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Siddhant- A Journal of Decision Making
Year : 2015, Volume : 15, Issue : 2
First page : ( 150) Last page : ( 159)
Print ISSN : 2231-0649. Online ISSN : 2231-0657.
Article DOI : 10.5958/2231-0657.2015.00016.6

Awareness and Practices of Tax Planning by Salaried Employees: A Case Study of Lecturers in Odisha

Dey Sanjeeb Kumar

Lecturer, Department of Commerce, School of Commerce and Management Studies, Ravenshaw University, Cuttack-753003, Odisha, India. E-mail id: kumarsanjeebdey@yahoo.co.in

Online published on 29 June, 2015.

Abstract

Tax is a compulsory extraction and major source of revenue for the Government. Being a citizen of India, paying tax is one of our constitutional duties in return of fundamental rights. But paying tax is always a painful task as it directly impacts on the residual income of the taxpayers. Tax can be reduced either by evasion or avoidance or tax planning. Tax evasion is illegal, tax avoidance is not a crime but tax planning is ethical and legal. Tax planning is important for every assessee to reduce their tax liability and compliance with the income tax rules. Salaried assessee has no exception to it. To enjoy the benefits of tax planning, the assessee must know different provisions of tax planning available in the laws. With this background, this paper is an attempt to analyse the tax planning measures taken by the salaried persons in Odisha. It is found that more than 60% of the lecturers do not have sound ideas about various provisions of income tax. Tax planning measures adopted by different class of lecturers are almost uniform. Class of lecturers, gender, experience and length of service has no significant relationship with the level of awareness about the tax planning measures.

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Keywords

Tax planning, Salaried employees, Odisha, Tax awareness, AY 2016–17, Exemptedincome, Tax rebate.

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