The ABC of Financial Planning: A Path for Everyone
In the ever-evolving financial landscape, the importance of financial planning transcends professional boundaries. It’s not an exclusive domain of entrepreneurs; it’s a necessity for every individual, from the working class to non-working members of society, senior citizens, homemakers, and even non-working youth above 18 years.
Why? Because each one of us, whether earning or not, has a responsibility to file an Income Tax Return (ITR). Neglecting this duty comes with repercussions, including future ineligibility for home loans.
The Hidden Collaterals: Undeclared Wealth
In India, it’s a common practice for people to hold undeclared wealth and properties. Often, these assets are not disclosed in ITR filings. However, the need of the hour is for individuals to gradually declare their wealth. The possibility of the government scrutinizing and merging the ITR department, wealth tax department, and property registrar’s department in the future carries substantial implications for those who hold undeclared landed properties.
Guidance for Small Entrepreneurs
Small entrepreneurs, even if their annual revenue doesn’t exceed 20 lakhs, should meticulously manage their financial books from the very beginning. Regular reviews of their financial statements and expenses are essential, preferably on a quarterly basis. For those who can’t afford a traditional CFO, the option of a virtual CFO exists to provide guidance. They help entrepreneurs stay in compliance with all legal requirements and maintain vigilance over their finances, income, and expenses – something a traditional Chartered Accountant cannot always accomplish.
Every partner or director involved with MSMEs should file their ITRs. Shareholders and directors must diligently pay their credit card bills and bank EMIs on time to ensure a good Credit Information Bureau (CIBIL) score. A poor CIBIL score can be challenging to rectify, so maintaining a good one is paramount.
Senior Citizens and Their Financial Landscape
Senior citizens often have income from Fixed Deposits (FDs) to sustain them. It’s imperative to document any pension they receive in their financial records. Interest earned from FDs and mutual funds should also be recorded. Filing returns is critical because it ensures financial flexibility in case a situation arises where they need to mortgage a property in an emergency.
Call to Action: Empower Your Financial Future
At Glasba Financial Services, we believe that financial planning is not a privilege but a right. It’s a responsibility that extends across all walks of life. Our mission is to empower individuals from all backgrounds to navigate the complex world of finances with confidence.
Connect with us to explore how Glasba can assist you in securing your financial future.
#FinancialPlanning #ITRFiling #EmpowerYourFinances # Finance # Corporate Finance# MSME
*NPA se बचाव, Glasba Services देगा सुझाव*
Watch the Full video and save yourself from being a NPA Today!
For more information:
Contact📞: +91 9167496298
Email 📧: email@example.com
Above Article written by our Guest Editor Amita Goyal:
Brief Introduction Amita Goyal :
Amita Goyal is presently founder and owner of Glasba Services located in Mumbai. She is former banker and has worked with ICICI for more one decade. She is an MBA from Gurgaon and has good command in finance.
Amita Goyal belives in action. Her Finace company supports Msmes ,corporate houses and Builders to raise capital to run their business successful.
She has helped to many msmes,corporate houses and Builders by providing her service.