10 Practical Tips for Early and Wealthy Retirement

 Do you dream to say Sayonara to your daily nine-to-five schedule and see the world, before you actually turn 60?

How do plan to fulfill such a beautiful dream of your life?

How do you interpret to see yourself retiring being financially successful?

Well, these questions are not as complex as they may seem. In theory, it is actually based on three very simple and easy-to-understand principles. These include: the amount of money invested, its growth rate and the amount of time required for its growth. A lot of good things heard. Now, comes the time for some reality check.

                                                                                    

Have you ever wondered why very few people actually succeed in building enough wealth for their early retirement?

                                                          

The reason is a lot more rationality involved, than the above stated theory. Rather than understanding and following the simple principles mentioned above, it is all about taking effective and result-orienting actions.

Therefore, the challenging part is not just knowledge, but applying the same into obtaining serious results.

Understanding the ‘Do It Yourself’ technique of Wealth Management

Do you actually need a Financial Planner or do you believe in ‘doing it yourself’?

No matter whether you are working out, dieting, curing any of your simple health issues, constructing your house, or considering money management – all these have two approaches to get them done, either seeking professional help or doing on your own. The decision to go for professional help depends on several factors that may vary from person to person.

Let us consider the example of building a house. For the same, one may decide to hire a personal architect depending upon his budget, the project size, as well as the kind of interior requirements. Otherwise, one can just go for a local contractor briefing, and take the supervision of the construction on his shoulders.

Startups in India #StartupActionPlan

Prime Minister Narendra Modi had announced the 'Startup India, Standup India' initiative on Independence Day the 15th Day of August, 2015. Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.

The Government through this initiative aims to empower Startups to grow through innovation and design. The scheme has defined reporting and other requisite compliances and measure to achieve the privileges of being a Start-Up in India.

This initiative aims at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start-ups with jobs creation.

Anti dumping and its purpose in International Trade

Dumping is said to occur when the goods are imported into India is less than the ‘normal value’ of ‘like articles’ sold in the domestic market of the exporter OR when the goods are exported by a country to another country at a price lower than its normal value.

This is an unfair trade practice which can have a distortive effect on international trade. Anti dumping is a measure to rectify the situation arising out of the dumping of goods and its trade distortive effect. Thus, the purpose of anti dumping duty is to rectify the trade distortive effect of dumping and re-establish fair trade. The use of anti dumping measure as an instrument of fair competition is permitted by the WTO. In fact, anti dumping is an instrument for ensuring fair trade and is not a measure of protection per se for the domestic industry. It provides relief to the domestic industry against the injury caused by dumping.

Dumping does not mean cheap or low priced imports

Law Office Management

Office management is organizing and administering the activities that normally occur in any day-to-day business or profession in office environment.

Efficient office management of a lawyer comprises a number of vital functions, including time management, organizing the paperwork and workspace, managing cases of multiple clients simultaneously, and being in control of all activities and responsibilities.

A lawyer could be wasting precious time because of misplaced files or documents or missing deadlines or call works or improperly attending the clients etc.

In order to successfully manage a law office, regardless of size of the profession, one should adhere to some basic guidelines. They are given as below:

1.    Location of the office

The office a lawyer should be proximity to the courts, so that it is convenient to the clients, lawyer himself, his juniors and office staff.

A lawyer appearing for District Courts, High Courts, Supreme Court etc. apart from his regular courts locally, may also have his office in the city in which he appear such in courts.

DIRECT TAXES VS. INDIRECT TAXES

Introduction

The objective of imposing taxes for any State is to raise revenue and to pay the necessary expenses of the Government such as promotion of the public welfare, protection of its citizens, and to finance its multifarious activities. The State shall always ensure judicious rising of funds and its spending. The below two important essentials shall be kept in view by the State, to promote the general welfare and protection of its citizens:

Ability to pay

One of the essential characteristics of our tax rising policy is ‘the ability to pay’. Indirect taxes are to be borne by the consumers of goods and services irrespective of their financial ability. On the other hand the direct taxes are lesser burden than the indirect taxes to the common people as they are payable on income or profits rather than on goods or services.

The indirect tax is also called regressive tax as the demand for products and services decreases proportionately as the amount of taxes increases. Excessive reliance on indirect taxes increases the rich and poor disparity. Direct taxes

Depreciation allowance under section 32 of the Income Tax Act, 1961

Depreciation is an allowance on capital assets acquired and put to use and not expenditure unlike repairs to machinery, plant or furniture. It need not be incurred by the assessee during the previous year. The depreciation allowance has to be calculated on the assets of the assesee as per the methods and rates prescribed under the income tax law.

Depreciation allowance is one of the deductions allowed from business or professional income chargeable under section 28 or other income chargeable under section 56(2)(ii) or 56(2)(iii) of the Income Tax Act, 1961.

As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly or partly, by the assessee and used for the purposes of business or profession.

A checklist for NRIs returning back to India

As an NRI, you have decided to return to India and are wondering how you should go about it. Well, Non-resident Indians, wishing to return to India may get perplexed determining what exactly they should do so as to move back to their homeland seamlessly.

Here are a few things which NRIs’ should do well to remember and take care so that they can achieve this smooth transition.

Account Conversion:

 NRO

The bank needs to be informed that your status will change from a Non-resident to a Resident and hence the account has to be changed from an NRO account to a resident account. NRO savings bank accounts also be maintained with the Post Offices in India.

FEMA Current and Capital Account Transactions

                                                                                                                                                            

SANOJ KUMAR                                                                                                                                

(CS MANAGEMENT TRAINING)

FOREIGN EXCHANGE MANAGEMENT ACT

Current and Capital Account Transactions and release of Foreign Exchange

As Amended by the Finance Act, 2015

Transaction under FEMA

According to FEMA, 1999 all the foreign exchange Transaction either “Capital Account Transactions” or Current Account Transactions”.

Meaning of Capital Account Transaction

A Current Account Transaction has been defined as a Transaction other than Capital Account Transactions, means all transaction which do not alter assets or liability outside India of resident or assets or liability in India of Non Resident treated as Current Account Transactions and without prejudice to the generality of the foregoing such transaction includes,

The story behind 'Online Financial Calculators'

Yes, it is true that financial / retirement calculators are simple to use. Based

on a few assumptions that you input on your computer about the future, it

instantly provides you with a number that indicates how much one needs for

his/her retirement.

This calculation might appear accurate to you in terms of scientific and

mathematical terms. However, when you move deeper into it, only then you

find its flaws. It is when you input the wrong values for the assumptions that

are impossible to make, then the results will be dangerously wrong, posing a

real threat to your retirement security.

How to Identify A Reliable Financial Advisor?

How do you determine that your financial expert is actually providing you with genuine or fake advice?

Can you easily trust any financial advice that you get?

Are you sure, whether the financial advice you have received, will fill your pockets or your advisor’s?

There are a few questions that one must address, before going ahead and trusting someone as their financial advisor, mentor, expert, or money manager. Therefore, let us get an insider’s view into some very important things to know, to let you differentiate between good and bad financial advice.

4 good things to do for managing your personal finance better

Personal financial management is a matter that almost everyone has to deal

with at some point in our lives. Your money and the way you manage it are the

two most important things in life. Since these are the factors that influence the

way you live, the people you meet and almost all other things you do.

Therefore, it is very important to know about the factors (both external and

internal) influencing money management, personal as well as corporate.

Building wealth is a continuous process that can be achieved not with haste,

but gradually with time. Let us understand some of the very significant steps

that can largely increase one’s likelihood of gaining success in financial

management.

10 Principles to an Intelligent Investment Strategy

Making a smart investment is not a rocket science. It requires you to learn and follow the appropriate principles, with discipline.

An unfortunate thing about investment strategy is that most of what is taught is hazardous, as being only a half-truth. This abstract information could even prove to be expensive, many a times.

Let us now present before you the ten principles that have proven to help an investor advance higher up
achieving investment success.

1. Follow the ‘Expectancy principle’:

a. This applies relying on a systematic and analytical investment plan. Any other strategy will not give you the confidence to eventually profit. Investment is not like gambling. A good investor should rely on a calculated expectancy, in order to certainly profit from his strategy.

10 Practical Tips for Early and Wealthy Retirement

Do you dream to say Sayonara to your daily nine-to-five schedule and see the world, before you actually turn 60?

How do plan to fulfill such a beautiful dream of your life?

How do you interpret to see yourself retiring being financially successful?

Well, these questions are not as complex as they may seem. In theory, it is actually based on three very simple and easy-to-understand principles. These include: the amount of money invested, its growth rate and the amount of time required for its growth. A lot of good things heard. Now, comes the time for some reality check.
 
Have you ever wondered why very few people actually succeed in building enough wealth for their early retirement?

The reason is a lot more rationality involved, than the above stated theory. Rather than understanding and following the

3 Steps to Control Risk in Your Investment Portfolio

Any investor would agree that ignorance and lack of awareness in the investment field can prove to be expensive. In the world of finance and investment, risk management is very closely related, rather necessary for measuring performance. Understanding risks is therefore, a crucial part of building your financial and investment knowledge.

Before making any investment, it is common for us to explore the benefits it offers. However, it is all the more important to be aware of the risks involved in the investment. Knowledge of the potential risks will help us to manage and control the hidden losses that it can cause.

History of Frauds

 It would be very interesting to learn that fraud is not a newly invented word. It would also be a misconception to say that technology has led to emergence of frauds in business.

A true history of fraud would have to start in 300 B.C., when a Greek merchant name Hegestratos took out a large insurance policy known as bottomry. Basically, the merchant borrowed money and agreed to pay it back with interest when the cargo, in this case corn, is delivered. If the loan is not paid back, the lender could acquire the boat and its cargo.

Hegestratos planned to sink his empty boat, keep the loan and sell the corn. It didn't work out, and he drowned trying to escape his crew passengers when they caught him in the act. This is the first recorded incident as of yet, but it's safe to assume that fraud has been around since the dawn of commerce.

The First Insider Trading Scandal

3 Questions to Answer Before You Choose an Investment

When you plan to make an investment, you must be fully aware of the ins and outs of your investment. Therefore, a good advice is to find answers to a few very necessary questions, before you can actually decide upon an investment. Let us explore what these questions are, where an investor needs to lay his focus on before investing his hard-earned money.

1. Do I have an Exit Strategy?

It is good to always plan your exit, before entry – especially in case of any investment acquisition. Wondering why? Because no investment can be convenient for you, forever. With time, your objectives are most likely to change. There is a reason behind you acquiring an investment. As those reasons contravene, it is the right time for you to make an exit without much delay. Therefore, it is important for you to know your exit reasons well in advance.

Strategy tips to Increase Savings and reduce Over spending

Don’t Try to Give Up Over-Spending!!!

Have you ever tried to give up over-spending?

What is the success rate in giving up over-spending?

Why people turn up unsuccessful when they want to give up over-spending?

Uncontrollable nature of Over-spending:

Giving up over-spending is a struggle. It brings a lot of negative emotions like guilt, frustration and shame. When you are thinking about giving up over-spending, sub-consciously you are still thinking about over-spending. The more you try to give up over-spending, the more you indulge in over-spending.

Directly, thinking about giving up over-spending will not give you the desired result.

PROMOTER : A Debatable word

Literal Meaning
As per Oxford Advanced Learner’s Dictionary, Promoter means a person or company that organizes or provides money for performance or an event. Promoter is a person (natural or artificial) who tries to persuade others about the value or importance of something.
From legal definition, Promoter is a person or company that finances or organizes or involved in setting up and funding a new company.
We can say that its an individual or company that, for a fee, helps raise money for some type of investment and operational activity of the company.
Nowadays, in general public, there is a confusion about who is the Promoter of the Company. Though the word Promoter has been defined in Companies Act, 2013 and SEBI (Issue of Capital and Disclosure) Regulations, here I tried to present it for better understanding of the word Promoter.

The Analysis of the Companies (Meetings of Board and its Powers) Second Amendment Rules

The Analysis of the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 and Companies (Audit and Auditors) Amendment Rules 2015 which to be published in the Gazette of India as on 14^th December, 2015.

In the Companies (Meeting of Board and its Powers) Rules, 2014,

After Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 the Rule 6A inserted:

Before Amendments:

 Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 talk about Committee of the Board:

The Board of Directors of every listed Company and;

·         All public Companies having Paid up Capital of Rs. 10 crore or more;

·         All public Companies having Turnover of Rs. 1 Crore or more;

·         All public Companies having in aggregate, outstanding loans or borrowings or Debenture or Deposits exceeding 50 Crore or more.