Financial Planning for Salaried Employees and Strategies for Tax Saving-Evidence from India

AUTHOR
Nidhi Chaturvedi *
Manya Aggarwal **
Ruchika Jeswal ***

KEYWORDS
Tax saving, Financial planning, Salaried employees, India.

ABSTRACT
This study investigates the financial planning practices of salaried employees, with a focus on effective income utilization, expense management, and strategic investment aimed at achieving long-term financial stability. It emphasizes the significance of budgeting, debt management, and regular savings, while also exploring the use of tax-saving tools like Tax-Free Bonds, the Rajiv Gandhi Equity Savings Scheme (RGESS), and the Sukanya Samriddhi Yojana. The research seeks to understand the financial behaviors, challenges, and preferences of salaried individuals in areas such as debt reduction, tax planning, and retirement readiness. The study provides practical insights to help employees make informed financial decisions, legally optimize tax benefits, and work towards achieving retirement security.