Call for Celebrating World Financial Advisors Day on 31st March 2019

Financial advisors play a pivotal role in investment and financial journey of individuals. They help planning life goals of the person by selecting accurate product based on the risk profile and cost of aquriring it. Financial advisor have taken immense steps to ensure clients achieve financial goals and independence. FA has played a huge role in promoting various investment  products to the people over last 25 years.

Financial advisors have created huge wealth to the individuals with the fair choice of advice at the right time. As a thanks giving day and to recognise the contribution of Financial advisors in the upliftment of society various organisations called for "World Financial Advisors" on 31st March of Every Year.

Don't try do it yourself financial planning. You may not look into various aspects involved in it. Financial advisor can study your objectives and help you achieve your goals successfully. Financial advisors can provide you solutions instead of products.

MentoTax Celebrates World Financial Advisor Day! and thanks all the Financial Advisors who played at vital role in giving moral advice for achieving life goals.

Let's Celebrate!! Lets create Wealth!!

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#Mentotax #FinancialAdvisor #Investment #WealthCreation

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Lets Pledge to Avail Term Insurance Today

Term insurance is a type of insurance that provides life coverage upto sum assured for specified period of time. Term Insurance is a pure protection policy. It doesn't have any savings/investment component attached to it.

Advantage of Term Insurance is the Level Premium. Insured will pay the same premium from inception of policy to the end of policy.  There will not be any increase in the premium with increase of age. So It's advised to take Term Insurance early. Insured person can avail huge sum assured for very less premium.

Insurer will give entire sum assured to the nominee in case of any unfortunate event(Death of insured) occurs within the term of the policy. And there will not be any Survival/ Terminal benefits at the end of policy term.

As per thumb rule of Term Insurance, It is recommended to cover life of insured upto 15 times of the yearly salary/earning capacity.

Example: Salaried Person with Rs 5 Lakhs salary per annum should have at least the coverage of 75 Lakhs. Term Insurance of Rs 75 Lakhs Coverage can be availed with premium of less than Rs 15000/-

Term Insurance helps to cover your outstanding liabilities, future goals and provides financial assistance to dependents in case of your absence.

MentoTax recommends you to avail Term Insurance Policy as soon as you start earning and suggest you to cover equivalent to the human life value of a insured.

Premium paid for the Term Insurance Policy can be exempted under 80C of Income Tax Act.

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Generate Income for Future Rather Than Spending Future Income Today

First Step of financial independence starts with debt free life. Income generation is very defined or limited but your expenses are limitless. If you understand your income/expenses pattern you can attain Financial self sustainability.

Credit Cards, Consumer product loans, Personal Loans are the debt traps that makes everyone to fall. One who cognise  that it is liability and stops him from the opportunity of generating future income will never enter into it. Being debt free will boost you to save more.

If you can postpone your desires/wishes instead of getting into debt. You can achieve financial freedom.

MentoTax recommends to hold a emergency corpus equivalent to three months salary in instruments where it can be easily withdrawn with out any complications. This will help you to protect using future income for today's need in case of any contingency.

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Start Investing For Your Skillset Upgradation.

Start Investing for your skillset upgradation.

Nowadays you might have come across pink slip concept is growing in our country. That threat is not possible for someone who is upgrading his skillsets periodically.

Pink slip is a official notification from the management that these worker's position has been eliminated or that Worker's are no longer required for the organisation.

It is very important to upgrade your skillsets to the current market situations. Nowadays We need not require to visit institutions/campus. Everything is ready over the internet. Various avenue are available like seminars, workshops, conclaves, Webinar, online tutorials. You need to understand your skillsets which will boost your career and make you unique among your coworkers.

To take up certification exams in your domain requires money. Spending from routine monthly income might not be possible for few people. so plan your finances to boost your skillsets.

MentoTax recommends to allot at least 2% of your monthly income towards upgradation of your skillsets and also use the bonus/Exgratia/yearly perks given by employer to this.

Education Loans can be availed for higher studies and Upgrading your Skillsets. Interest portion of the education loan paid in a Financial Year is exempted under Section 80E of Income Tax Act.

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#Mentotax #EducationLoan #Investment #Tax

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Do Not Buy Liabilities Thinking It as Asset

Do Not Buy Liabilities Thinking It as Asset!!

Most of the people think that they are purchasing the asset which end up in the liability of them without their consent.

Asset is something that generates income through out. Liability is something that drains your income.

Example: Purchasing a car

People think it is a asset but when you analyse from the position of middle class people. They purchase a car through loan from financial institutions. They borrow money to buy a asset (Car). The moment when your car reaches your home its value is reduced by 15% . And your liability is increased by 15% .

Liability includes Interest on borrowings, Fuel Cost, Maintenance of Vehicle, Insurance.

People think they have asset (Car) worth lakhs but It will not be considered as asset by any financial institutions and neither it will generate any income and depreciate over years.

Asset is something which adds to your networth. Asset will generate income and appreciate over years.

It doesn't mean that you should not purchase a car. Generate additional income to compensate the liability and purchase a car.

MentoTax is here to guide you to build your assets and boost your Financial Independence.

#Mentotax #Asset #Liability #Investment

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Public Provident Fund -PPF

Public Provident Fund was started by the National Savings Organization in 1968 to promote small savings and investments. PPF account can be opened only by residents in any post office across the nation and in few selected scheduled banks.

Minimum of Rs 500 to Maximum up to Rs 1,50,000 can be invested in a Financiali year. Maturity  Period of PPF account is 15 years and can be extended for another block of 5 years with or without contribution. Contribution towards PPF account is exempted under 80C of Income Tax Act up to Rs150000. Customer can avail tax benefit while remitting proceeds into the account, While withdrawing the proceeds at the maturity and Interest accumulated over the years is also exempted from tax. (EEE Benefit of Tax)

PPF account has got various benefits like Risk free return,Tax Deductions, Longer Duration, Compounded Returns and Emergency Withdrawal.

Mentotax recommends to open PPF accounts to start savings small amount in regular interval for 15 to 20 Years. PPF compounded returns are explained in 3 scenarios.

1. Remittted for 15 Years and closed at maturity

2. Remitted for 15 Years and continued for another block of 5 years without contribution

3.  Remitted for 15 Years and continued for another block of 5 years with contribution

Assuming Invested 1,50,000 everyyear at 8% interest rate

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#Mentotax #PPF #Tax #Investment #Savings

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Pradhan Mantri Suraksha Bima Yojana - PMSBY

Pradhan Mantri Suraksha Beema Yojana is one of the ambitious social security scheme launched by Government of India on May 2015. Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is accidental insurance plan which is aimed at covering the life insured for sum of Rs 2.00 Lakhs at a highly affordable premium of just Rs.12 per year. PMSBY Scheme is available for people in the age group 18 to 70 years.

PMSBY can be availed through all the commercial banks in India. Person with savings bank account can enrol for the scheme. Multiple enrollments are not allowed. Risk coverage of Rs. 2 Lakhs is offered for accidental death and permanent total disability and Rs. 1 lakh for permanent partial disability for one year period stretching from 1st June to 31st May. PMSBY is one year accidental insurance plan and renewed every year by end of May through auto debit from savings account.

PMSBY Premium is eligible for tax deduction under section 80C Of Income Tax Act. And Sum Assured Received up to Rs 1.00 Lakh is tax free under Section 10(10D) of Income Tax Act.

MentoTax recommends every individual to avail/purchase PMSBY Scheme because of various advantages like Low cost at Rs 12/per year, covers high risk people, Provides disability cover and Tax Adjusted Premium is very negligible.

As per the assessment year 2020-2021 and financial year 2019-2020, Tax Adjusted Premium for PMSBY Scheme

Person Tax Slab	Original Premium	Tax Adjusted Premium
5% Tax Slab + Cess	Rs 12	Rs 11
20% Tax Slab + Cess	Rs 12	Rs 9.50
30% Tax Slab + Cess	Rs 12	Rs 8

PMSBY Scheme is available at less than the price of a Cup of Tea/Coffee. Sacrificing a single coffee/Tea will help your family in unfortunate crisis.

#Mentotax #PMSBY #insurance #Tax 

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Pradhan Manthri Jeevan Jyoti Beema Yojana - PMJJBY

Pradhan Manatri Jeevan Jyoti Beema Yojana (PMJJBY ) is a social security scheme launched  by Government of India on May 2015. PMJJBY is a term insurance scheme which covers the life of insured up to sum assured of Rs 2.00 Lakhs for any cause of death with very minimal premium of Rs 330/Per year. PMJJBY Scheme is eligible for all people aged between 18 and 50 years.

PMJJBY can be availed through all the commercial banks in India. Person with savings bank account can enrol for PMJJBY. Risk Cover Starts from 1^st June to 31^st May of every year. PMJJBY is one year insurance policy and renewed every year by end of May through auto debit from savings account until the insured attains age of 55 Years.

PMJJBY Premium is eligible for tax exemption under section 80C of Income Tax Act.

MentoTax recommends every individuals to avail/purchase the PMJJBY Scheme because it is priced very economical for the sum assured of Rs 2.00 Lakhs and also provides Tax exemption under 80C Of Income Tax act.

For Person whose income below 5 Lakhs is exempted from paying tax from Financial Year 2019-2020 but even a rupee higher will end up in paying tax up to Rs 13000/- . MentoTax advises all the people below income slab of Rs 5.00L to avail the PMJJBY Scheme Compulsorily

As per the Assessment Year 2020 -2021 and Financial Year 2019 -2020, Tax Adjusted Premium for PMJJBY.

Person Tax Slab	Original Premium	Tax adjusted Premium
5% Tax Slab + Cess	Rs 330	Rs 313
20% Tax Slab + Cess	Rs 330	Rs 261
30% Tax Slab + Cess	Rs 330	Rs 227

#Mentotax #PMJJBY #Insurance

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