Volume I Issue IV October 2021

Name of Author : Gulzar Singh Jamwal & Dr. Ramandeep Kour

Title of the paper : Tax Planning Awareness and Measures Adopted By the Salaried Class: A Study on Salaried Assessee in Jammu City

Abstract: Tax planning is the most important component of financial planning of an individual to minimize the tax liability in a legitimate manner. Tax planning is the process whereby an individual takes maximum advantages of all the deductions, exemptions, rebate, reliefs and other tax saving provisions available under Income Tax Act to minimize the tax liability for the particular assessment year and ensure timely payment of Income tax. The purpose of the study is to find out the awareness of tax saving provisions available under Income Tax Act among salaried class and also examine the amount of tax saved by taking the benefit of those tax saving provisions by the salaried class assesses. Accordingly the data was collected from the employees of public, private and government sector under different income groups to study their awareness of tax saving instrument and to find out the most preferred tax saving instrument among them. The overall study reveals that majority of salaried employees are aware of various tax saving instrument available to them under the Income Tax laws prevailing in the country and the most important tax saving instrument used to save tax by them is Provident Fund and Life Insurance.

Keywords : Tax, Tax Planning, Assessee, Tax Saving Instruments, Income Tax Act

DOI :

Page No. : 109-121