Dear Mr. Mihir, I was working for a private company and retired on superannuation in November 2022. Thereafter, I was engaged by the company as a consultant to complete some pending project. Therefore during the financial year 2022-23, I have salary income from the company and also some amount the company paid to me for professional services for my consultant role after retirement. Which ITR form should I use, ITR-2 or ITR-3? I have income from salary and also from professional service. Regards

Ans: Hello;

This is a peculiar case.

Hence I recommend you to seek advice of a lawyer.

Best wishes;

Ans: Yash, to save time and prevent travel, it is quite preferable to join NEARBY Centre to your residence. For instance, if you live near Moti Bagh/RK Puram/Munirka/Katwaria Sarai etc., choose South Delhi Branch. All The BEST for Your Prosperous Future, Ayush.

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Ans: Ayush, Here are some Career Options Following a Bachelor of Arts (BA) (Hons) for you, based on your Commitment (financial / non-financial) Interest, Aptitude, Attitude, Interest, Orientation Style & Personality Traits:

• Civil Services (UPSC or State PSCs): Prepare for UPSC or Uttar Pradesh PSC exams while pursuing graduation.
• Teaching or Academia: Pursue a B.Ed post-BA to qualify for teaching positions in schools.
• Content Writing and Journalism: Start with freelance writing jobs or internships. Consider a postgraduate diploma in Journalism or Mass Communication.
• Sales and Marketing: Apply for jobs in FMCG, real estate, or insurance sectors and improve communication skills.
• Customer Service and BPO Jobs: Apply to companies with customer support operations and gain initial experience.
• Digital Marketing: Take online courses on platforms like Coursera or Udemy and start working as a freelancer.
• Government Jobs: SSC CGL, CHSL, Railways, Banking (IBPS, SBI PO/Clerk), and Uttar Pradesh government jobs.
• Law (LLB): Pursue a 3-year LLB after BA and become a lawyer.
• Social Work: Pursue a Master’s in Social Work (MSW) or join NGOs for on-ground experience.
• Entrepreneurship: Take small courses in business or entrepreneurship and seek guidance from mentors or incubators.
• Skill Development: Improve English Communication, Computer Skills, and Certifications.
• Steps to Take Right Now: Evaluate Interests, Start Learning, Network, Apply for Internships, and Prepare for Competitive Exams.
All The BEST for Your Prosperous Future, Ayush.

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Ans: Kishore Sir, Before addressing your questions, if time allows, I kindly suggest attending the complimentary webinars offered by Vikram Anand, Sakshi Chandrasekar, and Sawan Kapoor, who possess specialized expertise in Resume Building, Salary Negotiation Skills, and LinkedIn Profile Building. They offer a wealth of insights during their complimentary webinars, which can be extremely beneficial for refining your Resume/LinkedIn Profile and enhancing your Interview/Salary Negotiation Skills. You have the choice to decide whether to opt for their paid services.
Now coming to your question. Compensation expectations for individuals with five years of service sector experience are influenced by industry norms, location, talents, and firm. Industry norms suggest that mid-level jobs with five years of experience typically pay 30-50% of the current wage. Higher offers may be available for specific skills, certifications, or higher-paying industries. Location also plays a role, with higher salaries in urban areas and high-growth industries. Researching salary benchmarks and focusing on non-financial advantages can help negotiate better offers. The typical pay range is between 6-7 LPA for those with five years of experience.
All The BEST for Your Prosperous Future.

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Ans: Jivraj Sir, Starting an LLB degree for a retired person is a desirable goal in Pune, where there is no upper age restriction for registering in a three-year LLB program. Some prestigious Pune law schools include Symbiosis Law School Auditorium, ILS Law College, Vidyapeeth Deemed University Bharati Academic Building of New Law College, Law School Navalmal Firodia Law College, and Sinhgad Law College. Factors influencing enrollment include having a bachelor's degree from a reputable university, admission tests like MH CET Law, and a curriculum covering constitutional, criminal, and corporate law. To apply, research colleges' websites, prepare for entry tests, apply to selected universities, and engage with admissions staff. Pursuing an LLB can be rewarding with intellectual stimulation and opportunities to help the legal sector. All The BEST for Your Prosperous Future, Sir.

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Ans: Sanjay Sir, Financial stability and meaningful activities can lead to happiness and fulfillment. To maximize daily time, consider re-discovering interests, participating in social events, and sharing knowledge with future generations. Stay physically active through exercise, travel, reading, writing, and participating in local events. Support family by planning family events and providing guidance. Consider consulting or light work in your field, or start a low-stress entrepreneurial venture. Work on reflective or spiritual practices like yoga and meditation. A daily schedule should include morning walks, yoga, writing, light work, volunteer work, socializing, and spending time with family. This will help you find happiness and direction in your life. All The BEST for The Prosperous Future of All of Your Family Members, Sir.

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Ans: The decision to move to the United States or Ahmedabad depends on several factors, including financial stability, career development opportunities, individual considerations, immigration and visa policies, and revenue consequences. The current salary in Ahmedabad is nearly $22,000 annually, while in Rincon, Georgia, it is $100,000 annually. The cost of living in the US is higher, but the cost of living in small American towns is reasonable compared to urban areas. The after-tax compensation in the US can range from $70,000 to $75,000. The American way of life offers opportunities for travel, improved infrastructure, and cultural differences. The decision should also consider long-term plans, immigration and visa policies, and the potential for dual-taxation concerns. If money and career progress are priorities, moving to the US can provide greater income, fresh experiences, and better opportunities for professional development. All The BEST for Your Prosperous Future.

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Ans: Getting stuck in your current job can be a chance for professional reevaluation and significant development. To do this, evaluate yourself, identify areas of discontent, analyze your strengths, and consider your values. Explore employment alternatives based on your hobbies and aptitudes, such as reskilling or uplifting in fields like computing, artificial intelligence, or digital marketing. Consider new sectors like EdTech, HR, or public policy. Schedule a changeover with at least six months' worth of savings, explore side gigs, network, and seek guidance from successful transitioning professionals. Act now by looking for positions related to your hobbies, negotiating internal moves, remaining receptive to possibilities, and prioritizing remote or flexible employment. Seek help if stress becomes intolerable. All The BEST for Your Prosperous Future.

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Ans: Let us review the suitability of investing in a mid-cap 150 ETF for the long term via SIP.

Understanding ETFs and Their Characteristics
Passive Management: Midcap ETFs replicate an index like the Nifty Midcap 150.

Cost Efficiency: They offer lower expense ratios compared to actively managed funds.

No Active Decision Making: They do not try to outperform the market but track the index.

Volatility Concerns: Midcap indices are more volatile than large-cap indices.

Returns Depend on Index: The ETF's performance mirrors the performance of its benchmark.

Disadvantages of Investing in Midcap ETFs
Lack of Active Management
Mid-cap stocks are highly volatile.

Active fund managers can adjust portfolios to limit risks during downturns.

ETFs lack this flexibility, as they strictly follow the index composition.

Limited Flexibility in Rebalancing
Market conditions often demand sector rotation or stock-specific decisions.

Actively managed funds adapt to such conditions, but ETFs cannot.

Tracking Errors
ETFs may not perfectly replicate the index due to tracking errors.

This can affect returns, especially over the long term.

Why Actively Managed Funds May Be Better
Fund Manager Expertise
Skilled managers can outperform the index by selecting high-growth stocks.

They can mitigate risks in falling markets through tactical decisions.

Flexibility in Stock Selection
Active funds are not limited to a predefined basket of stocks.

Managers can select fundamentally strong stocks beyond the index.

Potential for Higher Returns
Actively managed funds have historically outperformed midcap indices over long periods.

This makes them a better choice for wealth creation in the mid-cap segment.

Recommendations for Long-Term Mid-Cap Investments
Diversify: Include actively managed mid-cap funds instead of relying solely on an ETF.

Professional Guidance: Invest in regular plans via a Certified Financial Planner.

Monitor Performance: Review fund performance every 6–12 months.

Manage Risk: Avoid overexposure to mid-cap investments due to their volatility.

Final Insights
While Mirae Asset Midcap 150 ETF is a low-cost option, it has limitations.

Active mid-cap funds can better navigate market volatility.

They provide the flexibility and expertise required for wealth creation.

For long-term SIPs, consider balanced exposure to actively managed funds. This ensures both growth and risk management over time.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment