Financial planning for salaried employed and their tax saving concept.

1. SIP PRESENTATION ON
"FINANCIAL PLANNING FOR SALARIED EMPLOYEE AND
STRATEGIES FOR TAX SAVINGS”
PRESENTED BY: YATENDRA SAVITA
UNDER THE GUIDANCE OF : Dr. SANDEEP RAGHUWANSHI

2. INTRODUCTION
Financial planning is the process of assessing financial goals of individual, taking an inventory
of the money and other assets which the person have, determine life goals and then take
necessary steps to achieve goals in the stipulated period. It is a method of quantifying a
person’s requirement in terms of money.
The scope of study is getting familiar with various investment avenues available in market. It
tells about various deductions that can be used to reduce the tax liabilities. Study cover all
areas of the individuals financial needs and result in the achievement of each of the individuals
goals. The scope of planning will include the following:
● Investment Planning
● Retirement Planning
● Tax Planning

3. About The company
Gaurav Granite is a trendsetter in the real estate industry and provides you the best range of
Black Galaxy Granite Stone, C Black Honed, Black Pearl Granite and Absolute Black
Granite with efficient and timely delivery.

4. Review Of Literature
● Siddiq and Prasad (2018) found that Goods and Service tax likely to be beneficial for auto cement and organised
retail sector, but will have a negative impact on oil & gas and SME's sector.
● Kumari (2018) concluded that there will be impact of Goods and Services tax on working capital requirement,
increasing the interest cost and also impact on pricing policy on Small and Medium enterprise. Goods and service
tax predicted to benefit micro, small and medium enterprise in long run.
● Jeff (2018) conducted a study on Goods and Services tax and collected data from various countries like UK, USA,
New Zealand, and Australia. The study investigated the importance of small business in economic growth, and
especially job creation, the high administrative and compliance costs of including a large number of small entities
in the tax system. The study found that there is a high level of tax evasion because of high compliance costs on
small industries.

5. Research Methodology
SAMPLE DESIGN
Sample design is a definite plan for obtaining a sample from the given population. It refers to the techniques to the procedure adopted in
selecting item for sampling items for the sampling design are as below:
SAMPLE SIZE
The sample size has been total of 50 employees, 20 from each company. Conclusion had been arrived by the collection of data.
SAMPLING METHOD
In this summer internship research project, I amusing Random sampling method.
SAMPLE TYPE
Sample type is selected is Area sampling. The area sampling is a form of multi- stage sampling in which maps instead of lists or registers
is used as sampling frame.
DATA COLLECTION METHOD
Data is collected through Sampling Method and area of sampling is from Gaurav Granite their customer employees and dealers in Gwalior.
DATA COLLECTION TOOLS
PRIMARY DATA
Primary data means the data collected by different techniques like questionnaire, surveys, depth interview, etc.
In this project the primary data is collect through the Form16 of the employees which is collected by us (Interns), on the behalf of Gaurav
Granite limited for the purpose of ITR filing 2020-21.
SECONDARY DATA
The major source of secondary data is reference of books and company’s website. The company’s article and magazines is also referred
for the information.

6. Objective Of Study
• To study the financial planning for salaried employee and strategies for tax savings
• To study the provisions related to salaried employees under The Income Tax Act,
1961.
• To explore and simplify the financial planning from a salaried assessee perspective.

7. Limitations Of The Study
• Useful Financial insights are not easily available.
• Due to time constraint sufficient research on all the investment tools is difficult.
• The survey sample is not very large for analysis.
• Properly convincing people to invest in insurance policies is challenging.
• Due to recession there is liquidity crunch in the market.
• There might have been tendencies among the respondents to amplify or filter their responses
under the testing conditions.
• The research is confined to Gwalior and does not necessarily shows a pattern applicable to other
parts of the country.

8. DATA ANALYSIS
FINANCIAL PLANNING
Six step process of Financial Planning
1. Self-assessment:
2. Identify financial, personal goals and objectives
3. Identify financial problems or opportunities
4. Determine recommendations and alternative solutions:
5. Implement the appropriate strategies to achieve goals
6. Review and update plan periodically.

9. CONSTITUTE OF FINANCIAL PLANNING
A good financial plan should include the following things
1. Contingency planning
2. Risk Coverage
3. Tax Planning
4. Retirement Planning
INVESTMENT AVENUES
Life Insurance
Life Insurance is a policy provided by an insurance company, according to which in exchange for premium
payments, the insurer is obliged to pay a certain sum (a lump sum or portions of smaller sums) to the
beneficiary in the event of insured death. Life Insurance is literally a matter of life and death, since
purchasing Life Insurance is basically planning for after the death. When healthy and well, people from all
walks of life prefer not to think that one day they would pass away. However planning for after the death
may be as important as planning other significant actions in life. By paying a very small sum of money a
person can safeguard himself and his family financially from an unfortunate event. Life insurance provides
economic support to the dependent in family and in some cases can even create an estate for heirs.

10. CONCLUSION
At the end of this study, we can say that given the rising standards of Indian individuals and
upward economy of the country, prudent tax planning & financial planning before- hand is
must for all the citizens to make the most of their incomes. However, the mix of tax saving
instruments, planning horizon would depend on an individual’s total taxable income and age
in the particular financial year.

11. Thank You