TAX FOR SALARY

A STUDY ON INVESTMENT IN TAX SAVING

SCHEMES BY THE SALARIED CLASS

Nidhi Jain

BMS III (SEM – VI)

Roll No: 108522

2010 – 2013 Batch

St. Francis College for Women, Begumpet, Hyderabad

Dept. of Bachelor Management Studies

April 2013

STUDENTS DECLARATION

I, Nidhi Jain of BMS, declare that this project titled, “A study on investment in tax saving

schemes by the salaried class” has been done for the partial fulfillment of the degree of

Bachelor Of Management Studies, St. Francis College For Women, Hyderabad. It is

undertaken for academic purpose only. Whilst every effort has been made to ensure and

sustain the accuracy of the information and sources of from where information is collected,

the author does not guarantee such accuracy and in the similar manner the author does not

accept any responsibility and will not be liable for any losses or damages arising directly, or

indirectly, from the use of this document.

DATE:

Signature of the Student

Nidhi Jain

SUPERVISOR’S CERTIFICATE

This is to certify that the project work entitled ‘A study on investment in tax saving schemes

by the salaried class’ is a bonafide work carried out by Ms Nidhi Jain, student of BMS , St.

Francis College for Women, Begumpet during the academic year 2011-12 in partial

fulfillment for the award of the Degree of Bachelor of Management Studies.

I hereby certify that the results embodied in this work have not been submitted to any other

Institution or University for an award or diploma. This work has been done under my

supervision.

DATE:

Signature of the Project Guide

Ms Mallika Shetty

Lecturer, HOD

Dept. of BMS

ACKNOWLEDGEMENT

I would like to express my gratitude to all the people, who extended unending support at all

stages of the project.

This report is a product of not only my sincere efforts but also the guidance and morale support

given by the Faculties of Bachelor of Management Studies.

I wish to express my sincere thanks to our principal Dr. Sr. Alphonsa Vattoly, and all my

faculties of my college for providing the guidance and support.

I express my sincere gratitude to my guide Ms. Mallika Shetty, HOD, BMS for sparing her

valuable time in giving the valuable information and suggestions all through, for the successful

completion of the project.

I would like to acknowledge, my sincere thanks to my brother and family who have extended

their helping hand in giving the information and being a part of the study.

Last but not least, I express my sincere gratitude to all my friends who have directly or

indirectly contributed to the successful completion of the project.

TABLE OF CONTENTS

S.No. Title Page

Number

Chapter 1

1.1

1.2

1.3

1.4

1.5

Introduction

Research Problem

Significance of the study

Objectives of the study

Methodology

Scope of the Study

1

2

2

3

3

4

Chapter 2

2.1

2.1

Review of Literature

Theoretical Background

Citing of Past works

5

5-13

14-15

Chapter 3 Data analysis and Inferences 16-46

Chapter 4 Summary and Conclusion

Points of conclusion

Suggestions

47

47

48

Annexure

Webliography and Bibliography

I-V

LIST OF TABLES

Table No. Table Name Page No.

4.1 Age of Respondents 17

4.2 Marital Status 18

4.3 Income Group of Respondents 19

4.4 Investment Preferences of Respondents 21

4.5 Reasons for Investments Ranked By The Investors 25

LIST OF FIGURES

Figure No. Figure Name Page No.

4.1 Sex of Respondents 16

4.2 Age of Respondents 17

4.3 Respondents who believe in Saving 20

4.4 Investment as a reason for Saving Tax 26

4.5 Popularity of Tax Planning 28

4.6 Investment in Schemes Under Section 80C 37

4.7 Contribution towards Pension Fund under Section 80CCC 39

4.8 Deductions Claimed For Health Insurance under Section

80D

40

4.9 Deductions Claimed For Medical Treatment of Dependent

under Section 80DDB

41

4.10 Donation to Funds Eligible For Tax Benefit under Section

80G

42

4.11 Deduction Claimed Regarding House Rent under Section

80GG

43

4.12 Tax savings Annually 44

LIST OF GRAPHS

Number Title Page No.

4.1 Marital Status 18

4.2 Income Group of Respondents 19

4.3 Investment Preferences of Respondents 21

4.4 Comparison between Marital status and preferred

investment avenues

22

4.5 Reasons for Investment 23

4.6 A Comparison between Respondent’s Gender and their

Reason for Investment

24

4.7 Importance of Tax Saving 27

4.8 Assistance for Tax Planning 29

4.9 Awareness of Deduction under section 80C 30

4.10 Awareness of Deduction under section 80CCC 31

4.11 Awareness of Deduction under section 80D 32

4.12 Awareness of Deduction under section 80DD 33

4.13 Awareness of Deduction under section 80DDB 34

4.14 Awareness of Deduction under section 80G 35

4.15 Awareness of Deduction under section 80GG 36

4.16 Preferences in Different Schemes Under Section 80C 38

4.17 Comparison between the Annual Income and Tax

Savings of the Respondents

45

4.18 Attitude towards Tax Planning 46

Chapter 1

INTRODUCTION

This study is done to assess the investment in tax saving schemes by the salaried class and the

various investment avenues available to them with specific reference to tax planning.

TAX

In general, tax can be defined as a levy or other type of financial charge or fee imposed by

state or central governments on legal entities or individuals. Local authorities like local

governments, provincial governments, counties and municipal corporations also have the

right to impose taxes. The rates, rules and regulations of taxation differ from one country to

another and they are complex in character. Tax is a principal source of revenue for a

country’s government.

TAX PLANNING

Tax planning is a strategy of minimizing tax liability for an individual or company by

analyzing the tax implications of various options throughout a tax year. In other words, it is a

practice of making adjustments so as to reduce one’s tax liability to the least possible amount.

Tax planning involves choosing a filing status, figuring out the most advantageous time to

realize capital gains and losses, knowing when to accelerate deductions and postpone income

and vice-versa, setting up a proper estate plan to reduce estate taxes, and other legitimate tax

saving moves.

SIGNIFICANCE OF TAX PLANNING

Tax planning is very important criterion for investment as it helps to reduce the amount of tax

paid by the tax payer. This leaves the tax payer with more income to spend. Therefore every

tax payer plans his investments in such a way that his hard earned income is not taken away

from him due to payment of heavy taxes.

INVESTMENT

Investment or investing is a term with several closely related meanings in business

management, finance and economics, related to savings or deferring consumptions. Investing

is the active redirection of resources from being consumed today, to creating benefits in

future; the use of assets to earn income or profits. In finance, it is the purchase of a financial

product or other items of value with an expectation of favorable future returns, in general

terms investment means the use of money in the hope of making more money.

SOME INVESTMENT OPTIONS FOR TAX SAVING PURPOSE

Bank Deposit Schemes

PPF Accounts

Life Insurance

Health/Medical Insurance

Mutual Funds

1.1. Research Problem

Saving tax these days is the most important aspect for the salaried class people, so that they

can save their hard earned income to spend on themselves and their family. There are many

investment avenues which are most beneficial to the salaried class for their tax planning

purpose, so to study those avenues is also very important. The Income tax Act also provide

some sections as deductions, which can save tax and be proved as tax saving schemes

implemented by the government. Now it is the need of hour that in this inflating period one

should be highly aware of all the tax saving schemes to save money and enjoy their life with

full satisfaction.

1.2. Significance Of The Study

This study gives the various investment opportunities available.

It is the brief study about the tax saving schemes available under section 80 of the

Income Tax Act.

It also gives the investment avenues which are most beneficial to the salaried class for

their tax planning purpose.

It is inclusive of the study of the current investment patterns of the salaried class in

the society and analyses the views of the salaried class on investment related to tax

saving avenues.

1.3. Objectives Of The Study

1. To study the various investment avenues available specific to tax planning under

Indian Income Tax Act.

2. To study the importance of tax saving among the salaried class people.

3. To study the awareness level among the salaried class about the tax saving schemes.

4. To ascertain the popularity of various avenues among the salaried class for tax

planning.

5. To draw conclusions and suggestions.

1.4. Methodology Of The Study

Both Primary and Secondary research has been carried out for this project

1.4.1 Sources of Data

The Primary data are collected by way of distributing questionnaires to the salaried

class respondents.

The Secondary data is collected through various books, journals, articles and

websites.

1.4.2 Sample Size

A sample size of 50 respondents has been taken to carry out the research through the

questionnaires developed to find out the awareness level about the tax saving investment

schemes in the salaried class people.

1.4.3 Tools and Techniques of analysis

Random sample methodology: In random sampling of a given size, all such subsets

of the frame are given an equal probability.

1.4.4 Presentation of Data

The collected data is analyzed and is represented through various charts, graphs, pie charts.

1.5. Scope Of The Study

The scope of the study includes the various investment avenues with regard to tax

planning.

And the primary data is to the extent of the information divulged by the respondents.

Chapter 2

Review Of Literature

This chapter gives a clear understanding of the Investment, Taxation and Tax saving

Instruments under Indian Income Tax Act, 1961. It also discusses the various deductions, and

exemptions under Income Tax Act. It gives a clear understanding on the concept of

investment in tax saving schemes. This chapter also gives the explanation of the first

objective of the project i.e. to study the various investment avenues available with reference

to tax planning under the Indian Income Tax Act, 1961.

2.1 Theoretical background

INVESTMENT

An asset or item that is purchased with the hope that it will generate income or appreciate in

the future is called investment. In an economic sense, an investment is the purchase of goods

that are not consumed today but are used in the future to create wealth. In finance, an

investment is a monetary asset purchased with the idea that the asset will provide income in

the future or appreciate and be sold at a higher price. The building of a factory used to

produce goods and the investment one makes by going to college or university is the

examples of investment in economic sense. In the financial sense, investments include the

purchase of bonds, stock and real estate property.

An investment is the purchase of a financial vehicle with the intention of making a profit

from it.

Advantages of Investing

Investing is the process of making your money work for you, instead of simply sitting safely

in the back, and it is increasingly a necessity of modern life. It is frequently no longer

possible for an individual to work in one job all their life and retire on their pension. People

move from job to job, or from career to career, and due to government cutbacks the

responsibility for providing for their retirement falls increasingly on the individual. By

investing your money wisely you can make profit that you can then reinvest or put aside as a

nest egg. A good return on an investment can maximize earning potential. The two main

advantage of investment are:

You can save money for your future.

Your money grows at a good rate when compared to the inflation rate.

Disadvantages

The major disadvantage of investing is that it is always possible to lose money on whatever

investment you make. If you invest in a rare collectible, the value of it can rise or fall

depending on its popularity and its availability on the market. Stock prices fluctuate based on

everything from how the competition is doing to the public confidence in the market. The

year 2008 demonstrated how even house prices, traditionally the most secure investment,

don’t have guaranteed return. Hence the only disadvantage of investment is that you may lose

money if you choose high risk investment options. Apart from this there are no disadvantages

of investment.

TYPES OF INVESTMENT

Investments can be broadly classified into two types, namely:

1. Financial instruments

2. Non-Financial instruments

Financial instruments

a. Equities: Equities are the type of security that represents the ownership in a company.

Equities are traded in stock markets. Alternatively, they can be purchased via the Initial

Public Offering (IPO) route. Investing in equities is a good long term investment option

as the return on equities over a long time horizon are generally higher than most other

investment avenues. However, along with the possibility of greater returns comes greater

risk.

b. Mutual Funds: A mutual funds allows a group of people to pool their money together and

have it professionally managed, in keeping with the predetermined investment objective.

The investment avenue is popular because of its cost-efficiency, risk diversification,

professional management and sound regulation. One can invest as little as Rs 1000 per

month in a mutual fund. There are various general and thematic mutual funds to choose

from and the risk and return possibilities vary accordingly.

c. Bonds: Bonds are fixed income instruments which are issued for the purpose of raising

capital. Both private entities such as companies, financial institutions and the central and

state government and other government institutions use this instrument as a means of

garnering funds. Bonds issued by governments carry the lowest level of risk but could

deliver a fair return.

d. Deposits: Investing in bank or post-office deposits is a very common way of securing

surplus funds. These instruments are at the low end of the risk return spectrum.

e. Cash Equivalents: These are relatively safe and highly liquid investment options.

Treasury bills and money market funds are cash equivalents.

Non financial instruments

a. Real estate: With the ever-increasing cost of land, real estate has come up as a profitable

investment proposition.

b. Gold: The ‘yellow metal’ is a preferred investment option, particularly when markets are

volatile. Today, beyond physical gold, a number of products which derive their value

from the price of gold are available for investment. These include gold futures and gold

exchange traded funds.

CHARACTERSTICS OF INVESTMENT

The options for investing our savings are continually increasing, yet every single investment

vehicle can be easily categorized according to three fundamental characteristics - safety,

income, and growth- which also correspond to the type of investor objectives. While it is

possible for an investor to have more than one of these objectives, the success of one must

come at the expense of others. Let’s examine these three types of objectives, the investments

that are used to achieve them and the ways in which investors can incorporate them in

devising a strategy.

1. Safety: Perhaps there is truth to the axiom that there is no such thing as a completely safe

and secure investment. Yet we can get close to ultimate safety for our investment funds

through the purchase of government issued securities in stable economic systems or

through the purchase of the highest quality corporate bonds issued by economy’s top

companies. Such securities are arguably the best means of preserving principal while

receiving a specified rate of return.

2. Income: The safest investments are also the ones that are likely to have the lowest rate of

income return, or yield. Investors must inevitably sacrifice a degree of safety if they want

to increase their yields. This is the inverse relationship between safety and yield as yield

increases, safety generally goes down, and vice-versa.

3. Growth of capital: Capital gains are entirely different from yield in that they are only

realized when the security is sold for a price that is higher than the price at which it was

originally purchased. Selling at a lower price is referred to as a capital loss. Therefore,

investors seeking capital gains are likely not those who need a fixed ongoing source of

investment returns from their portfolio, but rather those who seek the possibility of

longer- term growth.

4. Marketabilty / Liquidity: Common stock is often considered the most liquid of

investments, since can usually be sold within a day or two of the decision to sell. Bonds

can also be fairly marketable, but some bonds are highly il-liquid, or non tradable

possessing a fixed term. Similarly, money market instruments may only be redeemable at

the precise date at which the fixed term ends. If an investor seeks liquidity, money market

assets and non-tradable bonds aren’t likely to be held in his/her portfolio.

5. Tax minimization: An investor may pursue certain investments in order to adopt tax

minimization as part of his /her investment strategy. A highly paid executive, for

example, may want to seek investments with favorable tax treatment in order to lessen his

or her overall income tax burden. Making contributions to an IRA or other tax-sheltered

retirement plan can be an effective tax minimization strategy.

CONCEPT OF TAX

Tax can be defined as a levy or other type of a financial charge or fee imposed by state or

central governments on legal entities or individuals. Local authorities like local governments,

provincial governments, and municipal corporations also have the right to impose taxes. The

rates, rules and regulations of taxation differ from one country to another and they are

complex in character. Tax is a principal source of revenue for a country’s government. A

country’s tax laws determine who should bear the tax burden and who should pay it. The tax

rate is imposed as a certain percentage of the income earned. Taxation policies play an

important role in the financial and economic development of a country. The default or partial

payment of taxes attracts penalties. The penalties can be civil or criminal penalties.

Tax Classification

a. Indirect Tax: An indirect tax is a form of tax collected by mediators who transfer the

taxes to government, and also perform functions associated with filing tax returns. The

customers bear the final tax burden. Examples of indirect taxes are sales tax and Value

Added Tax (VAT).

b. Direct Tax: A direct tax is a form of tax collected directly by the government from the

persons who bears the tax burden. Taxable individuals file tax returns directly to the

government. Examples of direct taxes are corporate taxes, income taxes and transfer

taxes.

Income Tax Slabs

Summary of modified income tax slabs “2012-13” as per budget 2012 is as follows:

For Individual tax payers, there is no tax for income below Rs 1.8 Lakhs.

For Women tax payers, there is no tax for income below Rs 1.9 Lakhs.

For Senior Citizens, there is no tax for income below Rs 2.50 Lakhs.

TAX PLANNING

Systematic analysis of differing tax options aimed at the minimization of tax liability in

current and future tax periods is called Tax planning. Whether to file jointly or separately, the

timing of a sale of an asset, ascertaining over how many years to withdraw retirement funds,

when to receive income, when to pay expenditures, the timing and amounts of gifts to be

made, and estate planning are examples of tax planning.

The tax implications of individual or business decisions throughout the year, with the goal of

minimizing the tax liability and the exercises undertaken to minimize tax liability through the

best use of all allowances, deductions, exclusions, exemptions, etc, is to reduce income

and/or capital gains . In other words, it is the process of systematically making decisions with

regard to their impact on taxation.

There is need for salaried individuals to devote adequate time and effort to the tax planning

exercise and be aware of the various benefits that they can avail of.

DEDUCTIONS UNDER INCOME TAX ACT

Indian tax laws contain certain provisions, which are intended to act as an incentive for

achieving certain desirable socio-economic objectives. These provisions are contained in

Chapter VI A and are in the form of deductions (80C to 80U) from the gross income. By

reducing the chargeable income these provisions reduce the tax liability, increase the post-tax

income and thus induce the tax payers to act in the desired manner. There are various kinds of

deductions.

Some of them are to encourage savings, some are for certain personal expenditure, a few are

for socially desirable activities, and some are for economic growth.

The first course of action while doing tax planning is to avail all the tax breaks related to

expenses (Whether under section 80C or any other section such as 80E) before making any

further investment commitments for tax saving under section 80. The various deductions

available to an assessee under the Income Tax Act are as follows:

1. Deductions u/s 80C

Section 80C of the Income Tax Act, 1961, sets out a number of options or tax saving

instruments that are eligible for tax deduction. Broadly, we can divide tax saving avenues into

two categories: first is expenditure related deductions such as tuition fees and home loan

principal repayment; and second one is investment instruments or options such as:

EPF (Employee’s provident fund)

PPF (Public Provident Fund)

VPF (Voluntary Provident Fund)

NSC (National Savings Certificates)

ULIPs (Unit-Linked Insurance Plan)

ELSS (Equity Linked Saving Schemes)

5-Yr POTD (Post Office Time Deposit)

5-Yr Tax saving fixed deposits (FDs) of banks

Mutual Funds Pension Plans

Life Insurance Premium

Given below is a brief overview of various Tax saving avenues or options u/s 80C of the IT

Act, 1961:

1. Expenditure avenues u/s 80C

a. Tuition Fees: Expenses- only Tuition fees incurred on Children’s full time education in

India are eligible for deduction under section 80C. No other charges or expenses are

allowed.

b. Repayment of principal sum of home loans: The EMI (Equated Monthly Installment)

that is paid on home loan comprises of two components: Principal and interest. While

principal part is deductible u/s 80C, there is a separate deduction for interest portion u/s

24(b) of IT Act.

c. Expenses incurred on purchase of house property: Stamp duty, registration fees, and

other expenses incurred for the purpose of purchase of house property are also entitled for

section 80C deductions.

2. Investment options or avenues u/s 80C: Various investment options can be broadly

divided into three categories: first is equity instruments, second are debt instruments, and

third one is life insurance and pension plans.

Equity Instruments:

a. Equity Linked Saving Schemes (ELSS):

There are some mutual funds schemes specially created for tax savings, and these are called

ELSS. The investments that you make in ELSS are eligible for deduction u/s 80C.

Considered as the best section 80C option, it’s a mutual fund scheme investing entirely in

equities and therefore has potential to deliver the best returns.

Debt Instruments:

b. Public Provident Fund (PPF): Among all the assured returns small saving schemes,

PPF is one of the best. Current rate of interest is 8% tax free and the normal maturity

period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs

70000. A point worth noting is that interest rate is assured but not fixed.

c. Employees Provident Fund (EPF): EPF is automatically deducted from the salary.

Both the assessee and his employer contribute to it. While Employer’s contribution is

exempt from tax, the assessee’s contribution (i.e., employee’s contribution) is counted

towards section 80C investments. You also have the option to contribute additional

amounts through VPF. Current rate of interest is 8.5% p.a. and is tax free.

d. National Savings Certificates (NSC): NSC is a 6 year small savings instrument eligible

for section 80C tax benefit. Rate of interest is eight per cent compounded half-yearly, i.e.,

the effective annual rate of interest is 8.16%. If you invest Rs.1000, it becomes Rs. 1601

after six years. The interest accrued every year is liable to tax (i.e., to be included in your

taxable income) but the interest is also deemed to be reinvested and thus eligible for

section 80C deduction.

e. 5-yr Post Office Time Deposits (POTD) Scheme: POTDs are similar to bank deposits.

Although available for varying time duration like one year, two year, three year and five

year, only 5-yr post office time deposits- which currently offers 7.5% rate of interest-

qualifies for tax saving u/s 80C. The interest is entirely taxable.

f. 5-yr Bank Fixed Deposits (FDs): Tax saving fixed deposits of scheduled banks with

tenure of 5 years are also entitled for section 80C deduction.

Life Insurance And Pension Plans

g. Life Insurance: Any amount paid towards life insurance premium for the assessee or his

family (spouse and children) is eligible for section 80C tax break. This is the most

popular investment avenue among all the tax saving instruments but for all the wrong

reasons.

h. Unit Linked Insurance Plans (ULIPs): Although ULIPs are covered under life

insurance but still require a specific mention due to its popularity. Undoubtedly, better

than traditional Insurance plans. ULIPs are considered as most complex financial

products. They combine the features of both mutual funds and insurance.

i. Mutual Fund Pension Plans: Another variable return instrument available under section

80C is pension plans of mutual funds. There are only two such plans available in the

market- Templeton India Pension Plan (TIPP) and UTI Retirement Benefit Pension Plan

(UTI-RBP). These are open ended debt oriented mutual fund schemes with a maximum

exposure of 40% to equities. These are long term investments and premature break is very

costly.

j. Pension Plans Of Insurance Companies: Contribution towards pension plans offered by

insurance companies qualifies for tax benefit u/s 80CCC instead of section 80C.

However, the aggregate deduction allowed u/s 80C and section 80CCC can’t exceed Rs

One Lakh. There are basically two kinds of pension plans are offered by insurance

companies: traditional pension plans which invest mostly in fixed income products and

unit linked pension plans which are more flexible.

2. Health Insurance Premium Under Section 80D

One can claim a deduction of Rs 15000 (Rs 20000 for senior citizens) u/s 80D for medical

and health insurance-popularly known as mediclaim policy- premium paid on health of

oneself, spouse and dependent children.

Additionally a further deduction of Rs 15000 u/s 80D for buying health insurance policy for

his parents (Rs. 20000 if either of his parents is a senior citizen) irrespective of whether they

are dependent or not is also allowed. Part payment of premium is also eligible for deduction

u/s 80D. For example suppose that his parents buy a health insurance policy having an annual

premium of Rs 14000. Out of the total premium let’s say his parents pay only Rs 5000 and

the balance of Rs 9000 is paid by him. So, he will be allowed a tax deduction of Rs 9000

under section 80D and his parents will be allowed a deduction of Rs 5000.

3. Medical treatment of disabled dependent under section 80DD

A fixed deduction of Rs 50000 (irrespective of the actual expenses) is also allowed u/s 80DD,

if the assessee happens to incur any expenditure on the medical treatment (including nursing,

training and rehabilitation) of handicapped dependent (spouse, children, parents, brothers and

sisters). For severe disability, the amount of deduction available is Rs 100000.

Furthermore, section 80DD also allows deduction on insurance premium paid on certain

specified life insurance policies. JEEVAN ADHAR policy of LIC qualifies for deduction u/s

80DD.

4. Medical treatment of certain specified ailments under section 80DDB

one is also allowed a deduction of actual expenditure incurred- minus any amount reimbursed

by employer or by an insurance company- up to Rs 40000 (Rs 60000 for senior citizens) for

medical treatment of certain specified diseases and ailments (e.g. AIDS, Cancer, etc.) of

himself or any of his dependent family members (spouse, children, parents, brother and

sisters) under section 80DDB subject to certain conditions.

5. Educational loan under section 80E

One is allowed a deduction u/s 80E for the repayment of loan taken (from any bank, financial

institutions, or approved charitable institutions) for higher studies (full time studies including

graduation of specified courses such as management, engineering, and medicine) for himself

or any of his family members (children and spouse) and any vocational studies pursued after

passing senior secondary examinations. However, the deduction u/s 80E is only on the

interest portion and unlike home loans, deduction for principal repayment is not allowed.

Finally the deduction u/s 80E is limited to a maximum period of 8 years.

6. Donations under section 80G

Donations paid to specified institutions also qualify for tax deduction under section 80G but

is subject to certain ceiling limits. Based on limits, we can broadly divide all eligible

donations under section 80G into four categories:

a. 100% deductions without any qualifying limit (e.g. Prime Minister’s National Relief

Fund).

b. 50% deductions without any qualifying limit (e.g. Indira Gandhi Memorial Trust).

c. 100% deductions subject to qualifying limit (e.g. an approved institution for promoting

family planning).

d. 50% deductions subject to qualifying limit (e.g. an approved institution for charitable

purpose other than promoting family planning).

The qualifying limit u/s 80G is 10% of the adjusted gross total income.

7. Rent paid under section 80GG

If the assessee is either self employed or employed but not getting any HRA from his

employer, one can get deduction under section 80GG for the rent paid by him. However,

unlike HRA exemption under section 10(13A) of IT Act, here the maximum amount allowed

is only Rs 2000 per month (Rs 24000 annually) and is also subject to certain conditions.

2.2 PAST CITINGS

A number of studies have been conducted from time to time to understand the investment in

tax saving schemes by salaried class people. However, most of them focused on tax planning

and the deductions or exemptions for which salaried class people are eligible, so that they can

reduce their tax liability. A review of important studies is presented below:

Taxguru 1 (2011) In his article titled “Tips to save income tax for salaried person” aims at

creating awareness about tax planning and he also gives some tips to save income tax for

salaried person. In his article he talks about process one should start his tax planning. He says

firstly to jot down your key financial objectives, the tentative time of money requirement and

the corpus needed to achieve those goals. He says investments in tax saving tools are very

effective to achieve financial objectives. There are range of avenues with different level of

risk, return and liquidity. Choose an appropriate mix of investments to maintain an

appropriate asset allocation and to help achieve the set financial objectives. He concluded his

article by talking about the exemptions/ reimbursements and deductions under Income Tax

Act, 1961, to maximize the tax saving.

Niraj Mahajan 2 (2012) In his article titled “Tax Compliance and planning for salaried

Individuals” aims at creating awareness amongst salaried employees about various tax

compliance and possible tax planning over the years. His article also aims to provide

solutions for tax savings, awareness of tax benefits and steps to be taken beforehand for tax

planning. It also talk about Form 16 which is a certificate for TDS (Tax Deducted at Source)

i.e. tax deducted on your salary by the employer and is deposited with the government on

behalf of the employee. It also talks about the prime responsibility of the employer to furnish

accurate details in Form 16, failure which attracts penalty to the employer. It also talks about

various investment options available under section 80 to reduce tax liability. The article also

explains the calculation of tax of an employee who switched his employment during a

financial year, with an example. It thus concludes by talking about the benefits of submitting

the returns online as the return gets processed quickly and thereby reducing your wait for

refund amount.

Dr. Anil Menon 3 (2012) In his article titled “Financial Planning” aims at why financial

planning, time value of money, higher education for your children, insurance planning, tax

planning, retirement planning and impacts of rising expenses. He said financial planning is

very important to manage income and expenses, to create an awareness of your current

financial status, to provide a system of evaluation and revision for financial progress and to

plan for the future by developing goals and devising ways to achieve those goals. He also

talks about why one should develop a financial plan. With his point of time value of money

he want to say that today what we can afford is unaffordable tomorrow, worth today becomes

worthless tomorrow. For tax planning he talks about all the exemptions, deductions and

rebate which is used to minimize the tax liability. He ended up his article by talking about the

cost of not planning taxes. He said one looses for long run by not planning taxes. He even

focused on inflation and rising expense. His overall summary is done with an axiom “manage

the unplanned and minimize taxes”.

Shveta Sinha 4 (2012) In her article titled “Tax saving instruments: Much more than saving

taxes” aims at One must realize that tax saving instruments do much more than only saving

taxes. Smart planning with right tax saving instruments adds value to a portfolio. She also

talks about the role of tax saving instruments in details explaining its tenure, liquidity level,

tax rate, frequency of investment and their features. She explained tax planning in a step by

step process, in which she says that a handpicked combination of tax saving instruments not

only reduces tax liability of the individual but effectively contributes to meet various life

goals. She ended up her article by saying that investments to save taxes are one of the

commonest and yet one of the least well planned investments. She said that at the start of the

career an individual usually starts his saving with tax saving instruments but without any

plan. Once he starts to take his financial decisions randomly, it takes a long to come him back

on right track. The duality of concerns, first tax and second investment, prevents investors to

perfectly understand what they actually need. Smart planning with right tax saving

instruments adds value to a portfolio. So take a wiser approach and avoid last minute rush for

tax saving.

Chapter 3

DATA ANALYSIS AND INFERENCES

This chapter covers three major objectives of the study and helps to determine whether the

investment done by the people in the tax saving schemes is dependent on the income of the

buyer. It also examines the awareness level among the salaried class about the tax saving

schemes, to understand the investment pattern of salaried class in tax saving options and to

ascertain the popular avenues among the salaried class for tax planning. A survey was

conducted for the salaried class people with the help of a structured questionnaire (Annexure

–I) and a sample of 50 respondents was collected for the survey. The main parameters were

age, gender, income, investment of savings, reason for investment and awareness about the

various deductions available for tax saving of the respondents.

Following is the analysis and interpretation of data collected by administering questionnaires

to a random sample of respondents belonging to the salaried class for the purpose of studying

the topic, “Investment in Tax saving schemes by the salaried class”.

Figure 4.1

Male 56%

Female44%

Chart Title

*(source: fieldwork, (questionnaire))From the above figure 4.1 it is clear that among the 100 respondents, 56% were males and

44% were females. As job is a synonym for males, the project targets majority of males.

Table 4.1

Age

Figure 4.2

6%

46%

20%

12%

16%

Below 20 years20 years to 30 years30 years to 40 years40 years to 50 yearsAbove 50 years

*(source: fieldwork, (questionnaire))

The above figure 4.2 shows the age group of the respondents. The age group 20yrs – 30yrs

were majorly targeted as they are the young generation and future of the country.

It is clear from the figure that most of the respondents are in the age-group 20-30 yrs (46%)

followed by the age-group 30-40 yrs (20%), above 50 yrs (16%), and then the age-group 40-

50 yrs (12%) and the least respondents are in the age-group below 20 yrs (6%).

Table- 4.2

Marital Status

Age group Number of respondents

Below 20 years 3

20 years to 30 years 2330 years to 40 years 1040 years to 50 years 6Above 50 years 8

Total 50

Marital status Number of respondents Total

Male Female Married 18 16 34

Un married 10 6 16

Total 28 22 50

*(source: fieldwork, (questionnaire))

Graph - 4.1

Marital Status

Male

Female

0 2 4 6 8 10 12 14 16 18 20

Un marriedMarried

*(Source: fieldwork (Questionnaire))

The above graph 4.1 shows the gender and marital status of the respondents. Among the 22

females 16 were married and 6 were unmarried and among the 28 male respondents 18 of

them were married and 10 were unmarried.

Table 4.3

Income Group Of The Respondents

Graph - 4.2

Income Group Of Respondents

Below Rs 1.5 Lakhs Rs 1.5 Lakhs to 5 Lakhs Rs 5 Lakhs to 10 Lakhs Rs 10 Lakhs and above

3

19 19

9

Number of respondents


Based on the above graph 4.2 it appears that maximum number of the respondents are in the income range of Rs 1.5 lakhs to 5 lakhs (38%) and Rs 5 lakhs to 10 lakhs (38%) followed by range of Rs 10 lakhs and above (18%) and the minimum number of respondents fall in the range below Rs 1.5 lakhs (6%).

Figure 4.3

Income group Number of respondents

Below Rs 1.5 Lakhs 3

Rs 1.5 Lakhs to 5 Lakhs 19Rs 5 Lakhs to 10 Lakhs 19Rs 10 Lakhs and above 9

Total 50

Respondents Who Believe In Saving

92%

8%

Yes No


Based on the above figure 4.2 it appears that maximum respondents believe in saving (92%)

and a few respondents don’t believe in saving (8%).

Table 4.4

Investment Preferences Of The Respondents

Graph - 4.3

Investment Preferences of Respondents

Bank Deposits Mutual Funds Government Bonds

Real Estate Gold and other precious metal

Other

24

4

75

9

1

Number of respondents


Based on the above graph 4.3 it appears that most of the respondents prefer to invest their

savings in Bank Deposits (48%) followed y Gold and other precious metals (18%),

Government bonds (14%), Real Estate (10%) and the least prefer to invest in any other

avenues.

INVESTMENT

PREFERENCES

NUMBER OF

RESPONDENTS

Bank Deposits 24

Mutual Funds 4

Government Bonds 7

Real Estate 5

Gold and other

precious metal

9

Other 1

Total 50

Graph- 4.4

A Comparison between the Marital Status and the Preferred Investment Avenues of Respondents.

Married Unmarried

Bank Deposits 19 5

Mutual Funds 1 3

Government Bonds 2 5

Real Estate 4 1

Gold and other precious metal 7 2

Other 1 0

2.5

7.5

12.5

17.5

22.5

27.5

32.5

37.5


Based on the above graph 4.4 we can infer that irrespective of the marital status of the

respondents, the most preferred investment avenue is Bank Deposits (56% married and 31%

unmarried), second preference for married respondents seen to be Gold and other precious

metals (21%), followed by Real Estate (12%), Government Bonds (5%) and mutual funds

(3%) and some other avenues (3%) are equally famous among the married respondents.

Whereas the unmarried respondents seem to give equal preference to Bank Deposits (31%)

and Government Bonds (31%), followed by mutual funds (19%), Gold and other precious

metals (13%), Real estate (6%) and none of the unmarried prefers any other avenues (0%).

Graph- 4.5

Reason for Investment by the Respondents

Safety

Assured stream of future income

Growth of capital

Future family needs

Liquidity

Tax saving

0 5 10 15 20 25 30 35 40 45 50

45

19

15

22

31

25


Based on the above graph 4.5 it appears that the reason for most of the respondents to invest

is for Safety (90%) followed by Liquidity (62%), Tax Saving (50%), Future Family Needs

(44%), Assured Stream of Future Income (38%) and the least seem to prefer Growth of

Capital (30%).

Graph- 4.6

A Comparison between Respondent’s Gender and their Reason for Investment

Male Female

Safety 25 20

Assured stream of future income 11 8

Growth of Capital 8 7

Future Family needs 12 10

Liquidity 16 15

Tax saving 14 11

5152535455565758595


Based on the above graph 4.6 we can infer that the reason for investment for most of male

and female respondents is safety, closely followed by males and females choosing liquidity,

tax saving, future family needs, assured stream for future income and the least for Growth of

Capital.

Table- 4.5

Reasons for Investments Ranked By The Investors

Aspects Of Investment Rank

LOW RISK 1

HIGH RETURNS 2

HIGH LIQUIDITY 3

TAX MINIMIZATION 4

HEDGE AGAINST INFLATION 5


Most of the respondents have ranked Low Risk as the most important aspect influencing the

choice of investment; they have ranked High Returns as the second important criterion; the

third most important aspect is High Liquidity followed by Tax Minimization and the least

important aspect influencing the choice of investment is Hedge against Inflation.

Figure 4.4

Investment as a reason for Saving Tax

75%

25%

Yes, I invest keeping in mind Tax Saving No, I don't invest keeping in mind Tax Saving


Based on the above figure 4.3 it appears that maximum number of respondents invest keeping

in mind their Tax Saving, that is 75% and a minimum number of respondents who invest

without keeping in mind their Tax Saving i.e. 25%.

Graph- 4.7

Importance of Tax Saving

Very Important Important Slightly Important Not Important0

5

10

15

20

25

12

25

13

0


Based on the above graph 4.7 it appears that most of the respondents feel that Tax Planning is

Important (50%), followed by respondents who feel that it is Slightly Important (26%) and

Very Important (24%) and no one seem to feel that it is Not Important (0%).

Figure- 4.5

Popularity of Tax Planning

90%

10%

Yes, I Go For Tax Planning No, I Don't Go For Tax Planning


Based on the above figure 4.3 it appears that maximum number of respondents goes for Tax

Planning, that is 90% and a minimum number of respondents don’t go for Tax Planning i.e.

10%.

Graph- 4.8

Assistance for tax Planning

Yourself

Help Of Friends

Family

Professional Advice

Expert In Your Work Place

Others

17

6

2

10

10

0

Respondents


Based on the above graph 4.8 it appears that most of the respondents do their Tax Planning

All by Themselves (38%), followed by respondents who take help of the Professional Advice

(22%) and the Expert in their Work Place (22%), Help of their Friends (14%), and a

minimum number of respondents take help of their Family (4%) and none of the respondents

take help of any other people (0%).

Graph- 4.9

Awareness of Deduction under Section 80C

Fully Aware Partly Aware Not Aware0

5

10

15

20

25

30

35

40

45

44

42

Awareness Level


Based on the above graph 4.9 we can interpret that maximum number of respondents is Fully

Aware (88%) about the deductions under section 80C for tax saving purpose, around 8% are

Partly Aware and 4% are totally Ignorant about it.

Graph- 4.10

Awareness of Deduction under Section 80CCC


5

10

15

20

25

30

35

13

34

3

Awareness level


Based on the above graph 4.10 we can interpret that maximum number of respondents is

Partly Aware (68%) about the deductions under section 80C for tax saving purpose, around

26% are Fully Aware and 6% are totally Ignorant about it.

Graph- 4.11

Awareness of Deduction under Section 80D


5

10

15

20

25

25

21

4

Awareness Level



Fully Aware (50%) about the deductions under section 80C for tax saving purpose, around

42% are Partly Aware and 8% are totally Ignorant about it.

Graph- 4.12

Awareness of Deduction under Section 80DD


5

10

15

20

25

30

35

8

34

8

Awareness Level




16% are Fully Aware and 16% are totally Ignorant about it.

Graph- 4.13

Awareness of Deduction under Section 80DDB


5

10

15

20

25

8

21 21

Awareness Level



Partly Aware (42%) and Ignorant (42%) about the deductions under section 80C for tax

saving purpose, around 16% are Fully Aware.

Graph- 4.14

Awareness of Deduction under Section 80G


5

10

15

20

25

30

3531

15

4

Awareness Level



Fully Aware (62%) about the deductions under section 80C for tax saving purpose, around

30% are Partly Aware and 8% are Ignorant of it.

Graph- 4.15

Awareness of Deduction under Section 80GG


5

10

15

20

25

30

7

29

14

Awareness Level




14% are Fully Aware and 28% are Ignorant of it.

Figure- 4.6

Investment in Schemes Under Section 80C

96%

4%

Yes, I Invest No, I Don't Invest


Based on the above figure 4.5 it appears that maximum (96%) respondents prefer to invest in

the schemes eligible for deduction under section 80C and there is a very few (4%)

respondents who does not invest in at least one of the scheme eligible for deduction under

section 80C.

Graph- 4.16

Preference In Different Schemes Under Section 80C

Public Provident Fund


Unit Linked Insurance Plan

National Saving Certificates

LIC

National Housing Bank

Term Deposits with banks

Equity Linked Savings Schemes

Mutual funds

Post office Time Deposits

Tuition fees for children education

Home Loan Repayment

23

41

4

4

40

1

20

2

18

26

14

16


Based on the above graph 4.16 it appears that most of the respondents prefer to invest in Life

Insurance Premium followed by LIC, Post office Time Deposits, Public Provident Fund,

Term Deposits With Banks, Mutual Funds, Home Loan Repayment, Tuition Fees For

Children Education, National Saving Certificates, Unit Linked Insurance Plan, Equity Linked

Saving Schemes, and the least seem to prefer to invest in National Housing Bank.

Figure- 4.7

Contribution towards Pension Fund under Section 80CCC

60%

40%

Yes No


Based on the above figure 4.6 it appears that a maximum number of respondents, i.e. 60%,

contribute towards Pension Fund closely followed by the 40% of respondents who didn’t

contribute towards Pension Fund.

Figure- 4.8

Deductions Claimed For Health Insurance under Section 80D

72%

28%

Yes No



claim deductions for Health Insurance u/s 80D and closely followed by the 28% of

respondents who didn’t claim such deduction.

Figure- 4.9

Deductions Claimed For Medical Treatment of Dependent under Section

80DDB

16%

84%

Yes No



didn’t claim deductions for Medical Treatment of Dependent u/s 80DDB and closely

followed by the 16% of respondents who claim such deduction.

Figure- 4.10

Donation to Funds Eligible For Tax Benefit under Section 80G

82%

18%

Yes No



prefer to donate to eligible funds for tax saving purpose u/s 80G and closely followed by the

18% of respondents didn’t donate in such funds for tax saving.

Figure- 4.11

Deduction Claimed Regarding House Rent under Section 80GG

30%

70%

Yes No



didn’t claim deductions for House Rent for tax saving purpose u/s 80GG and closely

followed by the 30% of respondents who claim such deductions for tax saving.

Figure- 4.12

Tax Savings Annually

66%

30%

4%

Below Rs 50000 Rs 50000 to Rs 100000 Above Rs 100000


Based on the above figure 4.11 it appears that a majority of the respondents are able to save

below Rs 50000 (66%) on their tax followed by between Rs 50000 to Rs 100000 (30%) and

the least seem save above Rs 100000 (4%) on their tax.

Graph- 4.17

Comparison between the Annual Income and Tax Savings of the

Respondents

Below Rs 1.5 Lakhs Rs 1.5 Lakhs to 5 Lakhs

Rs 5 Lakhs to 10 Lakhs Rs 10 Lakhs and above

Below Rs 50000

3 14 13 3

Rs 50000 to Rs 100000

0 5 6 4

Above Rs 100000

0 0 0 2

5%15%25%35%45%55%65%75%85%95%


Based on the above graph 4.17 we can infer that out of the respondents with an income

bracket of Below Rs 1.5 Lakhs all of them save below Rs 50000 (100%) on their tax, and

most of the respondents with income bracket of Rs 1.5 Lakhs to 5 Lakhs seem to save below

Rs 50000 (74%) and 26% of respondents save between Rs 50000 to Rs 100000, and most of

the respondents with income bracket of Rs 5 Lakhs to 10 Lakhs seem to save below Rs 50000

(68%) and 32% of respondents save between Rs 50000 to Rs 100000, and most of the

respondents with income bracket Rs 10 Lakhs and above seem to save between Rs 50000 to

Rs 100000 (44%), followed by Below Rs 50000 (33%) and above Rs 100000 (23%) on their

tax.

From the above graph it can be inferred that as the income of the Respondents increases, their

Tax savings also increases.

Graph- 4.18

Attitude towards Tax Planning

Strongly Agree Agree Neutral Disagree Strongly Disagree0

5

10

15

20

25

30

7

26

14

1 2

Column1


Based on the above graph 4.18 it appears that most of the respondents Agree (52%) that tax

planning is a difficult task, while 28% are Neutral, 14% Strongly Agree, 4% Strongly

Disagree and the least number of respondents Disagree (2%) with it.

Chapter – 4

Summary & Conclusion

The question that is very crucial has been analyzed in this project -To study various

investment avenues available for tax planning, study the awareness level among the salaried

class about tax saving schemes, understand the investment pattern of salaried class in the tax

saving options. Also, we understand the popular avenues among the salaried class for tax

planning.

Following are the conclusions drawn from the analysis of the data collected by administering

the questionnaires to a random sample of respondents belonging to the salaried class.

90 % of the respondents believe in Savings and majority of them go in for Tax

Planning to minimize their Tax liability.

Maximum number of respondents among salaried class is undertaking the activity of

tax planning. Most of them plan their taxes by themselves and others usually take the

help of either the professionals or the expert in their work places.

Most of the respondents felt that tax planning is an important criterion which should

be considered while investing the income.

The awareness about various deductions is up to the mark, i.e. 80C- most of the

respondents are fully aware, 80CCC- most of the respondents are partly aware, 80D-

most of the respondents are fully aware, 80DD- most of the respondents are partly

aware, 80DDB- most of the respondents are partly aware, 80G- most of the

respondents are fully aware, 80GG- most of the respondents are partly aware. So we

can say that the awareness level about the various deductions among the respondents

is good.

All the respondents are investing in the schemes eligible for deduction under section

80C, and the most preferred option is Life insurance premium followed by LIC, Post

office time deposits, Mutual Funds and bank deposits.

Around 50% of the respondents contribute towards pension fund eligible for

deduction under section 80CCC.

Around two-third of the respondents are claiming deductions regarding medical

treatment of self as well as dependents u/s 80DDB, and health insurance u/s 80D.

More than half of the respondents are claiming deductions u/s 80G regarding donation

to the funds which are eligible for tax benefit.

Very few respondents are claiming deductions u/s 80GG regarding the payment of

their house rent.

Safety seems to be the most important reason for investment for both the genders and

the male respondents are giving more importance to tax saving compared to female

respondents, which can be due to the reason that male derive higher incomes than

female or because female are getting a higher tax exemption compared to males, so

requirement of tax planning is comparatively less.

Respondents with a good income are able to invest more in tax saving schemes and

hence are able to save more when compared to the respondents with lower income

group.

Most of the respondents felt that tax planning is a difficult task and therefore should

be carefully done to save maximum.

High returns and low risk are the most important criteria looked into while investing,

tax minimization and high liquidity being the third most important.

Suggestions

The government should take measures to make the procedures of availing deductions

easier, so that people don’t find tax planning to be a difficult task.

Most of the respondents are planning their tax by themselves, they should take help of

the professionals to plan their tax wisely and avail maximum benefits.

Annexure

Questionnaire

Survey’s objectives: The current questionnaire is intended to assess the awareness level among the salaried class about the tax saving schemes, their pattern of investment in tax saving options and the popular awareness for tax planning. Participant group: Salaried Class People1.Name *

2.Sex *

Male

Female

3.Age *

Below 20 years

20 years to 30 years



Above 50 years

4.Profession *

5.Marital Status *

Married

Unmarried

6.Income per annum *

Below Rs 1.5 Lakhs

Rs 1.5 Lakhs to 5 Lakhs

Rs 5 Lakhs to 10 Lakhs

Rs 10 Lakhs and above

7.Do you believe in Saving? *

Yes

No

8.Where do you prefer to invest your savings? *

Bank Deposits

Mutual Funds

Government Bonds

Real Estate

Gold and other precious metals

Other:

9.What is your reason for investment? *Can choose more than one.

Safety

Assured stream of future income

Growth of capital

Future family needs

Liquidity

Tax saving

10. When investing, what aspect of investment is most important to you and what is least? *

High Priority Least Priority

High Returns

Low risk

High Liquidity

Tax Minimization

Hedge against Inflation

11. Do you invest keeping in mind your Tax saving? *

Yes

No

12. Is tax saving an essential criterion for investing? *

Very Important

Important

Slightly Important

Not Important

13.Do you go in for Tax planning? *

Yes

No

14.If yes, your tax planning is done by.

Yourself

Help of Friends

Family

Professional Advice

Expert in your work place

Other:

15.Awareness about various tax saving schemes. *The given sections are the Tax saving schemes.

Fully Aware Partly Aware Not Aware

Deductions Under section 80C

Deductions Under section 80CCC

Deductions Under section 80D

Deductions Under section 80DD

Fully Aware Partly Aware Not Aware

Deductions Under section 80DDB

Deductions Under section 80G

Deductions Under section 80GG

16.Do you invest in schemes eligible for deductions under section 80C? *

Yes

No

17.If yes, please tick in which avenues you invest.Can choose more than one.

Public Provident Fund


Unit Linked Insurance Plan

National Saving Certificates

LIC

National Housing Bank

Term Deposits with banks

Equity Linked Savings Schemes

Mutual funds

Post office Time Deposits

Tuition fees for children education

Home Loan Repayment

18.Do you claim deductions under the following sections? *

Yes No

Section 80CCC

Section 80D

Yes No

Section 80DDB

Section 80G

Section 80GG

19.How much do you save on your Tax annually *

Below Rs 50000

Rs 50000 to Rs 100000

Above Rs 100000

20.Tax planning is a very difficult task. *

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

Submit

WEBLIOGRAPHY AND BIBLIOGRAPHY

1. http://taxguru.in/income-tax/tips-to-save-income-tax-for-salaried-person.html

2. http://taxguru.in/income-tax/tax-compliance-planning-salaried-individuals.html

3. Dr. Anil Menon, http://www.princetonacademy.co.in/seminar/advanced-excel-training-

courses/tax planning

4. http://www.indiainfoline.com/PersonalFinance/Articles/Tax-saving-instruments-Much-

more-than-saving-taxes/39483829

5. www. Investorwords.com

6. www.tradechakra.com

7. www.business.mapsofindia.com

8. Taxmann, Introduction To Financial Planning, Indian Institute of Banking and Finance,

Third Edition 2011

9. Macmillan, Financial Advising, Indian Institute of banking and Finance, First Edition

2010

10. ICSI, Executive Programme Study Material, Tax Laws, Edition 2011-12

11. Dr. V. K. Singhania, Income Tax, Edition 2012-13

http://taxguru.in/income-tax/tips-to-save-income-tax-for-salaried-person.html

http://www.tradechakra.com/

http://www.indiainfoline.com/PersonalFinance/Articles/Tax-saving-instruments-Much-more-than-saving-taxes/39483829

http://www.indiainfoline.com/PersonalFinance/Articles/Tax-saving-instruments-Much-more-than-saving-taxes/39483829

http://taxguru.in/income-tax/tax-compliance-planning-salaried-individuals.html

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