Year: 2025
Type: article
Abstract: The study has been emphasized on the critical role of tax planning as an essential component offinancial strategy for individuals, particularly salaried employees and taxpayers in India.Across multiple studies, a consistent theme emerges: the strategic utilization of deductions, exemptions, rebates, and reliefs-primarily under Section 80C of the Income Tax Act, 1961-is crucial for minimizing tax liabilities and maximizing after-tax income.Research consistently explores the awareness levels of individuals regarding various tax-saving schemes and instruments, such as Life Insurance policies, Provident Funds, PPF, and NPS.The objective of these studies is to understand investment patterns, identify the most popular and suitable tax-saving instruments, and assess how effective tax planning influences income generation and wealth accumulation.Findings generally reveal that while awareness of traditional tax-saving options like 80C is high, there is a continuous effort to understand how strategic tax decisions can lead to reduced tax burdens and foster income growth over time.
Source: IARJSET
Language: English
Topic: Economic and Fiscal Studies
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4413240611