Now daily-wager earners can plan investments

PLANNING AHEAD: For daily-wage labourers, sound tax advice has created a strong safety net.

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Keywords: PAN Card, Filing

Mumbai: Record tax collections from Mumbai make it apt for the ‘Maximum City’ to hold on to the tag of being the country's financial hub. The total income tax revenue crossed the Rs-100-crore-mark between May 2007 to March 2008, a whopping 60 per cent rise from the last financial year.

Behind every big number is the story of individuals like auditor Shreyans Kothari.

The 24-year-old was not content with the cushy job at his father's chartered accountancy firm handling high-profile clients. Branching out on his own, Kothari is now busy meeting his new set of clients – labourers, contractors and wire-men – at construction sites.

Kothari serves as consultant to them, helping them get a PAN card, opening a bank account and even helping them plan their investments.

"Their transactions are in cash, so I though I should guide them," Kothari explained.

After tackling initial communication barriers, the word about Kothari's sound financial advice spread fast. For daily-wage labourers and contractors, it has emerged as a safety net.

Acclerating Mumbai's economic growth, the initiative started by Shreyans is shaping into an informal taxpayers club.

"When people understood what Shreyans was doing and the benefits from tax filing, everyone joined in,” explained contractor Khemji Patel.

For Kothari, the next step is to expand his business and start a chain of outlets which offer financial advice to daily wagers. Unlike many young managers his age, the bottomline for this auditor is not his own profitability but helping others to profit from his advice.