International Journal For Multidisciplinary Research

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Tax Planning Measures of Salaried Individuals

Author(s) Neethu Murali, Rogie George, Michelle vivera, Steffy Jose
Country India
Abstract Tax planning is a crucial financial strategy for salaried individuals, aimed at minimizing tax liabilities while ensuring compliance with applicable tax laws. The objectives of tax planning for the salaried class include maximizing exemptions, deductions, and rebates to enhance post-tax income and secure long-term financial stability. Common tax planning measures adopted by salaried individuals involve investing in tax-saving instruments like Public Provident Fund (PPF), Employee Provident Fund (EPF), National Savings Certificates (NSC), and making the most of deductions under Section 80C, such as those for insurance premiums and home loan repayments. Additionally, individuals utilize allowances like House Rent Allowance (HRA), medical reimbursements, and interest deductions on home loans to further reduce their taxable income. This study aims to explore the satisfaction levels of salaried individuals with the tax planning measures they adopt, identifying the effectiveness of these strategies in achieving their financial goals. Furthermore, the research examines the challenges and obstacles faced by salaried individuals in effectively implementing tax planning measures, such as limited knowledge, complex regulations, or insufficient access to financial tools. By understanding these factors, the study seeks to provide insights into improving tax planning practices and policies for the salaried class.
Keywords Tax planning, salaried individuals, Deductions, Exemptions
Field Mathematics > Economy / Commerce
Published In Volume 7, Issue 1, January-February 2025
Published On 2025-02-02
Cite This Tax Planning Measures of Salaried Individuals - Neethu Murali, Rogie George, Michelle vivera, Steffy Jose - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.36239
DOI https://doi.org/10.36948/ijfmr.2025.v07i01.36239
Short DOI https://doi.org/g83xxc
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