Abstract

To study the planning of individual income tax and tax saving instruments of individual income tax. By doing so they can plan in advance about their Tax savings instrument. Tax planning is an essential part of our financial planning. Efficient tax planning enables us to reduce our tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions under chapter VIA, rebates and allowances while ensuring that your investments are in line with their long-term goals. The purpose of the study is to find out the most suitable and popular tax saving instrument used to save tax and also to examine the amount saved by using that instrument. Over all findings reveals that the most adopted tax saving instrument is Provident Fund, which got the first rank in this study and the second most adopted tax saving instrument is Life Insurance policy. K.Saravanan | Dr.K.MuthuLakshmi "Tax Saving Instruments of Income Tax in India: A Study on Tax Assessee in Trichy City " Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-5 , August 2017, URL: http://www.ijtsrd.com/papers/ijtsrd2469.pdf http://www.ijtsrd.com/management/accounting-and-finance/2469/tax-saving-instruments-of-income-tax-in-india--a-study-on-tax-assessee-in-trichy-city-/ksaravanan

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