A Study on Financial Planning For Salaried Em...

A Study on Financial Planning For Salaried Employee and Strategies for Tax Savings in Chennai

Author Name : Ramya R, D.Velumoni

ABSTRACT

The research paper related to financial planning and tax savings aspects of salaried employee. Tax Strategies is an important component of tax planning. In Chennai, tax on personal income takes away foremost part of earned income. As every individual salaried employee who have earned early income which is more than a limit as prescribed by the income tax law is liable to pay tax. The objective of this paper is to study the financial planning for salaried employee and strategies for tax savings in Chennai. The data was collected through structured questionnaire by Google form filled by 221 employees working in different sectors at Chennai. It was found from the analysis there is relationship between Annual savings, and Age, Income, Sector wise employment designation of people at Chennai. Analysis has been through percentage analysis, Correlation, One way, ANNOVA, T-Test, Chi-square. Overall findings of the paper reveals that Sec 80C, 80CCC, 80CCD, 80D, 80E, 80G, deduction is the most adopted tax savings instruments. The paper concludes salaried employee want to know their tax obligations in the right perspective and measures of financial planning available to them so that they can make the best use of their earnings by reducing the incidence of tax.

Keywords: Financial planning, Tax savings, strategies for tax savings, salaried employee.