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Journal of Social Welfare and Management 14(3 (Part-I)):p 143-148, September-December 2022. | DOI: http://dx.doi.org/10.21088/jswm.0975.0231.14322.15
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A Study on Financial Planning and Tax Savings Strategies for Salaried Employees
Ahmed Haseena A , Vinoth S , Ahmed Haseena A ,
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Journal of Social Welfare and Management 14(3 (Part-I)):p 143-148, September-December 2022. | DOI: http://dx.doi.org/10.21088/jswm.0975.0231.14322.15
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Vinoth S, Ahmed Haseena A/A Study on Financial Planning and Tax Savings Strategies for Salaried Employees/J Soc Welfare Manag. 2022;14,3(Part-I):143–148
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Abstract
Despite significant attempts to broaden the tax base, our nation has only roughly 82.7 million taxpayers, or 6.25 percent of its more than 132 crore population, which is a trivial number for our nation. Budgeting, performance goal setting, and system building are all parts of the financial planning process. The annual income is depleted by taxes. Tax planning is a useful strategy for controlling this by lowering tax liabilities. It helps in maximizing the use of available tax exemptions, deductions, and benefits while lowering obligations. For the salaried class, income tax deductions provide a variety of opportunities to reduce their taxable income, including life insurance premiums, contributions to pension plans, employee provident funds, and principal payments on home loans, and tuition for dependent children. These exclusions and deductions would enable tax to be significantly decreased. To determine the extent of employee awareness of tax planning strategies and their saving and investing habits, a research of 107 salaried employees was conducted.
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Vinoth S, Ahmed Haseena A/A Study on Financial Planning and Tax Savings Strategies for Salaried Employees/J Soc Welfare Manag. 2022;14,3(Part-I):143–148
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DOI: http://dx.doi.org/10.21088/jswm.0975.0231.14322.15
Keywords
Financial planning; Investment pattern; Tax planningTax exemptions.Search for Similar Articles
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