{"id":7805,"date":"2020-03-04T04:53:00","date_gmt":"2020-03-04T04:53:00","guid":{"rendered":"\/blog\/?p=7805"},"modified":"2020-04-14T06:48:47","modified_gmt":"2020-04-14T06:48:47","slug":"how-can-wealth-management-help-you-save-on-tax","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/wealth-services\/how-can-wealth-management-help-you-save-on-tax\/","title":{"rendered":"How Can Wealth Management Help You Save on Tax?"},"content":{"rendered":"\n

Wealth management refers to the gamut of\nservices such as investments, taxation and accounting related consultancy, and\nretirement planning, among others. It is an umbrella term that has to do\nanything with helping a client optimize wealth. <\/p>\n\n\n\n

A\nwealth management\nservice can provide a client with any financial service or product available,\nbased on their needs. These products or services could be mutual funds, alternative\ninvestment funds, portfolio management services, bonds and tailor-made products\ninvolving different asset classes. Wealth management services also provide a range of financial\nproducts such as unit-linked investment plans (ULIPs), which offer the dual\nbenefit of insurance and investment. <\/p>\n\n\n\n

\"Wealth<\/figure><\/div>\n\n\n\n

(Source:ET*)<\/p>\n\n\n\n

Tax\nplanning and helping an investor save taxes is an integral aspect of wealth\nmanagement. If you are an individual looking to save tax, your wealth manager\nwould be your go-to person. The wealth management service may suggest that you\ninvest in equity-linked mutual fund schemes or ELSS, for example. <\/p>\n\n\n\n

Equity-linked\nschemes (ELSS) are\nalso called tax saving\nmutual funds. They\nneed not just be used for tax savings but also for wealth generation, because\nof the exposure to equity. ELSS\nare covered under Section 80 C of the IT Act. This provision allows for tax\ndeductions of up to Rs 1.5 lakh annually resulting in tax savings. <\/p>\n\n\n\n

ULIPs,\nas noted before, are also products that help an investor save on taxes. The\npayments made toward premium are eligible for deduction under Sec 80 C of the\nIT Act. Also, returns gained once the policy matures are eligible for deduction\nunder the IT Act as part of Sec 10 D. This is a double benefit you can claim if\nyou invest in a ULIP. A wealth manager will ensure that your mutual funds gain proper\nexposure to assets while also offering you adequate cover. <\/p>\n\n\n\n

\"Wealth<\/figure><\/div>\n\n\n\n

Wealth management solutions offer the right tax-saving financial\nproducts that suit your needs and your financial goals. Are you planning for\nretirement or investing in property? Are you celebrating a gala wedding event?\nBased on these requirements, wealth managers manage your finances.<\/p>\n\n\n\n

Investment options<\/strong><\/p>\n\n\n\n

Typically,\nwealth management\nis aimed at high net worth individuals (HNIs) who would like a one-stop-shop\nfor all their financial needs. If you are an HNI, you may be interested in\ninvestment solutions such as portfolio management services or PMS, or\nalternative investment funds (AIF). <\/p>\n\n\n\n

PMS\nis an investment option wherein your wealth manager tracks your investments in\nequity, commodities, cash or bonds. The wealth management service does all the\nresearch on behalf of the client and invests funds in assets that provide\noptimal tax savings.\n<\/p>\n\n\n\n

Alternative\ninvestment funds are investment\noptions wherein funds from HNIs and ultra HNIs are pooled privately for\ninvestment in options such as hedge funds, real estate funds or private equity.\nTaxation norms are complex, and if you as an individual HNI wish to manage your\ntaxes, chances are your calculations will be prone to errors. A professional\nwealth management service knows the nitty-gritty of taxation, especially with\nreference to the categories these funds come under. There are category I funds\nsuch as angel funds, category II funds such as private equity funds or fund of\nfunds, and category III funds such as hedge funds. The taxation norms can vary\nfor different categories, and only wealth management services can help you with\nyour investments.<\/p>\n\n\n\n

Tax management<\/strong><\/p>\n\n\n\n

HNIs\nmay often have interests overseas and may have to grapple with taxes that vary\nfrom one region to another. Wealth\nmanagement services take into account these interests and with their\nknowledge on various taxation schemes and methods, will help clients save tax. <\/p>\n\n\n\n

With Budget 2020, a new tax regime is in place, where taxes are lower but exemptions are done away with. Investors have still been given the option of switching between old and new tax regimes, on the basis of which is favourable for them. The intricacies of tax slabs and which regime works best for investors across income levels are best managed by a wealth management service. <\/p>\n\n\n\n

Whether you are an HNI or not, whether you are into mutual funds or other investment options, it is ideal that you seek out professional counsel via Tata Capital for your wealth management<\/a> needs. You will not just benefit from investment solutions but also from saving considerably on taxes, which is another way to manage your wealth. <\/p>\n\n\n\n

Know More<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Wealth management refers to the gamut of services such as investments, taxation and accounting related consultancy, and retirement planning, among others. <\/p>\n

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