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Mahesh

Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on May 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Ravinder Question by Ravinder on Apr 08, 2023Translate
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Sir my question is how a member of LLP can withdraw money for his personal expenses.

Ans: Hi Ravinder
While the eligibility of tax deduction of the remuneration paid to a working partner in a LLP would be governed under the limits prescribed u/s 40(b) of the Income Tax Act, the partner may withdraw money and the same would be recorded as "Drawings" in the books of the LLP.

This money that is withdrawn from the LLP could be used for personal expenses of the Partner
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Hi, I worked in company in India for a year in 2015 , then returned back to gulf. I had my of deducted firings this period. I am not able to withdraw the money through online as the Mobil number given that time was not with me. Kindly advice to with the draw the PF money now. Thank you in advance.
Ans: There are two ways to withdraw PF amount i.e. online and offline.

Through Online Mode:
• First you need to update your mobile no. by the given website after log in with UAN number and password on the EPFO website.
• Under the manage tab>contact details. Update the new mobile no.
• Once mobile number is updated, click on the 'Claim' tab and select 'Online Claim.
• Fill the required details and verify it via OTP.
Your PF withdrawal claim will be processed by the EPFO, and the money will be transferred to your bank account within a few days.

Through Offline Mode:
You can withdraw your PF money offline by submitting a Composite Claim Form at EPFO office with required documents i.e.
• PAN card.
• Aadhaar card or a copy of your passport and visa
• Copy of your bank passbook
• PF account number (UAN)
• A self-attested photocopy of your employment contract or a letter from your employer certifying your employment period
• A self-attested photocopy of your salary slips for the contribution period
• Composite Claim Form
Submit the duly filled Composite Claim Form along with the required documents at the EPFO office. You can track the status of your claim online using your UAN and password.
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Financial Planner - Answered on Mar 03, 2024

Asked by Anonymous - Mar 03, 2024Translate
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I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
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