Financial Planning for Salaried Employees and Strategies for Tax Saving

Abstract

This report is written to provide the reader the basic knowledge about Financial Planning i.e. what it is, what is its purpose and how to conduct it. The report consist of the analysis of a questionnaire conducted between 101 different salaried employees whose age is between 18 to 45. Purpose of the questionnaire are: • Find out financial literacy of different individuals • Find out their financial goals • Find their financial situation Needs which provide the readers insights on how financial needs are similar to Ma According to the notion, people must first meet their fundamental requirements before committing their energies to higher levels. Investing, taxes, savings, retirement, insurance, and other aspects of money are all in financial planning. The report studies on various financial situation and ends with re-evaluating the plan and updating it. The report has a study on different legal methods of tax saving for salaried employees. Tax saving is divided into two: tax exemption and tax deduction. Section 80C is one of the most well-known and popular sections among taxpayers since it allows them to decrease their taxable income by making tax-saving investments or incurring qualifying costs. It enables a maximum deduction of Rs 1.5 lakh from the total income of the taxpayer each year. The report mentions some of the most popular tax saving investments under section 80C.