Retirement & Tax Planning
Retirement Planning
We help to Plan Your Retirement
Ensuring a comfortable retirement for you and your loved ones.
The plan and action of accumulating a certain corpus by the time you are of retirement age is known as retirement planning. It is a plan for living the choice of life you have dreamt for your silver years. This essentially means that you need to plan for a steady source of income for yourself at the time that you retire from your active career.
Why should you plan for retirement?
Planning for retirement is a very important financial decision you should make if you want to live a stress free independent life when your steady income from your job or work stops.
SWP (Systematic Withdrawal Plan) is a feature offered by mutual funds where the investor can withdraw a fixed amount of money at regular intervals (monthly, quarterly, etc.) from their mutual fund investment.
Your expenses that you incur today will not be the same when you retire, as with inflation, cost of living and all other expenses will only grow. Therefore your plan has to not only save for your retirement but also to invest in such a way that the future cost of living can be taken care of. For this, you need to start planning for your retirement as soon as possible, even if you find the retirement to be a remote happening.
Steps of retirement planning
The first step to plan your retirement is to decide what kind of life you see for yourself in your retirement. Do you want to live a quiet life in the countryside growing your own vegetables, or would you want to live in a community with like minded people. Would you like to spend time reading books, or travelling the world? The type of life you want to live will decide how much money you would need to save up for those days.
The next step is to take stock of your assets. Your value of your existing assets will make up some of your retirement corpus. The rest of the corpus needs to be built over the time you have left till your retirement.
A very important consideration while planning for your retirement is to take a look at how much time you still have till the time your retirement sets in. As a rule of thumb, the longer you have for your investment till your retirement, the larger the corpus you can build, helping you to come closer to your dream life. The investments you plan will have to be done with respect to the time left as well as your risk appetite.
The next step is to plan the investment avenues that can help you reach your goals. You can take your pick from a variety of options like, Systematic Withdrawal Plan of Mutual fund's scheme wherein you get the growth of equity and the assurance of debt.
Tax Planning
Planning For Tax Saving Investments Efficiently & Filing Income Tax Return . ITR represents an individual's income and the taxes that are to be paid on that income during the financial year starting on 1st April till 31st Mar
Tax consulting in India is crucial in helping individuals and businesses navigate the complex tax landscape and ensure compliance with tax laws. With a vast and evolving tax system, engaging tax consulting services in India offers several benefits. Here's an overview of tax consulting in the Indian context.
Income Tax Planning and Compliance:
Tax consultants in India assist individuals and businesses with effective income tax planning, considering applicable deductions, exemptions, and tax-saving options. They help optimise tax liabilities by analysing income sources, investments, and expenses. Tax consultants also ensure accurate and timely filing of income tax returns, adhering to the prescribed deadlines and guidelines.
Goods and Services Tax (GST) Compliance:
Since implementing GST in India, tax consultants have become instrumental in ensuring compliance with this unified indirect tax system. They help businesses understand GST regulations, determine applicable tax rates, and maintain proper GST record-keeping. Tax consultants assist in GST registration, filing GST returns, and handling GST audits.
International Taxation:
With the global expansion of businesses, international tax planning and compliance have gained significance. Tax consultants in India assist businesses engaged in cross-border transactions in navigating complex international tax laws, double taxation avoidance agreements, transfer pricing regulations, and withholding tax obligations. They help optimise tax structures for international operations while ensuring compliance with Indian and foreign tax regulations.
Tax Dispute Resolution:
Tax consultants in India provide support during tax audits, assessments, and disputes. They represent individuals and businesses in interactions with tax authorities, including responding to notices, providing explanations, and defending clients' positions. Tax consultants assist in preparing and filing appeals, negotiating settlements, and seeking favourable resolutions in tax disputes.
Indirect Taxes:
Apart from GST, tax consultants in India guide other indirect taxes such as customs duty, excise duty, and service tax (before the implementation of GST). They assist businesses in understanding the applicability of these taxes, maintaining compliance, and optimising tax positions.
Transfer Pricing:
Transfer pricing regulations come into play for businesses involved in related-party transactions. Tax consultants help determine arm's length pricing for such transactions, ensuring compliance with transfer pricing regulations in India. They assist in documentation, benchmarking analysis, and addressing transfer pricing audits.
Tax Incentives and Exemptions:
Tax consultants in India help businesses identify and avail themselves of various tax incentives and exemptions provided by the government. These may include startup incentives, special economic zones (SEZs), research and development activities, export-oriented units (EOUs), and specific industries or regions. Tax consultants guide businesses through the application process, compliance requirements, and optimisation of available incentives.
Compliance Reviews and Due Diligence:
Tax consultants conduct comprehensive reviews and due diligence exercises to assess the tax compliance levels of businesses. They identify potential tax risks, uncover non-compliance issues, and recommend corrective measures. Tax compliance reviews help businesses identify and rectify gaps in their tax processes, minimising the risk of penalties and legal complications.
As tax consultants, our team will assist in optimising tax positions, ensuring compliance, resolving disputes, and staying abreast of changing tax regulations. Given the dynamic nature of the Indian tax system, we suggest clients seek professional tax advice to manage tax-related challenges effectively and maximise financial efficiency.