Tax Planning Strategies of Salaried Individuals: An Empirical Study of Taxpayers (2020)
POOJA BAHUGUNA JCR. 2020: 1765-1774
People who are salaried, tax preparation is an essential component of financial management. Understanding the tax laws and regulations is crucial to minimizing tax bills and maximizing savings because the Indian tax system is complicated. Taxpayers can manage their money well and reach their financial objectives with the help of efficient tax planning strategies. The salaries, bonuses, and other incentives that salaried people receive from their employers are subject to income tax in India. They can use a number of exemptions and deductions allowed by the Income Tax Act of 1961, however, to lower their tax obligations and lower their taxable income. For Indians who earn a living as salaried workers, tax planning is a crucial component of financial planning. Taxpayers can efficiently decrease their tax obligations and meet their financial objectives by being aware of the tax rules and regulations, as well as by utilizing the numerous tax-saving choices available. Using efficient tax planning techniques can assist salaried people in India reduce their tax obligations, maximize their savings, and meet their financial objectives.
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