A Bharadhwaj Investsmart Story - Learning Never Stops

 

Beyond the Exam: A New Chapter in Learning

Two weeks had passed since the office had seen Vaidy Sir immersed in SEBI’s SIF material, scribbling notes and poring over practice papers like a determined student. Everyone thought that once the exam was over, things would settle back into routine.

But late on Saturday evening, a short message popped up in the office WhatsApp group:

“Happy to share - I have successfully completed the Chartered Trust & Estate Planner (CTEP) certification today.”

That one line set off a ripple of reactions. Sunil quickly typed, “Congratulations, Sir!” followed by a string of clapping emojis.

By Monday morning, the buzz in Bharadhwaj Investsmart was no longer about market indices or client queries - it was about how their founder had once again raised the bar.

Over coffee, Sunil said to Tabassum, “I honestly thought the SEBI SIF exam was just about compliance. But this new one feels different - it’s about vision.”

Tabassum nodded. “Exactly. Estate planning isn’t something we used to talk about much. But now more and more clients ask about succession, wills, even creating trusts. It’s becoming mainstream.”

Later that day, during the weekly team huddle, the topic naturally came up. Vaidy, with his characteristic modesty, brushed aside the compliments. “I didn’t take this certification for the title. I took it because our clients’ needs are changing. They don’t just want to grow wealth - they want to protect it, transfer it, and ensure it serves their families for generations. We need to be equipped to guide them.”

He paused, then added: “Regulations will keep us on our toes with exams like SIF. But certifications like this one go beyond compliance - they help us evolve as true advisors.”

The words landed deeply. For the younger team members, it was a reminder that continuous learning wasn’t just an obligation but a mindset.

That evening, Sunil found himself browsing through options for a course on behavioral finance, curious about how emotions drive investment decisions. Tabassum bookmarked a webinar on digital investor engagement, thinking it could help the firm connect better with younger clients.

Because once again, the lesson was clear: when the leader learns, the team follows. And when the learning never stops, neither does the growth - of individuals, of the firm, and of the trust clients place in them.

The content made available in this article is for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the content, it should not be considered as a substitute for professional consultation. 

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Active vs Passive Investing V.2

 

Active vs Passive Investing – A Revisit

Five years ago, I had written about Active and Passive Investing in a fairly structured, definition-based manner. That post explained the concepts in detail, but sometimes ideas are easier to grasp when they are woven into everyday conversations. So, revisiting the same theme, here’s the story of four people over a casual dinner table chat.

It was a Sunday evening when Priya and Sanjiv hosted Ria and Vignesh for dinner. Between bites of paneer tikka and sips of chai, the conversation drifted toward investing.

“Tell me honestly,” Priya asked, “is it better to keep investing in index funds or should we be trying to pick stocks ourselves?”

Sanjiv leaned forward. “That’s the classic debate - active versus passive investing. Active investing is when you - or a fund manager - pick stocks, track markets, and try to beat the benchmark. Passive investing is simpler. You just buy into an index like Nifty 50 and let it mirror the market.”

Ria smiled. “So, in passive investing, you’re just accepting what the market gives?”

“Exactly,” Sanjiv nodded. “You’re not trying to outsmart the market. You’re being the market.”

“But who actually makes more money?” Vignesh asked, raising his eyebrows.

“Well,” Sanjiv replied, “studies show that over time, most active investors fail to beat the index, especially after fees and taxes. Passive investing often gives better long-term returns for ordinary investors. But of course, legends like Warren Buffett and Rakesh Jhunjhunwala made their wealth through active investing. It’s not impossible - it’s just rare.”

Priya leaned back thoughtfully. “So active investing has the glamour of chasing higher returns, but it must come with its own headaches, right?”

“Plenty,” said Sanjiv. “Active investors need to spend time researching, constantly tracking the market, and making decisions. There’s always the risk of being wrong, and costs are higher. But if you’re skilled and disciplined, the rewards can be big.”

Ria added, “Whereas passive investing sounds boring but peaceful - you just buy, hold, and stay patient.”

“True,” Sanjiv agreed. “Low costs, steady growth, and no stress about timing the market. The only downside is - you’ll never beat the market, you’ll only match it.”

Vignesh grinned. “That actually sounds perfect for me. I’d rather relax than lose sleep over share prices.”

Ria laughed. “Same here. Let’s keep it boring then!”

Priya wasn’t fully convinced. “But maybe a mix would be ideal? Passive funds for stability, and a little active play for excitement?”

“Exactly,” Sanjiv said. “That’s a sensible middle path. Think of passive investing as your foundation, and active investing as the spice you add on top.”

As dessert arrived, Ria summed it up. “So, for the common man, passive investing is safer and simpler. Active investing is more like a profession - you need skill, time, and nerves of steel.”

The four of them raised their cups of chai. Sanjiv concluded, “At the end of the day, the best strategy is the one that lets you sleep peacefully at night while your money quietly grows.”

Looking back at my earlier post and this retelling, the basics haven’t changed - but perhaps the way we understand them matures with time.

The content made available in this article is for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the content, it should not be considered as a substitute for professional consultation. 

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Personal Finance & School children Part 4

In the first three parts, Ms. Anita had patiently walked the children through the basics of money - right from understanding its value, to simple habits of saving and spending wisely. Her stories and examples made the subject come alive, and the students were beginning to see personal finance in a whole new light. Now, in Part 4, we welcome Ms. Deepa, who carries the discussion forward with her own unique approach, adding fresh insights and building on the foundation Ms. Anita had set.

“Money Magic with Ms. Deepa – A New Chapter in Class 5”

The excitement in Class 5 was hard to miss. The children had moved up from Class 4, carrying with them their colourful piggy banks, decorated money jars, and fond memories of Miss Anita’s “money magic.” They had often wondered if the magic would continue in their new class.

On the first Friday, when the usual “money magic” period arrived, the students sat up straighter. Their new teacher, Ms. Deepa, walked in with a bright smile.

“So,” she began, “I hear you all know something about money already. Who can tell me what you learnt last year?”

Hands shot up. Riya proudly said, “We learnt about budgeting.” Aryan added, “And saving in jars for dreams and emergencies.” Meera chimed in, “Needs and wants, ma’am!”

Ms. Deepa nodded, clearly impressed. “Excellent. You’ve climbed many steps already. Now it’s time for something new.”

She paused dramatically, then said, “Today, we’ll learn about borrowing and lending. But instead of me just telling you, let’s act it out.”

The children’s eyes sparkled. A play? During class? This was new.

Ms. Deepa picked three students - Aryan, Meera, and Rohan. She handed Aryan a packet of coloured pencils. “Aryan, you have extra pencils. Meera needs some for her drawing project. Rohan, you be the teacher who has to watch over them.”

The little skit began.

“Please, Aryan,” Meera pleaded, “can I borrow two pencils? I’ll return them tomorrow.”

Aryan replied grandly, “Sure, but make sure you return them. I also need them later.”

Rohan stepped in with folded arms. “As the teacher, I’ll make sure Meera gives them back on time. Borrowing is fine, but forgetting is not!”

The class erupted in laughter and applause.

Ms. Deepa then explained, “See, borrowing can help us when we don’t have something immediately. But it comes with responsibility. If you borrow, you must return. And if you lend, you must do it wisely - never give away everything you need yourself.”

The students nodded thoughtfully.

To make it even more fun, she introduced a simple role-play game. Each student got play money. Some became “shopkeepers,” others “customers,” and a few were “borrowers.” They had to negotiate, borrow, lend, and return within the game. The classroom buzzed with excitement as children tried out real-life money situations in a safe and playful way.

As the bell rang, Aryan said aloud, “This is even more fun than last year!”

Ms. Deepa smiled. “We’ve only started. In Class 5, we’ll explore borrowing, lending, earning, and even sharing with society. Each lesson will be a new adventure. The money magic continues, just in a new style.”

The children left the classroom chattering happily, ready for the fresh spells of wisdom waiting for them in their new journey.

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Personal Finance & School children Part 3

The response to Part 2 was truly encouraging, with many of you expressing interest in how the story would unfold further. It’s always heartening to know that these everyday experiences resonate with so many. With that in mind, I’m happy to share Part 3, continuing the journey and adding a few more reflections along the way.

Title: “Climbing Higher on the Money Ladder – Class 4’s Final Lesson”

The following Friday, Class 4 was more restless than usual. Word had spread across the school that Miss Anita’s “money magic” lessons were the most fun classes of the week.

As soon as she walked in, the children cheered, “Money magic, ma’am!”

Miss Anita laughed. “Alright, alright. But today is special - it’s our last session for this year. We’ll complete the Class 4 lessons and leave the rest for Class 5.”

The room fell silent with anticipation.

“Last time, we built the money ladder. Remember the four steps?”

“Earning, Saving, Investing, Sharing!” the children recited proudly.

“Very good. Today we’ll add some finishing touches to your magic kit.”

She drew two jars on the board - one labelled Emergency and the other Dreams.

“First,” she said, pointing to the Emergency jar, “sometimes life surprises us. Maybe your cycle tyre bursts, or your pet falls sick. That’s when an emergency jar helps. It’s like a little umbrella you carry for a rainy day.”

The children nodded seriously.

“Second is the Dreams jar. This one is for your wishes - a cricket bat, a bicycle, a holiday with family. Saving for dreams makes reaching them more exciting.”

Meera raised her hand. “But ma’am, if we save for emergencies, how will we save for dreams too?”

“That’s the magic of balance,” Miss Anita said kindly. “Even a small amount in each jar every month grows over time. Remember, slow and steady wins the race.”

She then picked up a handful of fake coins and scattered them on the desk.

“Now let’s practice wise choices. Suppose you have only five coins. Do you put all of them in snacks? Or do you split - two for savings, one for emergency, two for dreams? What would you do?”

The classroom buzzed with answers. Some children debated, some negotiated, and some proudly explained their plans.

Miss Anita watched with a smile. “See? You are already learning to make decisions with money. That’s the real magic.”

Finally, she held up the paper ladders the children had made earlier. “Today, you’ve climbed higher. You know how to budget, save, tell needs from wants, invest, share, and plan for emergencies. For Class 4, that’s enough. You’ve planted your money trees, built your jars, and climbed your ladders.”

The bell rang, and groans filled the room.

“Don’t worry,” Miss Anita said, gathering her books. “Money magic isn’t ending. It’s only pausing. When you come to Class 5, we’ll learn new spells, like borrowing wisely, earning through small ideas, and even giving back to society.”

The children clapped excitedly. Their money journey for Class 4 had ended, but the promise of Class 5 adventures kept their eyes shining with curiosity.

Because with money magic, the story was only just beginning.

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Behind the Scenes of Your Personal & Small Biz Returns

 

The Personal & Small Business ITR Season Comes to a Close - Thank You!

Finally, the Income Tax Return filing season is behind us! For our team, the past few weeks have been full of action - endless downloads from the tax portal, reconciling numbers across AIS, 26AS, and Form 16, late-evening coffee runs, and yes, a few anxious moments when the system slowed down just as we were about to hit “submit.”

Through it all, one thing stood out - your cooperation. A big shout-out to everyone who shared their records early. Some of you sent in your Form 16s, bank statements, and investment proofs as early as June. That gave us the breathing room to carefully review details, reconcile mismatches, and file smoothly. Timely sharing of documents really helps us work through things methodically rather than in a rush.

We also appreciate those who responded promptly to the reminder emails and WhatsApp nudges. Even when records came in closer to the deadline, your quick clarifications helped us push things through. It was teamwork at its best, and we’re grateful for the trust you placed in us.

Why does timely ITR filing matter?

While it may feel like just another task in your already busy schedule, filing your return on time goes a long way:

Peace of mind - no last-minute rushes, no second-guessing.

Financial credibility - banks, embassies, and even property transactions often ask for ITR copies as proof of income.

Better planning - a filed return gives you a clear snapshot of your income and investments, making it easier to plan for the year ahead.

Another point worth remembering - we handle multiple client returns at the same time. When records arrive early, it gives us the chance to go line by line, check entries thoroughly, and make sure every detail is in place. That level of care becomes harder when everything piles up close to the deadline.

At the end of the day, timely filing isn’t just about ticking a box for compliance. It’s about safeguarding your financial future, keeping your records in order, and giving us the space to serve you better.

So, here’s to closing another tax season together! Thank you once again for your cooperation and trust. We look forward to walking alongside you in your financial journey - one return, one plan, one milestone at a time.

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Personal Finance & School Children Part 2

When I had shared the first part of this blog a few days ago, I was pleasantly surprised by the warm response it received. A few readers reached out saying they could relate to the situations I had written about. Encouraged by that interest, I thought of carrying the thread forward. So here’s Part 2 - picking up from where we left off to take this a step further.

“Money Magic Continues – Lessons from Class 4”

The following week, Class 4 was buzzing again. Ever since Miss Anita’s “money magic” class, the children had been talking about their budgets, proudly showing off decorated piggy banks, and even debating whether ice cream was a “need” or a “want.”

“Good morning, children,” Miss Anita said with a smile. “Last time, we learned four important spells of money magic: budgeting, saving, needs vs. wants, and investing. Do you remember?”

“Yes, ma’am!” the class shouted in unison.

“Wonderful,” she said. “Now tell me - how many of you tried making a budget last week?”

Almost every hand went up. Riya waved her colourful sheet, showing that she had saved money for a new storybook. Aryan admitted he spent all his share on a toy car, but promised to save next time. The classroom erupted in giggles.

Miss Anita clapped her hands gently. “That’s okay, Aryan. Budgeting is about learning, not perfection. What matters is that you are thinking before spending.”

She then picked up her jar from the desk. The label now read “Dream Library.”

“Remember my savings jar? I’ve started a new goal. Just like me, you can change your goal when one is complete. Savings give us choices.”

The children nodded, eyes wide with interest.

“Now let’s revisit our ‘needs vs. wants’ game,” Miss Anita said. “Sometimes, what feels like a want today may become a need tomorrow. For example, a new schoolbag might feel like a want when your old one is fine. But if it tears, suddenly it becomes a need. That’s why making careful choices is important.”

She then drew a small ladder on the board. On the first step, she wrote Earning. On the second, Saving. On the third, Investing. And on the fourth, Sharing.

“This is called the money ladder. Each step is important. As you grow up, you’ll learn more about each of these. For now, just remember - you climb slowly, step by step.”

Rohan raised his hand. “Ma’am, can we ever fall off the ladder?”

“That’s a smart question,” Miss Anita said warmly. “Yes, if we spend carelessly or forget to save, we might slip. But the good news is - we can always climb back again.”

The bell rang just then, and the children groaned.

“Don’t worry,” Miss Anita laughed. “Money magic doesn’t end here. Today we only climbed the first few steps. There are many more spells - like borrowing, lending, sharing wisely, and even planning for emergencies. We’ll explore them soon.”

As the children packed their bags, they whispered excitedly about jars, ladders, and mango trees. Some even promised to teach the “money spells” to their parents.

And so, the journey continued - one story, one lesson, one step at a time. The best of money magic was yet to come.

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S & Co. story - The last days before tax filing

 

Tax Drama at S & Co. 

The last few days before tax filing due date in a CA’s office is not just about numbers. It’s a mix of deadlines, drama, and unexpected comedy. At S&Co., this period has its own pulse, like a marathon with surprise hurdles at every turn.

As always, along with the usual last-minute rush - the income tax portal turns temperamental. Just when clients wanted to pay their self-assessment tax or check challans, the site would freeze, forcing repeated logins and endless retries. One client sat for more than an hour just trying to complete an online tax payment. It wasn’t a one-off either, everyone knew this drill. Every year, as thousands - probably millions - of consultants, CAs and taxpayers flood the system to pay taxes, file returns, or download AIS and Form 26AS, the portal inevitably staggers under the pressure.

Inside S&Co., files came in all shapes and states, some neatly indexed, others looking like they had just survived a dust storm. One sheepishly confessed, “Madam, these papers were found yesterday from my son’s book case.”

Through it all, Jagruti kept an eye on the workflow, stepping in where needed and making sure priorities were clear. Phones rang constantly. Pooja juggled two calls while signing off on investment proofs. Prajakta carefully extracted a crumpled Form 16 from a just-to-be-retired teacher. Each one played their role, making sure no return slipped through the cracks.

Clients themselves added their share of entertainment:

The Last-Minute Filer, rushing in or forwarding by email with half the proofs missing.

The Super-Organized One, who came with color-coded files and a reconciliation already done / emailing the attachments with a neat index.

The Confused NRI, calling from Dubai: “Can I WhatsApp a screenshot of my FD? The bank statement will take time.”

The Ever Opportune, “Can I claim dog food as medical expense? Because talking to my dog keeps my BP under control.”

And then, the unsung hero - Dhawal. Officially in charge of in house accounts, billing & society accounts within the firm, he usually spends time billing clients, emailing them documents or following up for payments. But during tax week, he transforms into the in-house morale booster. Armed with unmatched enthusiasm, he made sure every client and every team member had a steaming cup of tea or a piece / slice of fresh fruit.

By evening, the office resembled a war zone: glowing laptops, buzzing phones, and towers of files. Yet amidst the chaos, there was rhythm. Juniors learned on the fly, seniors guided with patience, and clients left reassured that their returns were safe. To-do lists for the next day were carefully prepared, follow-ups for pending documents were diligently pursued, and every task found its place in the flow of the day.

And that’s the beauty of S&Co. Even with portal glitches, last-minute confusions and client quirks, the office runs seamlessly. Deadlines get met, clients get served, and the team powered by humour, teamwork, and endless cups of tea, makes sure every return crosses the finish line.

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Tax Story - Movie Tickets, Borrowed Money & Mischief

 

Interest vs. Penalty vs. Late Fee - A Tale from the CA’s Desk

In the office of S&Co., the morning was unusually lively. CA Srini leaned back in his chair, phone pressed to his ear, as he listened to the rising frustration on the other side.

“Sir, I got this notice. They say I have to pay fine… or is it a penalty… or maybe interest? I don’t know, but they are charging me for filing my ITR late!” the client blurted.

Srini smiled patiently. “I understand. But let me explain - because ‘interest’, ‘penalty’, and ‘late fee’ are cousins in the Income Tax Act family, not twins.”

The client sighed. “All the same to me. They’re all punishments.”

“No, not quite,” Srini countered, and then he reached for his favorite trick - stories.

“Think of it this way. Suppose you borrowed money from your friend and promised to return it in a week. If you delay, he may ask you to pay interest - that’s compensation for the time value of money. Similarly, under Income Tax, if you delay paying your tax, the government charges interest under sections like 234A, 234B, and 234C. It’s not punishment; it’s simply making good the cost of late payment.”

The client interrupted, “Okay, then what about this ‘fee’?”

“Imagine you booked a movie ticket online, but you turned up late. The gatekeeper lets you in, but you pay a small late fee - for not following the system properly. Likewise, in Income Tax, filing the return after the due date attracts a late filing fee. It’s fixed, depending on your income slab and delay, and has nothing to do with tax amount.”

There was a pause. “Hmm… so then what is penalty?”

“Penalty is the strict elder brother,” Srini chuckled. “Suppose in that same movie hall, instead of arriving late, you sneak in without a ticket. If caught, you pay a penalty - a harsher consequence for a deliberate act. In the tax world, penalty is levied for concealment of income, misreporting, or willful defaults. It’s not automatic like interest or late fee. It’s imposed when there is a fault with intention.”

The line went quiet, and then the client laughed. “So, interest is like rent for using money late, late fee is the price of missing the system deadline, and penalty is punishment for mischief?”

“Exactly,” Srini said with relief. “Now, let’s tackle your notice. You only need to worry about the interest and late fee here. Penalty hasn’t entered the scene.”

And with that, another tax lesson had turned into a story worth remembering.

The content made available in this article is for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the content, it should not be considered as a substitute for professional consultation. 

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Why my wife gets refund whereas I have to pay taxes

 

The Curious Case of Tax Refunds

It was a busy day at S&Co. Over coffee, CA Srini was chatting with his brother, CFP Vaidy of Bharadhwaj Investsmart.

“Srini,” Vaidy smiled, “clients treat refunds like a festival bonus. They cheer when money comes back, as if the government is being generous.”

Srini nodded. “And some complain bitterly when they have to pay extra. They don’t see that a refund is simply their own money being returned- because they paid more tax than necessary during the year.”

Just then, the office door opened. In walked Mr. Ramesh, a 50-year-old manager, with his wife Meera, a self-employed interior designer. Filing season had brought them in with their papers.

While Srini welcomed them, team members Pooja and Jagruti quietly got to work. They checked the documents, pulled up Form 26AS, and within minutes gave their update.

“Sir,” said Pooja, “Mrs. Meera is certainly getting a refund. But Mr. Ramesh, you’ll need to pay additional tax.”

Meera smiled. Ramesh frowned. “Why is it that she always gets refunds while I have to pay more? Feels unfair!”

Srini explained - “Ramesh ji, your salary already has TDS deducted each month. But on FD interest and other income, banks either deduct at just 10% or sometimes not at all. Since you’re in the highest tax slab, you have to make up the difference at year-end.

Turning to Meera, he explained, “As a professional, she pays advance tax in installments. Out of caution, she usually pays a little extra. When the final calculation shows she’s overpaid, the system returns the excess as refund.”

Vaidy joined in: “Think of it like a restaurant bill. Pay more, you get change back. Pay less, you settle the difference. Refunds don’t mean gain, and tax due doesn’t mean loss - it’s just adjusting accounts.”

Ramesh’s expression eased. Smiling yet grudgingly he said, “So refunds aren’t rewards, and extra tax isn’t punishment - it’s just balancing the books. Even though I understand this, I’m still not able to fully accept it.”

Meera laughed and teased, “That’s fine - you don’t have to accept it fully. Just don’t complain when I celebrate my refunds!”

The office burst into laughter. Srini added with a smile, “Look at it this way, Ramesh ji - between the two of you, it all balances out at home too!” Vaidy added, “Exactly, that’s the beauty of tax planning as a couple.”

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