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Chandu

Chandu Nair  |55 Answers  |Ask -

VC, Angel Investing, Entrepreneurship Expert - Answered on Jul 30, 2023

Chandu Nair advises entrepreneurs and enterprises about creating and building their business.
He has direct experience in angel, venture capital and strategic investor funding. Over the last three decades, he has made a name for himself in industry, consultancy, media and information services.
Nair is on the advisory boards of the Chennai-based private equity firm Fulcrum and the social impact fund, Menterra. He's an independent director on the board of India's first retail building products company, Shankara Building Products Limited.
He was the co-founder of Scope e-Knowledge Center, a pioneering knowledge process outsourcing company, as well as the co-founder of a business-to-business e-commerce venture, both of which he successfully exited.... more
Asked by Anonymous - Jul 09, 2023Hindi
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As I have experince in the field of Safety of metal Industries, i want to start my own business in semi-urban area of Bihar. KIndly advise the nature and type of business, whether opening a wholesale shop of House building materials like cement, tiles, TMTs. In case i start a agro based consumable foods etc. from where can i get govt help to start-up business.

Ans: What kind of help are you looking for to start your own business? It's not clear.
It's preferable to start a business where you have experience, knowledge and connections/ network plus it's a growing,large market. You would need to study the market you plan to operate in, check out who are the competitors, kind of customers, where there are gaps in the market, which suppliers would be the ones to work with etc. That can help you arrive at a few (2-3) viable choices which you need to examine in depth including talking to suppliers, dealers, influencers, buyers etc before you make a final decision. It's possible that such conversations can lead to active business propositions too. Building materials is a large market. It's also competitive and margins widely vary across product categories.
Food processing/agro industries too have opportunities. Government departments such as MSME department of the local State governments plus Ministry of Food Processing, Government of India and others have project and industry reports. Financial assistance schemes too may be available Example https://www.mofpi.gov.in/Schemes/related-schemes-other-agencies
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Dear Sir, I am a civil engineer living in Chandrapur it is a small city. I have a experience of 25 years as quality in-charge. Hence i want to start my own business as a consultant for constructions and civil solutions. Please guide me how an from where I shall start
Ans: One should first gain as much practical experience as possible before starting on your own. As mentioned by you, you are strong at structural subjects at B-Tech level. But you will see that practical structural design is way different than the theoretical ones.

Though the design concepts remain same, the onsite execution factors play an important role in finalizing your design data. Additionally, you being an independent consultant, you will have to learn the entire process starting from Tendering, preparing BOQs, Design report submissions, onsite visits etc.,. To understand the nuances of each step, I would suggest you to get some 5 years of exposure under some consultant and then you will be confident to start on your own.

Coming to software's (which will be helpful even for working under a consultant), you should start from AutoCad (for building plans, drafting etc.,) then for analysis part you can use any of the renown building packages like MIDAS, CSI products, Bentley Products. There is no hard and fast rule to follow a particular one. You can get a grip on any one of these and perform the tasks. All the very best for your future!

There are a few construction business ideas for beginners that can get you started in this exciting and ever-growing industry. The construction industry is full of opportunity, so if you’re considering starting your own business, now is a great time to do it.

Many different successful construction business models can be effective in the construction industry. The key is to find the model that best suits your company’s strengths and weaknesses.

One common business model is the design-build model. In this model, the construction company takes on both the design and construction phases of a project. This can be a good option for companies with strong engineering and construction capabilities.

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Harsh Bharwani  |56 Answers  |Ask -

Entrepreneurship Expert - Answered on Aug 24, 2023

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I am a State Govt. Employee in Tripura. I want to start a business. Please help me.
Ans: Starting a business involves planning, making crucial fiscal opinions, and completing a series of legal conditioning. Read on to learn about each step. Conduct request exploration request exploration will tell you if there’s an occasion to turn your idea into a successful business. It’s a way to gather information about implicit guests and businesses formerly operating in your area. Use that information to find a competitive advantage for your business.
Write your business plan your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to move people that working with you — or investing in your company is a smartchoice. Fund your business your business plan will help you figure out how important plutocrat you’ll need to start your business. However, you’ll need to either raise or adopt the capital, If you do not have that quantum on hand. Fortunately, there are more ways than ever to find the capital you need.
Pick your business position your business position is one of the most important opinions you’ll make. Whether you’re setting up a slipup- and- mortar business or launching an online store, the choices you make could affect your levies, legal conditions, and profit.
Choose a business structure the legal structure you choose for your business will impact your business enrollment conditions, how important you pay in levies, and your particular liability. Choose your business name It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name is n’t formerly being used by someone differently.
Register your business Once you’ve picked the perfect business name, it’s time to make it legal and cover your brand. However, you’ll need to register with the civil government, and perhaps your state government, If you’re doing business under a name different than your own.
Get civil and state duty IDs you’ll use your employer identification number ( EIN) for important way to start and grow your business, like opening a bank account and paying levies. It’s like a social security number for your business. Some but not all — countries bear you to get a duty ID as well. Apply for licenses and permits keep your business running easily by staying fairly biddable. The licenses and permits you need for your business will vary by assiduity, state, position, and other factors.
Open a business bank account A small business checking account can help you handle legal, duty, and day- to- day issues. The good news is it’s easy to set one up if you have the right enrollments and paperwork ready.

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Moneywize

Moneywize   |102 Answers  |Ask -

Financial Planner - Answered on May 02, 2024

Asked by Anonymous - Apr 20, 2024Hindi
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I have submitted my Form 15 to my bank in April 2023. My income falls under the non-taxable category against interest received from bank FDs. Bank has not deducted any TDS up to September 2023 but from October 2023 they have started deducting TDS on FD interest earned by me saying that interest earned on my FDs have crossed the limit of Rs 5 lakh. Is the bank right in deducting tax citing this reason? Please enlighten me.
Ans: No, the bank is likely not right in this case. Here's why:

• Form 15G validity: A valid Form 15G submitted before April 1, 2023 is applicable for the entire financial year 2023-24 (assessment year 2024-25). This means if your income falls under the non-taxable category, the bank shouldn't deduct TDS on your FD interest for the entire year.
• TDS exemption limit: The current exemption limit for TDS on FD interest is Rs 40,000 for individuals below 60 years old, and Rs 50,000 for senior citizens (above 60 years old). There's no limit of Rs 5 lakh for TDS deduction on FD interest.

Here's what you can do:

• Reach out to your bank: Inform them that you submitted a valid Form 15G and your income falls under the non-taxable category. You can clarify the exemption limit and point out the mistake.
• Request rectification: Ask the bank to rectify the error and reverse the TDS deducted on your FD interest from October 2023 onwards.
• Seek professional help: If the bank doesn't resolve the issue, consider seeking help from a tax consultant or financial advisor. They can guide you further on how to claim a refund for the deducted TDS.

Additional points to consider:

• Ensure you have a copy of the Form 15G submission acknowledgement for your records.
• Keep a record of any communication with the bank regarding the TDS deduction.

By following these steps, you should be able to resolve the issue with the bank and avoid unnecessary TDS deduction on your FD interest.

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Ramalingam

Ramalingam Kalirajan  |1298 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

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Hi, my age is 29. Married. My daughter is 8 months old. My monthly salary is Rs. 1.33L PM. Monthly expense - Rs. 35,000 Current commitments are: Home Loan EMI - Rs. 43,535 (8 months completed. 30 years tenure) Term Insurance - 1cr (Annual premium - Rs. 36,000 for 10 years. 7 more premium pending) Current NPS Balance - Rs. 75,000. Investing Rs. 15,000 pm SSY - Rs. 12,500 pm. APY - Rs. 409 pm I'm planning to save for Emergency Corpus Fund, get a medical insurance floater policy. My short term goal is to save Rs. 20 lakhs within 4 years for registeration and interior work for house. My long term goals are for daughters UG education, wedding, retirement at 55 years. I took investment risk test and Im an aggressive investor and planning to invest more on equity. Also, I want to diversify the portfolio and invest across asset class.
Ans: It's great to see your proactive approach to financial planning! With your solid income and clear goals, here's a suggested plan:

Emergency Corpus Fund: Aim for 6-12 months' worth of living expenses in a high-yield savings account for emergencies.
Medical Insurance Floater Policy: Ensure adequate coverage for your family's healthcare needs, including your daughter.
Short-Term Goal - House Expenses: Consider a mix of equity and debt mutual funds for potential growth while safeguarding against market volatility.
Long-Term Goals - Daughter's Education, Wedding, Retirement: Continue investing in equity through mutual funds or stocks for higher returns over the long term. Also, explore options like PPF, NPS, and diversified funds for diversification across asset classes.
Review and Adjust: Regularly review your portfolio's performance and make adjustments as needed to stay on track with your goals.
Remember, financial planning is dynamic. Consulting a Certified Financial Planner can provide personalized guidance tailored to your unique circumstances and aspirations. With discipline and strategic investing, you'll be well-positioned to achieve your financial dreams.

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Mayank

Mayank Chandel  |437 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on May 02, 2024

Asked by Anonymous - Apr 24, 2024Hindi
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I completed bams a year ago. I passed 12th in 2014 and prepared for neet 2 times but couldn?t get seat because i was not serious about my career at that time. I had no clearity. I was so confused that I couldn?t focus. Even my parents and relatives were scolding me and not helping me . So I wasn?t thinking roperly focused. Then i gave bams entrance for the first time and got seat. I feel like if they wouldn have helped me or asked me what do i feel then i must not have been in the same place as am today. I feel i have ruined my life. Am currently working in delhi as a physician in a very renowned ayurvedic institute. But i feel like I don?t have passion for ayurveda. Am 26 years old. Everytime i feel like failure as I couldn?t get mbbs. Still my teenage to final year of my college i used to be so confused about my career. As now at 27 am having clearity that i want to be a cardiac surgeon, i feel like it?s too late to restart again. I feel depressed, failed and guilty. I don?t know if its a good decision to appear for neet again or not. I feel like defeated. I dont Feel happy. This time i have a lot of passion for becoming a cardiac surgeon but i am not able to decide this thing myself. I feel helpless. I feel guilty that I couldn?t clear neet exam. On the other hand there are some of my friends who never ever appeared for neet and did bams from private colleges are really happy and don?t have any complaints from this career. Why do i only feel defeated and unhappy.
Ans: Hi,
I cannot help you psychologically. But yes if you are really serious & want to restart give it a second thought that whether you will be able to give another 10 years into study. Plus NEET has become more competitive now as almost 24L+ students are writing this year. Again you won't make it there you will be more depressed. Other option would be MBBS abroad then. But still the question is will you be able to give your next 10 years into study?

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Ramalingam

Ramalingam Kalirajan  |1298 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

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Hi Jinal, We both partner are 40 year old. These days after having second child (9 month old), I am bit worried about my both sons (Elder one 10 year) future. We couple currently earning 3.5 Lack per month together (In hand). I am investing 15 thousand in LIC SIIP (Last two year), 25 thousand in SIP (SBI, Last two year), and nearly 20 thousand in LIC per month (Last 10 years). I do invest 1.5 Lacks in PPF every year (Last 13 year). With all this investment can i reach a core plus of 60 Lac (For younger one education) by 2030 and another 1 Cr (For Elder one education and marriage) by 2040. I don't have to plan our retirement as we both are government employee and automatically investing in NPS as per government rules (Current value of NPS is 80 Lack combined). Is this investment is sufficient or i have to increase further for our sons education. One more thing I do investment in gold also (Physical) approximately 3 Lack per year from last 2 years.
Ans: It's heartening to hear your dedication to securing your children's future amidst the joys and challenges of parenthood. Your commitment to various investments, including LIC policies, SIPs, and PPF, reflects your foresight and responsibility.

While your current investments provide a solid foundation, it's essential to regularly review and adjust your financial plan. Consider consulting with a Certified Financial Planner to assess if additional contributions or adjustments are needed to meet your ambitious goals.

Remember, financial planning is a journey, and flexibility is key to adapting to life's twists and turns. With careful planning and guidance, you can navigate towards a brighter future for your children with confidence.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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