Scared to focus on Mains? Is BITS the right choice?

Ans: Hello Mr. Heman,
Reestablishing your career in cost accounting and setting up a consulting firm in India requires careful planning. Start by updating your knowledge through ICAI’s continuing education programs, industry seminars, and professional courses to stay current with evolving regulations and industry practices. Reactivating your ICAI membership and obtaining a Certificate of Practice (CoP) is essential to offer consulting services legally. While still in Qatar, gaining practical exposure by offering freelance or part-time cost auditing or GST advisory services to Indian firms will help establish credibility.

Next, choose a suitable business structure - Sole Proprietorship, LLP, or Private Limited Company - based on your growth plans and compliance preferences. Register your firm with the Ministry of Corporate Affairs and obtain the necessary licenses. Conduct thorough market research to identify your target clients, understand industry needs, and define your service offerings, such as cost audits, financial consulting, and management advisory. A well-structured business plan with clear financial projections will help ensure long-term sustainability.

Investing in technology and infrastructure is crucial. Setting up a professional office, adopting modern accounting software, and leveraging cloud-based financial solutions will enhance efficiency. Building a strong professional network is equally important - reconnect with former colleagues, join industry associations, attend networking events, and establish a digital presence through a website and social media to attract clients.

Lastly, focus on compliance and quality assurance. Adhering to ICAI regulations, tax laws, and ethical standards is critical for maintaining credibility and trust. By systematically following these steps, you can successfully transition back into cost accounting and establish a reputable consulting firm in India, ensuring a stable and rewarding career.

Ans: LTCG with Indexation may result in a Loss (LTCL - Long Term Capital Loss) & hence no tax payable. You may opt for the same. It is however subject to the F/Y 2024-25.
Most welcome for any further clarifications. Thanks.

Ans: Hello;

Regarding plan migration feasibility you may check with your insurer/insurance agent.

If you want to inform the insurer about your later acquired illness you may furnish the details to them as per their requirement and check their feedback on the same.

Their feedback will decide your next course of action.

Best wishes;

Ans: You are correct. You cannot claim exemption u/s 54 in this case.
Most welcome for any further clarifications. Thanks.

Ans: Kindly make sure, that you are talking about above details for F/Y 2025-26 only.
Broadly speaking, New Tax Regime may be more suitable in this case.
Most welcome for any further clarifications. Thanks.

Ans: Hello;

For your monthly sip (10 K) you just need to invest in a multi asset allocation fund for your investment horizon.

My view is markets may be volatile in the short to medium term.

It is recommended with a view to have lower risk with decent returns.

Best wishes;

Ans: It seems a case of Advance Tax, paid late.
Kindly check whether your tax calculations are correct, with reference to Advance Tax Provisions ? If the demand seems correct after checking & also if the amount is not much, just pay of the demand & go ahead.
Most welcome for any further clarifications. Thanks.

Ans: Hello;

Trading in stocks just based on tips, without adequate knowledge, is akin to playing with fire.

For mutual fund investments you don't need demat and trading account.

You need guidance from a certified financial planner or an investment advisor to handhold you in your investment journey.

Best wishes;
X: @mars_invest

Ans: Hello;

Blue chip funds are basically large cap funds.

It generally represents fundamentally strong big companies with impeccable record in growth and returns over the years.

Best wishes;