Financial Planning for Salaried Employee and Strategies for Tax Savings

Introduction

Income Tax Act, 1961 governs the taxation of incomes generated within India and of incomes generated by Indians overseas. This study aims at presenting a clear. and simple understanding of tax planning of every salaried individual’s income in India. Financial planning for salaried employee and strategies for tax savings mba finance project report The word Income Tax itself implies it is a tax on earnings. It plays vital role in the national economy.All India Tax Enquiry Committee (AITEC) has been appointed by the Government of India to propose appropriate remedies to improve and effectively implement the Act. His, on the committee’s recommendations, replaced the 1918 act with the 1922 Income Tax Act that remained in force for forty years. The current income tax legislation was found almost every year in the income tax year 1961 as revised up to date. There are nearly parts in this act. This Act governs the provisions concerning the calculation of total income, assessment procedure, appeal, penalties, prosecution, reimbursement powers of Income Tax authorities, etc. 

Student project on Financial planning for tax savings mba finance project report The ever increasing functions of the government have naturally lead to increasing expenditure for instance.achieving the social and economic objectives laid down in the constitution, reducing the inequality of income.removing the concentration of economic power in few hands, balancing regional economic growth and so on. 

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