Financial Planning in India for NRIs – An Online Opportunity

Indian financial planning has come a long way since the days when the gigantic huffing and puffing public sector corporations ruled the roost and a lot of non resident Indians are exploiting the full potential of this strategy through some investment advising. It was the era of large government run companies that scarcely made profits or lived up to the ethos of free market competition. Without reforms in place, people had to be content with whatever was dished out by the enterprises run by bureaucrats. Financial planning is a chart for saving and spending future incomes.

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Road map for the future

It lays out a road map for the future spending and a careful budgetary allocation for all sectors is required. Expenses like utilities, rent and food are accounted for in financial planning. At the individual level, financial planning should start early in your life. You need to plan well ahead to lead a comfortable life in old age. Earlier, people banked on their children and their jobs to take care of their parents during their old age.

Times have changed and so have opportunities.

But times have changed and expenses have shot up. Lifestyle changes in the young have forced them to spend more than their parents. Nowadays, even the young are planning early on in life to ensure a comfortable lifestyle later on in life.

People are also retiring early and spending time on things they would have loved doing instead of working at an office as was the practice earlier. By investing judiciously, Indian people are ensuring they lead a good and comfortable life after retirement.

Top get optimum monetary benefits, senior citizens have planned way ahead. There are many financial schemes that can guarantee a healthy and reasonably good lifestyle by managing their expenses.

You should think of short and long term savings at the same time after incurring your expenses. Usually, people in India leave aside 20 percent of their income as savings for the rainy day. And for long term savings, you should explore all the best investment potentials available.

Wide array of investment plans available for NRIs

You can put aside some money for saving in the bank and then use the wide array of bonds and mutual funds to as well as shares and stocks to make the money grow. Indian financial planning is not restricted to banks these days as you can explore a wide range of investment options online. With the stock market boom, there are several investors coming in and investing in the form of foreign direct investment into the Indian stock market. After all, financial planning is taking good care of your future.

Financial planning in India allows you a wide range of options. You can exercise them according to your will and that could mean buying a car, a house or even taking a holiday overseas.

Many Indians are getting used to a change in their lifestyles for the better. They are exploring newer avenues for spending their newly earned wealth from judicious financial planning. You can get more from your life these days in India than ever before and getting it is easy as there are several loan schemes to back your passions.

With careful planning, you can set your goals and go about to achieve them. There could be various ways you could have received money. It could be from a sale of property or a share lot that has matured.

You can also get loads of money after voluntary retirement and looking for ways to invest it and watch it grow. There are many avenues for investment these days and Indian don’t need to worry as they did decades ago when limited opportunities froze their money making plans.

Fixed Deposits in India for NRIs

Are you very anxious and disturbed about the safety of your fund which you have earned by hard working in foreign land? Do you like to send money back to your home country for the future use? See everyone has the ardent wish to be rich or financially affluent.  They don’t want to find them in miserable condition. Therefore you must be a good planner how to save money for the future expense.  If you are married and you have children and wife, you should be economical. [READ FULL STORY]

 

Income Tax Rules in India – Overview on the Taxation System Online.!

India is basically a multilingual country with myriad tributaries of languages, religions and ethnicities being available in this country.  However there is unity in diversities. Let me tell you frankly, that India has powerful tax regulating machinery which is very active to collect taxes from the people and other commercial organizations.  Frankly speaking, the tax system in India is three tiered. Central Government, State Government and the local governing bodies like municipalities have formed the trio.

As per the law of the Indian constitution, every citizen should be duty bound to pay Indian taxes to the government failing which he or she is liable to the penalty charges and in some cases the long term imprisonment can take place for the nonpayment of dues or outstanding balance.

On the other hand, only through the legal machinery of the government, the tax will be collected.  If you are tax payee and an authorized citizen in India, you must have the basic knowledge regarding the tax regulators of this state. He should know which department is responsible to collect the taxes. He must be aware of the tax related laws that you will have to abide by to do trading or enjoying other utility services.

Know Different Tax Collecting Agencies

  • Mainly, CBDT or Central Board of Direct Taxes is accountable to collect the taxes from the people and different non governmental sectors.  You will have to know that Central Government imposes taxes on central excise, custom duties and service tax. On the other hand the State Government enjoys the right to put the taxes on certain areas like VAT, State Excise, land revenue, stamp duty etc.
  • Lastly it is up to the local government to impose the taxes on the house property, Octroi and it also collects taxes on the sewerage, drinkable water supplying process and other utility services.

When you proceed for the payment of the taxes for enjoying the rights and various types of services which are essential for the development and growth of body and mind, you should collect the necessary data how to pay taxes and to whom you are legally bound in this case.

Frankly speaking,  just check the previous performance track record and try to make a comparison study, you will surely know that the there has been a massive change in the pattern of the Indian taxation system. For the last few decades, the higher authority has been doing modification and changes with the main purpose of bringing the flexibility and dynamism to the taxation system in the country.

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  • The more simple process in collecting the taxes the more advantageous will be to the NRI tax payees to enhance businesses in this good and sound financial condition. Taxation mechanism needs to be simplified and well organized as per the opinions and views of the financial advisors.  On the other hand, in the case of Corporate Income taxes, the scenario is little bit different in comparison to the direct tax levies.
  • As per the Income Tax Act, the commercial sectors and different financial institutions in the country are under the legal compulsion to pay taxes on the total income which they earn from the total volume of the international dealing or transaction.
  • At the same time, if you are NRI, you must be compelled to pay the dues to the Income Tax department for doing business in India. You will have to prepare the Income Tax papers on the contracts and transactions which are based in India.

Simultaneously, there are different tax rates with 35% is charged on the domestic or residential property, 40% plus 2.5%  as surcharge  being levied on the international corporate sectors plus surcharge. In this connection, you should check the personal income tax system.