Awareness and Perception Regarding Tax Saving Instruments among Teachers of Higher Education
Amit Kumar Arora1, Pradeep Kumar Garg2
1Amit Kumar Arora, Assistant Professor – Kiet, Group Of Institutions, Ghaziabad
2Dr. Pradeep Kumar Garg, Associate Professor – Faculty Of Commerce And Business Administration, Multanimal Modi College, Modinagar.
Manuscript received on 07 August 2019. | Revised Manuscript received on 14 August 2019. | Manuscript published on 30 September 2019. | PP: 7104-7107 | Volume-8 Issue-3 September 2019 | Retrieval Number: C5847098319/2019©BEIESP | DOI: 10.35940/ijrte.C5847.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The study attempted to know the awareness and perception regarding various tax saving instruments available to save the tax to the teachers of higher education. The study conducted to determine the tax-saving investment options which are preferred to save tax and what the factors are considered before making investment decisions. Descriptive statistics used to analyze the data collected through the 347 respondents of the Ghaziabad region. The study found most of the teachers of higher education are availing deduction of fees of their wards under section 80 C. investment in PPF and Life insurance premium are also found most used instruments for availing deduction of 80 C. The teachers of higher education are well aware of the various deductions, reliefs, and rebates available as per the Indian income tax act. They prefer those options of investment which are having low risk, high returns, and full tax benefits. It is also found people are not investing in NPS though there is an option to save extra tax by investing up to Rs. 50,000. That is due to the lack of awareness of NPS. The medical deduction is also underutilized. So, the study recommends to invest in NPS and increase the amount of expenditure on health insurance to reduce the tax liability of the teachers of higher education.
Key Words: Tax, Insurance, Deductions, Rebates, Investment, Higher Education
Scope of the Article: Context Awareness and Personalization, Autonomic and Trusted Computing