A

PROJECT REPORT
ON
“A STUDY OF TAX PLANNING INSTRUMENTS FOR SALARIED
INDIVIDUALS IN NASHIK CITY”

SUBMITTED
To
SAVITRIBAI PHULE PUNE UNIVERSITY
IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED
BY
MAYUR SANDIP MANKAR
MBA-II (FINANACE)
UNDER THE GUIDANCE OF
(PROF.)MR. SANJAY SALVE

C.H.M.E. SOCIETY’S DR. MOONJE INSTITUTE OF

MANAGEMENT AND COMPUTER STUDIES, NASHIK-13
YEAR: 2019-2020

1
 DECLARATION

I undersigned hereby declare that the report entitled as “A STUDY OF

TAX PLANNING INSTRUMENT FOR SALARIED INDIVIDUALS IN NASHIK CITY” is a
genuine and benefited work prepared by me under the guidance of
Prof. Mr. Sanjay Salve.
The empirical findings in this project report are based on the data
collected by myself. The matter presented in this report is not copied from any
source .I understand that any such copy is liable to the punishment in way the
university authorities deem fit.
The work has not been submitted for the award of any degree or diploma
either to university of Pune or any other universities.
This project report is submitted to university of Pune in a partial
fulfillment of the degree of MASTER OF BUSINESS ADMINISTRATION.
(Finance)

Place: Nashik. Signature

Date: 13 / 06 /2020 Mayur S. Mankar

2
 ACKNOWLEDGEMENT

I would like to take this opportunity to express my respect and deep gratitude to
my guide Prof .Mr. Sanjay Salve for giving all guidance required for my
project report from being a constant source of inspiration and motivation. It was
my privilege to have worked under his guidance.
I am also thankful to Dr. Preeti Kulkarni, The Director and Our Head of
Department Prof. Nitin Chaudhari, Dr. Moonje Institute of Management and
Computer Studies, who encouraged me and motivated me in completion of the
product.

Mayur S Mankar
MBA-II (FINANCE)

3
 TABLE OF CONTENT
CHAPTER
NO. TITLE PAGE
NO
TITLE PAGE 1

DECLARATION 2

AKNOWLEDGEMENT 3

1 INTRODUCTION 4-8

OBJECTIVE

SCOPE

2 RESEARCH METHODOLOGY 9-21

3 DATA ANALYSIS & INTERPREATION 22-37

4 FINDINGS 38-41

5 SUGGESTIONS 42-44

6 CONCLUSION 45-46

7 BIBLIOGRAPHY 47-48

8 ANNEXURE 49-53

4
 CHAPTER 1
INTRODUCTION

INTRODUCTION

5
The income tax act in India was enacted 1961 .This act was enacted to do
calculate tax liability on the earned income. Tax planning in simple words
means planning the tax. This is achieved by taking full advantage of all the tax
exemption, deduction, concession, rebates, and other benefits granted by tax
laws to reduce the tax liability. Tax management is an expression which
employees actual implementation of tax planning ideas. While tax planning is
only an idea.
The total income of a person is segregates into five heads:
 Income from salary
 Income from house property
 Profits and gains of business or profession
 Capital gain
 Income from other source

We are selecting one head which is income from salary

 Income from salary

Where relationships like master-servant or employer-employee exists are liable

to pay tax under the head of income from salary .where such relationship does
not exist income is taxable under some other heads. Only those payment which
are related with employment are the taxable under the head of salaries.
Salary is chargeable under paid or due bases whichever is earlier.

1.1 Objective
6
1. To know the income from salary under income tax act 1961.

2. To study tax planning instrument with special reference to salary income.

3. To get acquainted with deductions under the sec 80C.

4. To analyses the tax planning instrument for salaried people.

7
1.2 Scope

1. This project studies the tax planning instrument for salaried individuals
under the income tax act.

2. This study covers salaried individuals under income tax for 2017-2018.

8
 CHAPTER 2
RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

Research design

9
Types of research-: The research in qualitative and analytical in nature

Data collection -: Sources of data

Primary data – I use questionnaire as primary source for collecting data for my
study.

Secondary data– I ‘m collect secondary data from various taxation books,

magazine & from various IT websites.

Sampling -: It represent the Nasik population. It is process of choosing samples of

Nasik population

Sampling size-: 30 respondent.

Sampling technique- : Questionnaire sampling is something is sent to the respondent.

By questionnaire you can understand people taste & preferences so it is easy to convince .

2.1 Income from Salaries

Incomes termed as Salaries:

10
 Existence of ‘master-servant’ or ‘employer-employee’ relationship is

absolutely essential for taxing income under the head “Salaries”. Where such

relationship does not exist income is taxable under some other head as in the

case of partner of a firm, advocates, chartered accountants, LIC agents, small

saving agents, commission agents, etc. Besides, only those payments which

have a nexus with the employment are taxable under the head ‘Salaries’.

Salary is chargeable to income-tax on due or paid basis, whichever is earlier.

Any arrears of salary paid in the previous year, if not taxed in any earlier

previous year, shall be taxable in the year of payment.

Advance Salary:

Advance salary is taxable in the year it is received. It is not included in

the income of recipient again when it becomes due. However, loan taken from

the employer against salary is not taxable.

Bonus:

Bonus is taxable in the year in which it is received.

11
Profits in lieu of salary:

Any compensation due to or received by an employee from his employer

or former employer at or in connection with the termination of his employment

or modification of the terms and conditions relating thereto;

Any payment due to or received by an employee from his employer or

former employer or from a provident or other fund to the extent it does not

consist of contributions by the assessee or interest on such contributions or any

sum/bonus received under a Key man Insurance Policy.

Any amount whether in lump sum or otherwise, due to or received by an

assessee from his employer, either before his joining employment or after

cessation of employment.

Allowances from Salary Incomes

Dearness Allowance/Additional Dearness (DA):

All dearness allowances are fully taxable

12
City Compensatory Allowance (CCA):

CCA is taxable as it is a personal allowance granted to meet expenses

wholly, necessarily and exclusively incurred in the performance of special

duties unless such allowance is related to the place of his posting or residence.

Certain allowances prescribed under Rule 2BB, granted to the employee either

to meet his personal expenses at the place where the duties of his office of

employment are performed by him or at the place where he ordinarily resides,

or to compensate him for increased cost of living are also exempt.

House Rent Allowance (HRA):

HRA received by an employee residing in his own house or in a house for

which no rent is paid by him is taxable. In case of other employees, HRA is exempt up

to a certain limit

Entertainment Allowance:

Entertainment allowance is fully taxable, but a deduction is allowed in certain

cases.

Academic Allowance:

Allowance granted for encouraging academic research and other

professional pursuits, or for the books for the purpose, shall be exempt u/s

10(14). Similarly newspaper allowance shall also be exempt.

13
Conveyance Allowance:

It is exempt to the extent it is paid and utilized for meeting expenditure

on travel for official work.

2.2 DEDUCTIONS FROM TAXABLE INCOME

14
 Deduction under section 80C

 Deduction under section 80CCC

 Deduction under section 80D

 Deduction under section 80DD

 Deduction under section 80DDB

 Deduction under section 80E

 Deduction under section 80G

 Deduction under section 80GG

 Deduction under section 80GGA

 Deduction under section 80CCE

15
Deduction under section 80C

Under this section, a deduction of up to Rs. 1,00,000 is allowed from

Taxable Income in respect of investments made in some specified schemes. The

specified schemes are the same which were there in section 88 but without any

sectorial caps (except in PPF).

80C

Under this section 100%deduction would be available from Gross Total

Income subject to maximum ceiling given u/s 80CCE.Following investments

are included in this section:

 Contribution towards premium on life insurance

 Contribution towards Public Provident Fund.(Max.70,000 a year)

 Contribution towards Employee Provident Fund/General Provident Fund

 Unit Linked Insurance Plan (ULIP).

 NSC VIII Issue

 Interest accrued in respect of NSC VIII Issue

 Equity Linked Savings Schemes (ELSS).

 Repayment of housing Loan (Principal).

 Tuition fees for child education.

 Investment in companies engaged in infrastructural facilities.

16
Deduction under section 80CCC

Deduction in respect of contribution to certain Pension Funds:

Deduction is allowed for the amount paid or deposited by the assessee during

the previous year out of his taxable income to the annuity plan (Jeevan

Suraksha) of Life Insurance Corporation of India or annuity plan of other

insurance companies for receiving pension from the fund referred to in section

10(23AAB)

Amount of Deduction: Maximum Rs. 10,000/- yearly for F.Y 2005-06

Limit is increase up to Rs.1 lakh From the F.Y 2006-07

Deduction under section 80D

Deduction in respect of Medical Insurance Premium

Deduction is allowed for any medical insurance premium under an

approved scheme of General Insurance Corporation of India popularly known

as MEDICLAIM) or of any other insurance company, paid by cheque, out of

assesses taxable income during the previous year, in respect of the following

In case of an individual – insurance on the health of the assessee, or wife or

husband, or dependent parents or dependent children.

17
 In case of an HUF – insurance on the health of any member of the family

Amount of deduction: Maximum Rs. 10,000, in case the person insured is a

senior citizen (exceeding 65 years of age) the maximum deduction allowable

shall be Rs. 15,000/-.

Deduction under section 80DD

Deduction in respect of maintenance including medical treatment of

handicapped dependent:

Deduction is allowed in respect of – any expenditure incurred by an

assessee, during the previous year, for the medical treatment training and

rehabilitation of one or more dependent persons with disability; and

Amount deposited, under an approved scheme of the Life Insurance

Corporation or other insurance company or the Unit Trust of India, for the

benefit of a dependent person with disability.

Amount of deduction: the deduction allowable is Rs. 50,000

18
Deduction under section 80DDB

Deduction in respect of medical treatment

A resident individual or Hindu Undivided family deduction is allowed in

respect of during a year for the medical treatment of specified disease or

ailment for himself or a dependent or a member of a Hindu Undivided Family.

Deduction under section 80E

Deduction in respect of Repayment of Loan taken for Higher Education

An individual assessee who has taken a loan from any financial

institution or any approved charitable institution for the purpose of pursuing his

higher education i.e. full time studies for any graduate or post graduate course

in engineering medicine, management or for post graduate course in applied

sciences or pure sciences including mathematics and statistics.

Amount of Deduction: Any amount paid by the assessee in the previous

year, out of his taxable income, by way of repayment of loan or interest thereon,

subject to a maximum of Rs. 40,000

19
Deduction under section 80G

Donations:

100 % deduction is allowed in respect of donations to: National Defence

Fund, Prime Minister’s National Relief Fund, Armenia Earthquake Relief Fund,

Africa Fund, National Foundation of Communal Harmony, an approved

University or educational institution of national eminence, Chief Minister’s

earthquake Relief Fund etc.

In all other cases donations made qualifies for the 50% of the donated

amount for deductions.

Deduction under section 80GG

Deduction in respect of Rent Paid:

Any assessee including an employee who is not in receipt of H.R.A. u/s

10(13A)

Amount of Deduction: Least of the following amounts are allowable:

 Rent paid minus 10% of assesses total income

 Rs.2,000 p.m.

 25% of total income

20
Deduction under section 80GGA

Donations for Scientific Research or Rural Development:

In respect of institution or fund referred to in clause (e) or (f) donations

made up to 31.3.2002 shall only be deductible.

This deduction is not applicable where the gross total income of the

assessee includes the income chargeable under the head Profits and gains of

business or profession. In those cases, the deduction is allowable under the

respective sections specified above.

Deduction under section 80CCE

As per this section, the maximum amount of deduction that an assessee can

claim under Sections 80C, 80CCC and 80CCD will be limited to Rs.100,000.

21
 CHAPTER 3
DATA ANALYSIS &
INTERPREATION

22
 DATA ANALYSIS & INTERPREATION

1. Are you salaried personnel?

Response No. of respondents % No. of respondents

YES 30 100%

NO 0 0%

Total Sample Size 30 100

Salaried personnel

100%

YES NO

Interpretation : The above pie chart shows that 100 % of the people of the
survey were salaried.

23
2.What is your working experiences a salaried?

Response No. of respondents % No. of respondents

Below 10 Years 8 26.67%

Between 10 and 20 7 23.33%
Years
Between 20 and 30 10 33.33%
years
Above 30 Years 8 16.67%
TOTAL 30 100%

16.67%

26.67%

33.33%

23.33%

Below 10 Years Between 10 and 20 Years

Between 20 and 30 years Above 30 Years

Interpretation : The above pie chart shows that 26.67% respondent had
experience of less than 10 years. 23.33% respondent were between 10 and 20
years. 33.33% respondent were between 20 and 30 years. and 16.67%
respondents are above 30 years.

24
3. Status of employment?

Response No. of respondents % No. of respondents

GOVERNMENT 8 26.67%
PRIVATE 22 73.33%
TOTAL 30 100%

EMPLOYMENT

26.67%

73.33%

GOVERNMENT PRIVATE

Interpretation : The above pie chart shows that from the total survey 26.67%
of respondent were government employee and other 73.33% are private
employees.

25
4. What is your income range?

Response No. of respondents % No. of respondents

Below Rs.300,000 5 16.67%

Rs.300,000 to 7 23.33%
Rs.500,000
Rs.500, 000 to 10 33.33%
Rs.800,000
Above Rs.800,000 8 26.67%
TOTAL 30 100%

16.67%

26.67%

23.33%

33.33%

Below Rs.300,000 Rs.300,000 to Rs.500,000

Rs.500, 000 to Rs.800,000 Above Rs.800,000

Interpretation : The above pie chart shows that the income range of 16.67%
respondent is below lakh. 23.33% respondent income range is Rs.3 lakh to 5
lakh. 33.33% respondent income range is Rs.5 lakh to 8 lakh and other 26.67%
respondent income range is above Rs.8 lakh.

26
 5. Are you aware of filling returns?

Response No. of respondents % No. of respondents

YES 25 83.33%

NO 5 16.67%

Total Sample Size 30 100%

AWARE OF FILLING RETURNS

16.67%

83.33%

YES NO

Interpretation : The above pie chart shows that 83.33% respondent are aware
of filling returns and 16.67% were as not aware filling returns.

27
6. Do you file returns yearly ?

Response No. of respondents % No. of respondents

YES 25 83.33%

NO 5 16.67%

Total Sample Size 30 100%

16.67%

83.33%

YES NO

Interpretation : The above pie chart shows that 83.33% respondent are file
returns yearly and 16.67% do not file returns yearly.

28
 7. Are you a tax payer?

Response No. of respondents % No. of respondents

YES 25 83.33%

NO 5 16.67%

Total Sample Size 30 100%

16.67%

83.33%

YES NO

Interpretation : The above pie chart shows that 83.33% respondent are
taxpayer and 16.67% is not a taxpayer.

29
 8. Are you aware of tax planning?

Response No. of respondents % No. of respondents

YES 25 83.33%

NO 5 16.67%

Total Sample Size 30 100%

16.67%

83.33%

YES NO

Interpretation : The above pie chart shows that 83.33% respondent are aware
about tax planning and 16.67% were as not aware tax planning.

30
9. Are you aware of tax planning instrument?

Response No. of respondents % No. of respondents

YES 25 83.33%

NO 5 16.67%

Total Sample Size 30 100%

16.67%

83.33%

YES NO

31
Interpretation : The above pie chart shows that 83.33% respondent are aware
about tax planning instrument and 16.67% were as not aware tax planning
instrument.
10. Do you seek the services of a tax professionals for filling returns?

Response No. of respondents % No. of respondents

Always 12 40%
Often 5 16.67%
Occasionally 6 20%
Rare 2 6.66%
Never 5 16.67%
TOTAL 30 100%

16.67%

6.66% 40.00%

20.00%

16.67%

Always Often Occasionally

Rare Never

Interpretation : The above pie chart shows that 40% of the respondent always seek
the services of a tax professionals for filling returns. Were as 16.67% of the
respondents often seek the services of a tax professional for filling returns. were as
20% of the respondents occasionally seek the services of a tax professional for filling
32
returns. Were 6.66% of the respondents rarely seek the services of a tax professional
for filling returns. And 16.67 of respondent never seek professional for filling returns.
11. When do you formulate your tax plan during a financial year ?

Response No. of respondents % No. of respondents

Beginning of the year 15 50%

End of the year 6 20%
Any time 4 13.13%
No planning at all 5 16.67%
TOTAL 30 100%

17%

13%
50%

20%

Beginning of the year End of the year

Any time No planning at all

Interpretation : The above pie chart shows that 50% of the respondent
formulate there tax plan at the beginning of the year. Were 20% respondents
formulate there tax plan at the end of the year. Were 13.13% respondent
formulate there tax plan at any time of the year. And 16.67% respondent never
formulate tax planning in the year.

33
 12. Are you aware of deduction u/s 80C?
Response % No. of respondents

PF/PPF 84%
Life Insurance Policy 84%
Post Office Savings Bank A/c 84%
Approved Mutual Fund 50%
Approved Pension Fund 33.33%
Fixed Deposits 84%
Contribution to Medical 66.67%
Insurance Policy

AWARE OF DEDUCTIONS U/S 80C

84% 84% 84% 84%
80% 67%
60% 50%
40% 33%

20%
0%
F y its
PP li c /c un
d nd os lic
y
PF
/ Po kA lF Fu p Po
ce an ua
n De ce
an B ut sio d
an
su
r gs n xe r
In vin
M Pe Fi su
e Sa ed ve
d In
Lif ov l
ce pr
pro ica
Offi Ap Ap e d
st M
Po to
on
buti
ri
nt
Co

AWARE OF DEDUCTIONS U/S 80C

Interpretation : The above graph shows that 84% of respondents were aware
of the PF/PPF as a deduction U/S 80C.while 84% of respondents were aware of
the LIP as a deduction U/S 80C. while 84% respondents were aware of post
office saving bank A/C as a deduction U/S 80C. while 50% respondent were
aware of mutual fund. 33.33% respondents are aware of pension fund. 84%

34
respondents were aware of Fixed deposits and 66.67% respondents were aware
of the Medical insurance policy as a deduction U/S 80C.

13. Who is responsible for calculating your taxable income?

Response No. of respondents % No. of respondents

Financial advisor 0 0%

ACCOUNTANT 22 73%

TAX CONSULTANT 3 27%

Total Sample Size 30 100%

27%

73%

Financial advisor ACCOUNTANT TAX CONSULTANT

35
Interpretation : The above pie chart shows that 73% of the respondents hired
accountant for calculating there taxable income. while 27% of the respondents
hired tax consultant for calculating there taxable income.

14. Do you agree with enhancement of maximum limit for deduction u/s 80C?

Response No. of respondents % No. of respondents

Strongly Agree 25 83.33%

Agree 0 0%
No Opinion 5 16.67%
Disagree 0 0%
Strongly Disagree 0 0%
TOTAL 30 100%

17%

83%

Strongly Agree Agree No Opinion

Disagree Strongly Disagree

36
Interpretation : The above pie chart shows that 83.33% of the respondents
strongly agree with enhancement of maximum limit for deduction U/S 80C.
while 16.67% of the respondents gave no opinion about the enhancement of
maximum limit for deduction U/S 80C.
15. Do you think that deduction u/s 80C is beneficial to you ?

Response No. of respondents % No. of respondents

Strongly Agree 22 73.33%

Agree 3 10%
No Opinion 5 16.67%
Disagree 0 0%
Strongly Disagree 0 0%
TOTAL 30 100%

17%

10%

73%

Strongly Agree Agree No Opinion

Disagree Strongly Disagree

Interpretation : The above pie chart shows that 83.33% of the respondents
strongly agree that deduction U/S 80C is beneficial for them.10% of the

37
respondents normal agree that deduction U/S 80C is beneficial for them. And
16.67% respondents gave no opinion for the deduction U/S 80C is beneficial
for them.

CHAPTER 4
FINDINGS

38
 FINDINGS

 We found that 100 % of the people of the survey were salaried. All the
respondents were salaried person either government or private. And most
of the respondent were tax payers.

 We found that 26.67% respondent had experience of less than 10 years.

23.33% respondent were between 10 and 20 years. 33.33% respondent
were between 20 and 30 years. and 16.67% respondents are above 30
years. 8 of the 30 respondents had experienced of less than 10 year. 7 of
the 30 respondents had experienced between 10 and 20 years. 10 of the
30 respondents had experienced between 20 and 30 years. 8 of the 30
respondents had experience above 30 years.

 We found that from the total survey 26.67% of respondent were

government employee and other 73.33% are private employees.8 of the
30 respondent were government employees while remaining 22 were
private employees.

 We found that the income range of 16.67% respondent is below lakh.

23.33% respondent income range is Rs.3 lakh to 5 lakh. 33.33%
respondent income range is Rs.5 lakh to 8 lakh and other 26.67%
respondent income range is above Rs.8 lakh.

 We found that 83.33% respondent are aware of filling returns and

16.67% were as not aware filling returns. 25 of the 30 respondents were
filling income tax returns while the remaining 5 were not.

39
 We found that 83.33% respondent are file returns yearly and 16.67% do
not file returns yearly. 25 of the 30 respondents were filling returns
yearly while the remaining 5 were not.

 We found that 83.33% respondent are taxpayer and 16.67% is not a

taxpayer.25 of the 30 respondent are tax payer while the remaining 5
were not.

 We found that 83.33% respondent are aware about tax planning and
16.67% were as not aware tax planning. 25 of the 30 respondent are
aware about tax planning while the remaining 5 are not aware about tax
planning.

 We found that 83.33% respondent are aware about tax planning

instrument and 16.67% were as not aware tax planning instrument. 25 of
the 30 respondent are aware about tax planning instrument while the
remaining 5 are not aware of tax planning instrument.

 We found that 40% of the respondent always seek the services of a tax
professionals for filling returns. Were as 16.67% of the respondents
often seek the services of a tax professional for filling returns. were as
20% of the respondents occasionally seek the services of a tax
professional for filling returns. Were 6.66% of the respondents rarely
seek the services of a tax professional for filling returns. And 16.67 of
respondent never seek professional for filling returns.

 We found that 50% of the respondent formulate there tax plan at the
beginning of the year. Were 20% respondents formulate there tax plan at
the end of the year. Were 13.13% respondent formulate there tax plan at
any time of the year. And 16.67% respondent never formulate tax
planning in the year.

 We found that 84% of respondents were aware of the PF/PPF as a

deduction U/S 80C.while 84% of respondents were aware of the LIP as a
deduction U/S 80C. while 84% respondents were aware of post office

40
 saving bank A/C as a deduction U/S 80C. while 50% respondent were
aware of mutual fund. 33.33% respondents are aware of pension fund.
84% respondents were aware of Fixed deposits and 66.67% respondents
were aware of the Medical insurance policy as a deduction U/S 80C

 We found that 73% of the respondents hired accountant for calculating

there taxable income. while 27% of the respondents hired tax consultant
for calculating there taxable income

 We found that 83.33% of the respondents strongly agree with

enhancement of maximum limit for deduction U/S 80C. while 16.67% of
the respondents gave no opinion about the enhancement of maximum
limit for deduction U/S 80C.

 We found that 83.33% of the respondents strongly agree that deduction

U/S 80C is beneficial for them.10% of the respondents normal agree that
deduction U/S 80C is beneficial for them. And 16.67% respondents gave
no opinion for the deduction U/S 80C is beneficial for them.

41
 CHAPTER 5
SUGGESTION

42
 SUGGESTION

 5 of the 30 respondents were below the income tax limit the should try
to increase there income in order to get the advantages of the deduction
under sec 80C.

 All the respondent should register under the income tax act. All the
respondent should made aware about paying income tax as a duty
towards the nation

 All the respondent should be aware about the deduction U/S 80C.which
will help them to take advantage while paying the tax.
For example : PF/PPF , Life insurance policy, Medical insurance policy,
pension fund, Fixed deposits.

 All the respondent whether government or private should avail the

benefits U/S 80C To reduce the taxable amount which is liable to paid to
government.

 Respondents should file their returns on time in order to avoid penalty

which is liable to be paid when income tax is not paid on time

43
 All respondents should be aware about tax planning instrument. To avail
there benefits and reduce the net taxable amount.

 Respondents should file their returns through a certified CA. In order to

avoid errors in a tax filling process.

 Respondent should use proper instrument to avail or get higher benefits.

to allocate the financial instruments properly and avail there maximum
benefits.

 Government should make tax payers aware about tax planning

instrument. So that every person liable to pay tax performs his duty
towards the government.

44
 CHAPTER 6
CONCLUSION

45
 CONCLUSION

 All the respondent were tax payer.

 All the respondent were aware of the deduction U/S 80C.

 Government as well as private employee aware about the deduction

under sec 80c.

 Respondent were filling returns either yearly or quarterly.

 Majority of the respondents aware about the tax planning while very few
of them were unaware about tax planning.

46
 CHAPTER 7
BIBLIOGRAPHY

47
 BIBLIOGRAPHY

Reference Books
 Business taxation-

T.S. Reddy

Web site:
www.incometaxindiafilling.gov.in
www.cleartax.in

48
CHAPTER 8
ANNEXURE

49
 Questionnaire

Name of respondent:
Occupation:
Age:
____________________________________________________

1. Are you salaried personnel?

( YES) / ( NO)

2. What is your working experiences a salaried?

A. Below 10 Years
B. Between 10 and 20 Years
C. Between 20 and 30 years
D. Above 30 Years

3. Status of employment?

50
 (Government) /( PRIVATE )

4. What is your income range?

a) Below Rs.300,000
b) Rs.300,000 to Rs.500,000
c) Rs.500, 000 to Rs.800,000
d) Above Rs.800,000

5. Are you aware of filling returns?

( YES) / ( NO)

6. do you file returns yearly ?

( YES) / ( NO)

7. Are you a tax payer?

( YES) / ( NO)

8. Are you aware of tax planning?

( YES) / ( NO)

9. Are you aware of tax planning instrument?

( YES) / ( NO)

10. Do you seek the services of a tax professionals for filling returns?

51
 a) Always
b) Often
c) Occasionally
d) Rare
e) Never

11. When do you formulate your tax plan during a financial year ?

a) Beginning of the year

b) End of the year
c) Any time
d) No planning at all

12. Are you aware of deduction u/s 80C?

1. PF/PPF
2. Life Insurance Policy
3. National Savings Certificate, Post Office Savings Bank A/c
4. UTI,ULIP
5. Approved Mutual Fund
6. Approved Pension Fund
7. Fixed Deposits ( in Scheduled Banks/Housing Fin. Corp. for not
less than 5 years)
8. Repayment of Housing Loan (Principal Amount)
9. Payment of Tuition Fees
10. Approved Infrastructure bonds
11. Interest on Loan taken for Higher Education
12 . Interest on Housing Loan
13. Contribution to Medical Insurance Policy
14. Donations to Charitable Fund

13. Who is responsible for calculating your taxable income?

52
 a) Financial advisor
b) Accountant
c) Tax consultant

14. Do you agree with enhancement of maximum limit for deduction u/s
80C?

a) Strongly Agree
b) Agree
c) No Opinion
d) Disagree
e) Strongly Disagree

15. Do you think that deduction u/s 80C is beneficial to you ?

a) Strongly Agree
b) Agree
c) No Opinion
d) Disagree
e) Strongly Disagree

53