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Tax is a very important aspect for any Individual and any country. Savings from tax will increase better financial plan for individual, revenue collected from taxes enables a country to provide better services for its citizens which leads to economic development in the country. Authority of the government to levy tax in India is derived from the Constitution of India, which allocates the power to levy taxes to the Central and State governments. Taxes are of two distinct types, direct and indirect taxes. Direct taxes are levied directly on an entity or an individual and cannot be transferred onto anyone else. Income Tax, Capital Gains Tax, Securities Transaction Tax, Corporate Tax etc., these are some of the direct taxes. Indirect taxes are those taxes that are levied on goods or services. The most common examples are GST, VAT, Taxes on Imported Goods, Sales Tax, etc. Income Tax is charge on total income earned by every person during the relevant previous year. The gross total income of a person is computed under five heads of income i.e., income from salary, income from house property, income from business and profession, income from capital gain and income from other sources. This study focuses on to ascertain the level of awareness of salaried individuals on Income tax provisions and to understand the measures adopted by salaried class for tax planning. The study is descriptive in nature. Both primary and secondary data are used in the study. Convenience sampling method used to collect 120 responses with the help of structured questionnaire. Data collected were analyzed by using frequency and percentages and findings are interpreted accordingly.
Keywords:
Taxpayer awareness and Perception, Income Tax Planning, Tax Liability.
Cite Article:
"A study on Income Tax Literacy level among Tax payers with special reference to Salaried Individual in Bengaluru City.", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.7, Issue 8, page no.1279 - 1284, August-2022, Available :http://www.ijrti.org/papers/IJRTI2208207.pdf
Downloads:
000205417
ISSN:
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator