Chadha Chopra & Associates ( A Chartered Accountants Firm)

Looking for experienced accountant for the CA firm. Person should have knowledge on gst returns, tds, tally and account keeping. Open for bank transaction

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5 financial mistakes you should never make

Everybody makes mistakes. The repercussions of a mistake could be trivial or grave. Financial mistakes are one such blunder that can create big problems if they are not resolved immediately. Suppose Mr. X has planned for retirement at 60, and by mistake he forgets to consider the erosion of money value due to inflation. What would be the outcome at the time of his retirement? The retirement corpus would be peanuts. So let's discuss important financial mistakes we should avoid:

(1)Borrowing without need: Banks and financial institutions are very eager to lend money. They look for somebody to borrow it and pay them some interest. Nowadays, many financial borrowing instruments are launched to trap the customer and make them habitual of such tools. Zero-interest credit cards, low-interest soft loans, interest-free car loans and free insurance with debit/credit cards are some of the confusing and unnecessary financial products which are cutting the pockets of an investor. People go to a bank for opening a savings account, and their sales person attaches an offer of free credit card with the new account. Usually, people accept these offers in excitement and then find the associated charges to be very high. Such offers should be firmly rejected.

(2) Not having an emergency fund: Creating an emergency fund is like providing insurance to sudden financial setbacks. In the absence of an emergency fund, a person would feel handicapped in time of emergency monetary requirement. It may happen that one receives salary cheque late due to unavoidable reason, and then he/she can easily handle such a situation by using the emergency fund. One should keep aside at least 20 per cent of the annual salary separate as an emergency fund. Plan for it.

(3) Underestimating the time value of money: Financial planning and saving for the future are a common process, and their importance is understood by most of the investors. While setting a financial goal, it is very important to adjust the target with the time value of money. Inflation erodes the value of money over a period of time. One who sets the financial goal on the basis of current requirements and present value of money is sure to face steep monetary crunch in time of actual need in the future. So it is important to keep updating the investment with value erosion due to inflation and review future plan as per updated status. It is always better to project the future needs after adjusting the inflation regularly.

(4) Living in debt: Spending more than what you earn is a very dangerous proposition. An extra amount spent over what is earned would lead you to a debt trap. A debt trap is a situation where one creates new loan to pay the old one. It goes on continuously until one becomes a defaulter and finally an insolvent. So, debt in time of need is not a bad thing, but a habit of living in debt is very risky.

(5) Living under-insured: Under-insurance is a situation when the total insurance claim receivable by a person is not sufficient to pay out the losses incurred. It can also be defined as a condition when a lesser insurance claim is received compared to what was required. Once the item is lost then one cannot go back in the past and make good the mistake for increasing the insured amount. Therefore, it is very important to review the insurance value from time to time. The asset value and earning capacity keeps on growing over a period of time and a gap in insured value to the current market value of an asset is very certain if it's not reviewed timely. Additional insurance should be purchased to cover the complete value of the asset whenever it's required.

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for Rs 10.
The villagers started catching the monkeys.
The man bought thousands of monkeys at Rs 10 and as supply started to diminish, the villagers stopped their effort.
He further announced that he would now buy at Rs 20. This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms. The offer rate increased to Rs 25 and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!
The man now announced that he would buy monkeys at Rs 50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.
In the absence of the man, the assistant told the villagers "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at Rs 35 and when the man returns from the city, you can sell it to him for Rs 50."
The villagers squeezed up with all their savings and bought all the monkeys.
Then they never saw the man nor his assistant, only monkeys everywhere!!!
Welcome to the "Stock" Market !!!!

Mukesh Ambani's RIL to invest Rs. 1.5 lakh cr over 3 years, shares fall

Reliance Industries shares fell over 1.5 per cent on Thursday as chairman Mukesh Ambani wrapped up his nearly 40-minute speech at the company's 39th annual general meeting.

Traders expected Mr Ambani to outline the company's 4G plans and the company's stand on gas pricing in his speech today. He said Reliance will increase staff in its telecommunication business unit to 10,000 next year from 3,000 currently, but there was no roadmap about a launch.

Overall, the speech was good, but there is disappointment over no major timeline in terms of Reliance Jio rollout, Gaurang Shah of Geojit BNP Paribas said.

Reliance Jio Infocomm, the only company to have nationwide permits for 4G broadband services is yet to start commercial services. In April, Reliance Jio Infocomm announced a Rs. 1,200 crore deal with Anil Ambani's Reliance Communications.

The biggest announcement Mr Ambani made was a $26 billion investment in his company's businesses over three years. Reliance remains undeterred by the current slowdown in the Indian economy, Mr Ambani said.

Reliance, India's fourth biggest company by market value, has been under pressure from investors over its slowing gas business and its drive into consumer-focused sectors such as telecoms and retail.

Reliance shares have gained after its partner Niko Resources announced a significant gas discovery in the KG-D6 block in the last week of May.

"The new discovery will significantly add to our resource base. This discovery is a testimony to the combined skills of BP and RIL. It is located 2 km from currently producing D1 and D3 gas fields and has exhibited very good results in test. There are more prospects lined up over the next few quarters," Mr Ambani said.

Reliance expects production of shale gas to be a third of aggregate production this year, Mr Ambani told shareholders. He also said the company would forge long-term partnerships to source crude.

Mr Ambani also highlighted that the company's retail business had broken even last fiscal, four years after the company ventured into the sector. Reliance Retail accomplished a significant milestone by crossing Rs. 10,000 crore in the last financial year.

"The retail business achieved cash break even with an EBITDA of Rs. 78 crore. We aim to achieve Rs. 40,000 to Rs. 50,000 crore turnover in the next few years," Mr Ambani said.

RIL shares traded 1.1 per cent lower at Rs. 791.60 as of 12.01 p.m., underperforming the broader Sensex, which traded down 0.4 per cent at 19,483. (Track stock)

Why buying smartphone on EMIs is not a wise idea

For a country like India where average salaries are low compared to other developed/developing economies, we tend to spend too much on buying the latest electronic gadgets. This trend of splurging on electronic gadgets is observed more in the new generation because of lifestyle reasons.

Considering that the average life of a smartphone is about one year, we have to ask the question whether buying a smart phone on EMI is really a wise decision. As it is we as a society are very profligate with our money and now the mobile phone companies want us to spend more on buying their expensive and much-hyped devices. Should we take the bait and buy these devices on EMIs? The prudent answer is a vehement "no"!

Though it is a lifestyle choice and up to individuals to choose the type of phone they want to use, this decision has a significant impact on the personal finance of an individual. Every personal financial decision, no matter how big or small, has an impact on the overall finances of the individual. With the current trend of zero per cent interest rate on EMIs (with hidden processing fee) and no down payment, the smartphone business is booming for mobile phone manufacturers, banks and telecom operators (higher ARPU). On the face of it, the EMI option appears attractive to individuals who cannot afford a high-end phone but would like to own one. At a deeper level, individuals usually fall for such offers because they are looking for instant gratification. This nature of ours makes us susceptible to such offers over the savings route.

Opportunity cost
Let us consider an example where an individual who can afford to buy a smartphone worth Rs. 12,000 gets lured by the zero per cent interest, zero down payment bait of buying a smartphone of Rs. 36,000 on EMIs. This individual ends up paying an excess of Rs. 24,000 beyond his means. However, a prudent individual would choose to buy the smart phone that costs Rs. 12,000 and invest the excess amount of Rs. 24,000 in a systematic plan. Considering that he invests Rs. 2,000 per month for a period of 12 months at a 10 per cent annual rate of return, he would accumulate Rs. 25,281 at the end of the year. The same amount would be worth around Rs. 62,093.37 in 10 years. Not to mention that the same individual over the period of 10 years would change at least five smart phones, getting lured into more expensive upgrades every year.

Conclusion
In the era where marketing mavens drive social frenzy around the mobile phones, it is necessary that we do not succumb to the temptation of spending more than what we can afford. The money thus saved should be prudently invested to achieve more important and essential goals.

Changes in Direct Taxes Code Bill to be tabled in Monsoon Session: Chidambaram

Rising import bill: Gold is India's second most expensive import after crude oil. While oil accounts for 35 per cent of the import bill, gold imports contribute 11 per cent to India's trade bill. Crude is crucial for the Indian economy, but gold is a drain on resources. Simply put, the government has to spend precious foreign exchange for a commodity that is of little industrial value. Terming gold imports as "wasteful expenditure", Rajiv Takru, financial services secretary, said that India could not afford the current levels of forex spending on gold imports. Widening trade deficit: India is the world's biggest buyer of bullion. Gold imports by India surged to 162 tonnes in May -- more than twice the monthly average in the record year of 2011. Rising imports lead to current account deficit (exports minus imports), which is usually accompanied by depletion in foreign-exchange assets. The Reserve Bank has described high CAD as the biggest risk to Indian economy. Economic instability: Rising deficit is bad for India as it exposes the economy to the risk of sudden stop and reversal of capital flows. Foreign institutional investors have bought a net $15.38 billion (Rs. 90,000 crore) worth of shares this year as of Wednesday's close, but have been selling index futures over the last four days. In case of an event shock, for example if the U.S. Fed withdraws its bond buying programme, there might be sudden outward flow of money, leaving India scrambling for dollars. The slowdown in the Indian economy has made the current situation even more volatile because the government is unable to generate heavy capital inflows. Rupee under pressure: The rupee is perilously close to its all-time low of 57.32. Having a currency at an all-time low is not a great advertisement for the government's management of the economy ahead of elections. If gold imports start to fall, the government will have enough dollars to shore up the rupee. Obstacle to development: Indians have for centuries relied on gold for savings. As banks have made few inroads into rural areas and consumer inflation is high, it remains the investment of choice for many. The government worries that large amounts of savings locked up in gold curtail liquidity and therefore investment in infrastructure and other drivers of the economy.

Sensex falls nearly 100 points, Maruti top Nifty loser

Raghuram Rajan disappointed with economic growth but hopeful about the future Government okays proposal to make blocks and village clusters as units of planning for MsDP Capital Market Emaar MGF accused for violating FDI rules to buy farmland Govt permits mgmt of CPSEs to initiate wage-negotiation International Asian Stocks Fall, Led by Banks, on Fed Stimulus Concerns Australia’s Slowest Growth Since ’11 Spurs Rate-Cut Bet: Economy Asian Stocks Fall, Led by Banks, on Fed Stimulus Concerns

After three months of decline, services PMI jumps to 53.6 Soon, uniform road tax to make vehicles cheaper FSDC must limit itself to coordination, Says RBI Governor D Subbarao Capital Market IRDA deadline nears; insurance cos re-filing products SAP to buy Swiss firm hybris to boost cloud services International RBA Rate Cuts Having Smaller Impact on Housing, Treasury Says China’s Stocks Fall for Sixth Day, Worst Streak in Year Asian Stocks Slide to Lowest Since January on U.S. Data