Tax
planning is one of the key aspects of financial planning from a tax
perspective. Efficient tax planning enables every taxpayer to reduce the tax
liability to the minimum. This is done by legitimately availing various tax
exemptions, deductions under chapter VIA, rebates and allowances available
under the Income Tax Act, 1961. The ever increasing functions of the government
have naturally lead to increased expenditure, for instance, achieving the
social and economic objectives laid down in the constitution, balancing
regional economic growth, removing the concentration of economic power in few
hands, reducing the inequality of income, and so on. The wealth of an
individual is maximized by increasing the level of savings in various
investment avenues. The key area of the research is to learn the appropriate
popularly used tax saving instruments and also the factors influence the
investment in those tax saving instruments. It is empirical research which will
throw light upon the aspects of tax planning and ways to reduce the income tax
liability.
Author(s) Details
Srinidhi Padmanabhan
Department of Accounting and Finance, Shrimathi Devkunvar Nanalal Bhatt Vaishnav College for Women, Chennai, Tamil Nadu, India.
Khavi Priya Bagya Lakshmi
Department of Accounting and Finance, Shrimathi Devkunvar Nanalal Bhatt Vaishnav College for Women, Chennai, Tamil Nadu, India.
View Book: - http://bp.bookpi.org/index.php/bpi/catalog/book/174
Author(s) Details
Srinidhi Padmanabhan
Department of Accounting and Finance, Shrimathi Devkunvar Nanalal Bhatt Vaishnav College for Women, Chennai, Tamil Nadu, India.
Khavi Priya Bagya Lakshmi
Department of Accounting and Finance, Shrimathi Devkunvar Nanalal Bhatt Vaishnav College for Women, Chennai, Tamil Nadu, India.
View Book: - http://bp.bookpi.org/index.php/bpi/catalog/book/174
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