Set your goals for 2014 and get going - Destiny awaits action !!

As 2013 comes to an end, it is the right time to look back at how great the year 2013 was. Many of us only look forward to new goals for the new year but fail to give a pat on our backs for the hard work and rewards that we did achieve in the year that is passing by.

What are Thematic Funds

A thematic fund is a specialized mutual fund - one where the fund's objective is to deliver optimal returns by investing in stocks which qualify to belong within the particular theme that is considered. The theme could vary from multi-sector, international exposure, commodity exposure etc...read on...

How to avoid a notice from Income Tax Deptt

Ignorance of law is never an excuse, especially if it relates to financial ignorance. Are you wary of getting a notice from IT Dept even if you are not deliberately avoiding taxes? There are high chances, if you do not know the tax laws. But you can take certain fundamental precautions to avoid the same...read on...

What is HUF - Hindu Undivided Family

As you become wealthy, you must get smarter about saving taxes. If you are married, having an HUF or a Hindu Undivided Family can be a real boon. It is a safe and easy way to save tax. Lets see what an HUF is, how to make use of it and who it helps you to save tax....READ ON..

DTAA - Double Taxation Avoidance Agreement for NRIs

To my NRI friends who earn money in more than one country, this post was long awaited. See how you can avoid double taxation. Read on.

Smart Ways to Save Taxes and avoid Clubbing of Income

A penny saved is a dollar earned. This is how important saving a few extra rupees can be in your life. One of the prudent ways to save money is to be smart about avoiding taxes.

With the right professional guidance, you can legitimately avoid paying tax on the income earned on your investments. On popular demand, this post describes some smart ways to avoid taxes and hence increase your investible income.

Method of Accounting on FD interest : On accrual or on receipt ?

Every penny earned as interest on your Fixed or Recurring Deposit is taxable. Most banks will pay quarterly interest on your Fixed Deposits. This interest will keep compounding. An interesting situation arises when you get into a multi year Fixed Deposit. In such cases, you really should understand what are the options to pay taxes - should you pay the interest accrued in every financial year OR should you wait for the FD to mature. The choice is yours. This post tries to explain the two methods of accounting – mercantile(accrual) and cash.

Fixed Deposits Vs Recurring Deposits

Fixed Deposits and Recurring Deposits are two most commonly leveraged debt based investments used by 90% of the investors in India and abroad. Off late, many of my followers have asked me various questions pertaining to the benefits of investing in either of them and what they should choose and why. So, this post is for all of them.

Welcome to online EPFO : Balance, Transfer, Claim, e-Passbook

I have experienced, as many of you would have, the painful months / years it used to take to move our EPF (Employee Provident Fund) account balance from one company to other, while keeping our fingers crossed during this long journey of money transfer. The complex forms, unsure claim settlement, a balance statement which was delayed by at least 2 years - all these are things of the past !! 

Welcome to the all new, fast, reliable, dynamic online EPFO.

Meet our 2nd Freedom Seeker : Ms. Rita Cooper, Dubai, UAE

Last time, we met a CA from Bangalore, India who is on the journey towards financial freedom now - Mr. Sailesh Damani, The response to that post was overwhelming.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet a Marketing Director from Dubai, UAE : Ms Rita Cooper.

What are REIT (Real Estate Investment Trusts)

REITs (Real Estate investment Trusts) first originated in the United States. REITs were created in order to give all investors the opportunity to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities. See whats happening in India on the REIT front now a days, and this can potentially change the way we manage our wealth portfolios today.

e Gold Vs Gold ETFs

The debate about physical gold versus gold exchange-traded funds, or ETFs, was settled in favour of the latter a long time ago. Now, e-gold, another product that gives exposure to the gold market, is laying claim to the crown. But before you take a plunge with your investments, make sure you understand the pros and cons about each one of them.

Investment Options for NRIs

As i go about living my dream of transforming lives of thousands of people by enabling them to plan their financials well, many of the non resident Indians (NRIs) have come back and sought more details on the investment options available to them. Through this post, i am trying to list down the investment avenues available for NRIs. As i have been advising throughout all my interactions, no investment makes any sense if we are not aware of why we are investing and what is our target return. So, always make sure that Financial Freedom planning precedes any investment decision.

Lets meet a Freedom Seeker : Mr. Sailesh Damani

Well, it has been almost 6 months since so many of the financial freedom seekers have connected with me one-one over telephone and email, and shared their life's situations, dreams and also their financial portfolios. I have tried to mentor them to build a financial freedom plan of their life. This monthly track-able plan, once executed, has the potential to bring them out of the rat race and allow them to chase the true dreams of their lives. This plan can make them experience "freedom" in life.

I thought it would be a great idea if you could meet a few freedom seekers - to know who they are, what their dreams and goals are, why they are chasing financial freedom, and above all, how has been their experience since they have set themselves on this journey to financial freedom. So, here we go, lets meet with the first such freedom seeker : Mr. Sailesh Damani.

Honored with "Financial Wizard of the week" by the Economic Times

The Economic times, one of the most sought after financial newspapers in India, was kind enough to honor me with the "Financial Wizard of the week" for giving a "seemingly" wise solution to one of their reader's financial situation.... read on...

3 Life Lessons after 100+ Book Reviews

It does not happen by fluke. With more than 100+ Reviews on the Freedom Portal and 30+ reviews on Flipkart, an average rating of 4.8 stars out of 5, thousands of followers, being ranked in Top 5 and Top 10 in India for almost 3 months at a stretch now - all this does not happen just by chance...and there are lot of life lessons i have learnt during this 5 month journey of my book. Want to change your life? read on.....

What are NRE and NRO accounts for NRIs / PIOs

Non-Resident Indian is often faced with the situation of maintaining a Rupee account in India. This post clarifies what are the options available for NRIs, specifically whether they should choose NRE or NRO accounts.

Understanding Repo Rate and MSF Rates

Understanding these two rates (Repo rates and MSF rates) lets you make an informed decision on when to enter or exit specific stocks and / or mutual funds. Even if not that, it helps you understand the general market movement whenever RBI (Reserve Bank of India) decides to alter these rates.

What is Partition Deed

While a Gift Deed is an instrument to gift a movable or immovable property, a partition deed for a property is executed to divide the property among different people - usually among the family members. As with a gift deed, this is a natural phenomenon as generations change hands. It is better to equip ourselves with the knowledge needed for partition deed.

What is a Gift Deed

When it comes to transferring property from one owner to another, a sales deed may not always be the right instrument, especially if you want to pass it on to relatives. This is also a natural phenomenon as the property changes hand from one generation to the next. In such cases, instruments like a gift deed or relinquishment deed can come to your rescue. However, blindly choosing either can lead to problems. It is better to understand these instruments and then take informed decisions.

What are Gilt Funds

Gilts or Gilt funds, as they are conveniently called, are mutual fund schemes floated by asset management companies with exclusive investments in government securities. Gilts are securities issued by the central government and are said to carry sovereign or minimal risk. Lets understand more about them.

Financial Wisdom for Youngsters

When it comes to teaching money management habits to our children, we either procrastinate the entire subject, or we feel it is not the right time to talk about money to our children. Unintentionally, we lose the most significant element that makes most people wealthy across the globe i.e. Time leverage.....read on..

What are Blue Chip Companies and how are they selected

I used to hear the term "Blue Chip companies" since i was a child, but it is only during the journey of financial freedom that i had enough craving to dig deeper into why these are termed as blue chip companies, what these companies are, and how are they selected.

When will you start living your life?

The book is now gaining momentum and is now giving the first symptoms that it can very well be a best seller this year. But irrespective of how much the book sells, here is the part i like the most about the growing word of mouth. 

What are Large, Mid and Small Cap Funds

We keep hearing terms like large-cap, small-cap and wonder what type of stocks we should own and what these terms really mean? How does someone calculate whether a company is a large-cap or mid-cap? With so many people having such questions in mind, i thought of sharing this post with you.

Mission of Life

The two most important days in your life are the day you are born, and the day you find out why.... said Mark Twain.

While all of us precisely know about one of these two important days, it is very rare for most of us to have established the second day of our lives.

Why Gold is almost always a good investment

Traditionally, Gold has always been considered a safe bet and a great option to rely on, in case of financial crisis. However, can it also be considered a good investment option ie can it give you a combination of safety and returns better than most other investment and options that you are aware of? Lets read on.

What is current account deficit (CAD)

When dealing with equity, and in general the market and economy trend, one of the most commonly heard of terms to assess the country's creditworthiness is called as CAD (Current Account Deficit). A controlled CAD in general is a healthy sign for a growing economy. This is one of the macro factors to be looked at when taking a long term view of where you invest your hard earned money. So, let us try and understand more about CAD.

A DRDO Sr Scientist : The latest book fan

From the Rat Race to Financial Freedom was recently reviewed by Dr. T. V. Karthikeyan, a Senior Scientist at the Defense Research Development Organization (DRDO), and needless to say that he became the latest addition to the ever increasing list of fans of this book.

Producing some of the excerpts of his review. 

What are Direct Mutual Funds in India

Mutual fund investors have definitely turned smarter. An increasing number are taking the direct investments route to spice up their returns. Indeed, going by a Crisil report, direct plans now constitute 25% of the assets under management (AUM) of mutual funds. If you invest in mutual funds and plan to do so, you better understand what is a Direct Plan for every mutual fund scheme.

True Independence Day

As our nation celebrates its 66th independence day on 15th August, it is definitely time to rejoice, celebrate and look to the future, while we continue to learn from the past. We have come a long way, though there are miles to go before we sleep. Exactly 8 years ago, during one such celebration, a strange series of questions struck my mind - What is so great about freedom? 

Difference between Sum-Assured and Guaranteed-Returns in Life Insurance Policies

'Sum assured' and 'guaranteed returns' are the two commonly used terms when it comes to life insurance plans. Although both the terms are linked with monetary benefits of a policy, there is a significant difference between the two. Understanding the difference can help us make the right choice of the insurance policy for ourselves and our family members...read on....

Opening Multiple PPF Accounts in India

What is a Public Provident Fund (PPF) Account

PPF is a savings-cum-tax-saving instrument in India. It also serves as a retirement-planning tool for many of those who do not have any structured pension plan covering them. 

What is a Credit Score

A Credit Score [including Credit Information Report-CIR], is your detailed credit history and acts as a full evidence of your credit worthiness.

RR2FF - The book : Breaking Records to break people FREE

With all humility, i write this post....

This post is not about the records that this book has been breaking...

This post is also not to say that i have done a great job. 

This post is to let you know that there is a hidden desire for "freedom" in each one of us, and it seems to be slowly coming out in the open. While some are still "thinking", a few of you are coming out of your shell and seeking freedom of time and money in your lives....Read on...

Dare to Dream (Downloadable Audio)

Continuing with my commitment to provide high quality downloadable audios, the second one in this series is about the power within you, to dream, to achieve anything that you can think of...that you can dream of, that you can believe in...

Amazon, Flipkart, URead run out of stock !! , Amazing Reviews for RR2FF Book

The book (RR2FF) is selling like hot cakes... amazing feedback....hundreds of registered users...so many that i am counseling.......and the sales is just a number.

Talking about numbers, Amazon, Flipkart, URead have run out of stock !! It may not be good news for the readers who want to buy the book but it is a wonderful one for the author, when a book runs out of stock at the largest retailer in the world (Amazon) and also the largest retailer (arguably) in India (Flipkart) !! 

Clubbing of Income(spouse, children, parents) in India under Income Tax Act

What is clubbing of income ?
Most savings instruments allow investment in the name of spouse, children or parents, but with some restrictions. It is common to open a fixed deposit or buy insurance in the name of spouse or minor children. One can even open a Public Provident Fund (PPF) account or buy stocks in the name of spouse or children. Many seem to think opening fixed deposits in their spouses name or minor child’s name will reduce their tax liability. Unfortunately this is not so. The tax man has laid specific rules with regard to taxation arising from income clubbing. This is a diverse area and has its own complexities and is termed as "Clubbing of Income".

What is Form 26AS

What is Form 26AS?
It is a form wherein all tax related (TDS, TCS, Refund etc..) information in relation to a PAN is published by the government of India. Remember that all information is mapped via the unique PAN Number of the individual / HUF or the organization. This is one sure shot way to know how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc..

Utilize your commuting time : First downloadable Audio File from RR2FF

Great successful leaders have an enormous respect for time. They have an uncanny sense of productively utilizing every minute in hand. If we are looking for success in our own areas of life, this is one area where most of us are very likely to have some scope of improvement. One aspect of life which is grossly underutilized is the commuting time to your office and back home. It could also be waiting time in your car while you wait for someone to come along.

Income Tax Return (ITR) Submission Deadlines, Delays and Implications

It is time for Income tax Returns submission (ITR submission), and there are many queries that we come across every year, not only because the laws related to tax filing keep changing, but also because we keep landing ourselves into a new trouble every time e.g. what to do if you did not file ITRs in the previous years. 

So, i thought it might be helpful to put forward a few important scenarios and the answers to such queries.

The book "RR2FF" now gets acknowledged by "The Pioneer"

RR2FF (the book) has been catching up momentum, slowly but surely. The word of mouth has been spreading. People who have read the book are recommending it to others. I can see that with the trend of registrations continuously going up on the Freedom Portal. I can also see that with the emails, phone calls and feedback being received from unknown freedom seekers from across the globe.

Which Income Tax Return(ITR) form should I file for AY 2015-16 (FY 2014-15)?

Income Tax department has unveiled the income tax return forms for the Assessment Year 2015-16 (Financial Year 2014-15). The main intention has been to simplify the ITR forms and make them user friendly. Many of the salaried class have been used to file SARAL (Form 1). However, this year, better be careful.
Those who avail HRA, have availed LTA or had any other "exempted income" more than Rs. 5,000 in the entire year, you better find out what form you are required to file...read on...

TDS on property sale in India Section 194-IA

This is a new tax, applicable from 1st June 2013, deducted at source, on sale of any immovable property (other than agricultural land) costing more than Rs.50 lakh u/s 194-IA

This tax will be called as withholding tax.

What is Advance Tax in India

Just like Wealth Tax, "Advance Tax" is another element of taxation which often gets neglected by most of us, probably because of lack of awareness... but remember that as you grow rich, you better equip yourself with all the required knowledge, for ignorance is never an excuse.

Dividend Payout Ratio and Dividend Yield

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. 

What are Index Funds in India

In this series of posts, we are studying about various kinds of mutual funds available in the Indian market. In the last post, we studied about Income Funds. Today, we would study about another important category called as Index Funds.

What are Income Funds

If you are a novice to mutual fund investments, it can be difficult to pick the right ones given the number of schemes on offer. I am starting a series of fund types available in the market. This first post in the series deals with Income Funds.

Fixed Deposits vs Debt based Mutual Funds

The question of Debt Mutual Funds verses Fixed Deposits has been going on for a long time. Which one serves better for the conservative investor? In the minds of most investors, debt funds are a direct alternative and competitor for bank fixed deposits. This is a fair comparison, as the two serve the same purpose in anyone's investment portfolio. However, there are some crucial differences and it's important that investors should understand these.

Home Insurance for an Apartment Flat in India

Any standard home insurance policy will protect the structure of your house and its contents from perils such as fire, flood and earthquake. The terms are therefore straight if the house is on your own land. However, if you own an apartment, which is equally exposed to the dangers of getting partially damaged or completely razed by a natural or man-made calamity, it may raise some queries in your mind considering that your apartment is just one part of the complete building. Let us find more.

Book now available for sale on Amazon - Kindle and Paperback editions

Ah !!

It doesn't get better than this...my vision of reaching out to as many freedom seekers as possible across the globe gets a big boost as the book is now available at Amazon. Not only that, the book is now available in both the editions - the standard paperback edition and the much awaited e book edition - the Kindle edition.