large amounts as tax can have a bad effect on your finances. Hence, picking the right investment plan to invest and save tax in the process is the best way you have to contribute and save money at the same time.

Airtel Payment Bank is a digital Indian bank that allows people to open paperless savings accounts in just a few steps. Anyone can open a bank account and deposit up to Rs. 1 lakh in the account. Bharti Airtel Limited holds 80.01% stakes, and Kotak Mahindra Bank has 19.9% stakes in Airtel Payment Bank.

There is no minimum amount to open an account, and once the account is opened, the user gets a virtual debit card which he can use to make online and offline payments. The annual interest provided by the bank is 2.5%, and it also offers free personal insurance of Rs.1 lakh.

Services offered by Airtel Payment Bank:

1. Easy money transfer to friends and family
2. Utility bills payment
3. DTH/mobile recharges
4. Shopping
5. Deposits and withdrawals with banking points

How to open an account?

The process of opening an account is very straightforward. You just need to follow the few steps mentioned below:

1. Visit a nearby Airtel retail outlet and submit your Aadhar card.
2. You can also open an account by downloading the My Airtel App from the Google play store.
3. Click on payments bank and finish one-time registration.
4. Submit your personal details like name, email id, and mobile number. Once done, click on register now. You will get an OTP on your mobile phone, which you will need for verification.
5. Once you are verified, you will need to enter a 4-digit PIN to activate your wallet.
6. Under ‘my profile tab,’ you can click on Apply for a saving account.

How to recharge mobile on Airtel Payment Bank?

Using Airtel Payments Bank, mobile users can recharge their mobile easily without any payment fee. The only thing you need for mobile recharge is a savings account from Airtel Payments Bank or an Airtel money wallet. There are few steps that you can follow for prepaid mobile recharge using the website Airtel payments Bank:

1. Visit the website and log in by using the MPIN.
2. Now click on the payment and recharge tab.
3. Select ‘post-paid’ and select the service provider.
4. Once done, enter your mobile number and the amount you want to pay.
5. Hit proceed and make the payment.

This is one of the simplest ways to recharge any mobile number like Airtel, BSNL, Vi, Jio recharge using Airtel Payments bank. Airtel payment bank has made prepaid recharge easy by simplifying the process of making payment. The mobile-only bank is getting popular day by day due to its benefits to its users. On every recharge, the company offers a few discounts and cashback to its users, which people are finding quite lucrative as it helps them save some money.

Many small businesses find it difficult to hire a chartered accountant to handle all of their business transactions. Chartered accountants charge a competitive salary, and it’s generally too high for an average small businessperson to afford. Instead, many companies are simply outsourcing their accountancy services.

Hiring a local accountant in Salisbury is often the primary choice for most people, and for good reason. There are several key services that accountants offer, including but not limited to:

• Managing financial accounts
• Preparing tax statements
• Recommending strategic decisions based on financial performance

Here are a few reasons why it’s best to outsource accountancy services.

They Are Expert Professionals

One of the biggest reasons why you should outsource accountancy services to a private company is because these experts employ trained professionals with considerable experience. The chances of errors are going to decrease by a significant margin and you won’t have to worry about any last-minute errors affecting your fiscal accounts.

It’s a More Affordable Option

Another reason why you should outsource accountancy services is because these companies charge an affordable fee from their clients. Instead of paying an exorbitant salary and providing benefits, you can just pay a monthly fee and make sure that your accounts are managed by an expert.

These companies also sign privacy agreements, so you don’t have to worry about data leaking or any kind of problem arising over time. It’s an excellent option for small businesses that want to resolve their business accounting issues without having to pay a lot of money.

A lot of students want to get financial aid. It is quite clear why they want to get it. First of all, it is very rather satisfying to receive money that can cover your education. And to understand that they are given to you because of your outstanding abilities and knowledge.

There are a lot of ways of getting financial aid, as well as types of it. In this article we will tell you about the most popular types of financial aid. So here they are:

Scholarship. It is the most popular and widespread type of financial aid. Also it given more often and to biggest quantity of students (even for a designation of other kinds of the aid). Scholarships are paid in various forms, it can be either a sum of money or a check, or something like that The grant can be paid as periodically, as one time;
Grant. It is a onetime financial aid which is directed on the certain goal. As a rule, it provides competition to get it;
The grant for research work (Fellowship). it is the grant which implies that the students who received it must carry out some researching, trainings, etc;

Award. It is a rather small sum. It is paid one time for a winning any competition, and also for certain achievement in educational process or a social life of your alma mater.

As you can see, there are a lot of types of financial aid. Perhaps, you will try to deserve at least one of them. It is really great to be one of the students who receive financial aid. Try to be one of those who are marked with the aid. Besides, receiving financial aid because of your research work is also great, as this financial aid is paid by private funds and organizations, you can continue your research work being employed to the company which once paid financial aid for you.