Investment in Tax Saving Schemes by Salaried Class

Nowadays various tax-saving schemes are made available for the individual income tax assesses. Taxplanning amounts to making investments or contributions in line with prescribed guidelines that lead to reduction in tax liability. These schemes help individuals in tax benefit, return, safety, liquidity, risk coverage etc. In this research paper the researchers have tried to study the tax saving resources applied by the management faculties for 2012–13 in Nashik for which a data of 73 faculties are studied from different Management Institutes and to trace whether majority of the Management faculties from Nashik district perception towards looking at tax saving schemes and are they aware about the different benefits of tax saving schemes which are considered as tax deductible under section 80C. Different factors considered are returns, safety, flexibility and liquidity. This paper also has traced the different factors such as age, gender, economic status which are a driving force in making decisions among the salaried class in tax planning which are to wealth creation, and ultimately leads to profitability.