Critical Study of Income Tax Planning and Management of employees of Swami Ramanand Teerth Marathwada University Nanded of

Abstract

A Critical Study of Income Tax Planning and Management of Employees of Swami Ramanand Teerth Marathwada University, Nanded newlineIncome Tax planning is very essential parameter as far as tax saving is concerned. Income tax planning is arrangement of individual s financial affairs so as to take the advantages of exemptions, deductions, rebates and relief provided by Income Tax act without violating the Income tax act. Income tax planning is planning of one s financial affairs in intellectual way by applying expert knowledge to reduce the tax liability. It is the scientific and systematic planning of income so as to minimize the amount of tax payable to the Government. This is in connection with application of expertise to take the benefits of exemptions, deductions, concessions, rebates and relief provided under the act. It is neither tax avoidance nor tax evasion. It is simply tax management techniques to encourage savings and investments in Government and take advantage of investments. newlineThe socio economic condition of teaching employees is better than non teaching employees. Income tax planning and management practices employed by teaching employees are better than non teaching employees. Teaching employees have more tax knowledge as compared to non teaching employees required for income tax planning and management. Teaching employees knows about tax compliances as compared to non teaching employees required for income tax planning and management. Teaching employees are more acquainted with tax administration and tax procedure as compared to non teaching employees. Attitude of teaching employees are more positive towards income tax planning and management as compared to non teaching employees. Common suggestions are given by both teaching and non teaching employees while taking advice from me. newlineIf taxpayers practices proper income tax planning and management through different claims, deductions, rebates, allowances and tax saving policies, definitely their financial burden of income tax will be lowered and their future