Income is subject to tax and the amount an individual can save, the return they earn on their investment and therefore the corpus they are able to build for their future goals, are all impacted by the tax regime they fall under.
We at Financial Gainers able to assess the impact of taxes on the finances of the household and advice appropriate saving and investment options.
The post-tax return of financial products will have to be considered while choosing products and estimating holding periods. The taxability of various heads of income such as dividends, rents and interest differ. The treatment of return if accumulated, rather than paid out periodically, varies. The taxability of gains differs based on the holding period.
A financial adviser should bring in these aspects while constructing a plan for the household.
Tax planning involves assessing & understanding an individual’s financial situation from a tax perspective and devising means to decrease their tax liability by making the most of the available deductions and exemptions which are permissible under law. It is a legal way of planning your taxes. In the current scenario, complying with the constantly changing tax laws and regulations is a challenge, let alone it’s planning aspect.
We, at Financial Gainers, help our clients with tax compliance and planning. Our in-house chartered accountants help clients assess and manage their tax outflow.