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- Title
Answering 80C Deduction Riddles.
- Authors
Deb, Rajat; Sahu, Ragubir; Nepal, Mukesh; Behra, Anita
- Abstract
Indian Income Tax Act, 1961, in Chapter VI-A, has provided different sections 80A-80U under which deductions have been allowed while computing gross total income. Section 80C has been amended from time to time under the Finance Act and currently provides tax benefits to the tune of INR 150000 for the assessment year 2022-23. Albeit section 80C of the Indian Income Tax Act offers an array of saving instruments popular among taxpayers, the current study has motivated to assay the less popular instruments. Following a cross-sectional research design and a stratified random sampling technique, 150 sample respondents were selected. Statistical results have indicated that particular demographics and tax deductions have influenced saving decisions, while tax deductions and tax literacy have influenced tax compliance. Moreover, it has acknowledged limitations, indicated policy formulation, and sketched a future research roadmap.
- Subjects
INCOME tax; TAXPAYER compliance; TAX deductions; GROSS income; TAX benefits; TAX planning; RIDDLES; FINANCIAL literacy
- Publication
Prajnān, 2023, Vol 52, Issue 1, p57
- ISSN
0970-8448
- Publication type
Article