CHAPTER-II

REVIEW OF LITERATURE REGARDING INVESTMENT AND

TAX PLANNING
2.1: Introduction:
Any research study in the discipline of social science research can be undertaken
with a meaningful manner with reference to the studies conducted by the previous
researchers. The review of the previous studies also enables the research to discover the
research gap in the existing literature for the further the research. For this purpose, the
present chapter deals with a comprehensive review of literature which has been made
about the research gap and accordingly formulated the research problem for the present
study. Based on the research problem, the researcher has further outlined the scope and
objectives for the study, methods of data collection, tools and techniques for data
analysis and hypotheses testing in the subsequent chapter.
The present study exclusively concerned with investment and tax planning of
middle income group employees in public sector banking and insurance organizations in
Pune District, Maharashtra state. Hence, every effort has been made to review of
literature to explore the different dimensions of the investment and tax planning with
respect to income tax. Some important studies relating investment and tax planning have
been reviewed hereunder:
2.2: Review of Literature relating to Saving and Investment
In this section, some of the research thesis, reference books and prominent
research papers/articles published in well-known journals or at websites have been
reviewed as under:
2.2.1: Review of Research Reports:
V. K. Somasundaram (1999)1 has analyzed the savings and investment pattern of
salaried class investors. The study has done to make detail analysis to find the level of
awareness attitude, factors inflecting saving, average savings of investors, pattern of
saving, conversion of saving into investments and preferences of investments besides,
the certain issues like why people save, how savings are used to invest or not are also
analyzed. The study identified problems faced by the investors and savers along with
their expectations. Finally the study has been made necessary recommendations to
inculcate healthily, congenial, attractive investment climate for the investing community.

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S. Kalavathy (2009)2: has conducted a study which is divided in to two sections. The
section one assesses the extent of awareness among the sample respondents towards
savings, investment modes, factors affecting the saving and investments. The second
section, investigate their preferences, perceptions and satisfaction about savings and
investment avenues. On the entire analysis, it was found that with the proportional of
population, the working age group of 15-64 years would also increase in future; the
demographic extra savings would be likely to increase accordingly. The study further
identified growth in the interest rate, per capita income, increase in banking facilities and
the rate of inflation which shows statistically significant and positive impact on domestic
savings.
B. Thulasipriy (2014)3: Thesis concluded that investors have realized the importance
savings and investments. Standard of living of people has increased. So they are more
interested to secure their future with systematic investments. Small investors are more
careful while investing their hard money. Various factors like age, income, experience,
marital status affect investor’s pattern, preferences and priorities. Depending upon risk
and return investor select the investment avenue. Investors are always in search of some
alternative investment option because now a day’s bank deposits provide low rate of
interest, high variation in Indian Stock Market. Whether bank deposits are safe way of
investment with regular return but reduce of value of money. On the other hand stock
market where high return is there but carries risk. So investor invests their savings in
different investment avenues as per expectations. As per study still individual investors
give preference to risk free returns. The study stated that whether high income, middle
and lower age group, minimum number of family members are conservative thinking or
well educated opts for safe investment avenue. Investment companies also provide
various investments which are low risk tolerant, tax savings with high satisfaction with
normal returns. The research also concluded that salaried earners are keen to invest for 5
to 10 years period of investment with liquid and non-liquid nature of investment.
2.2.2: Review of Reference Books:
Wiiliam F. Sharpe (1994)4: Book titled, “Investments” explained that investments are
blessed with various avenues with their respective features. Every investment options
theory has provided with their causes and effects. Theories are conformed reasonably
well to reality. It is stated that the security market were very efficient means security
prices seemed to fully reflect all available information. Investors make very high returns
from security market. But in some cases for investors difficult to diagnosis the disparities
23
in between theory and reality. Systematic anomalies have found in security market which
seems inconsistent with the respective theories. Some investors and experts think that
stock prices are more volatile than the available theories. This book has provided
investment environment and its process in understanding nature. The kinds of marketable
securities with their buying and selling mechanism provided under investment
environment. Under investment process not only included the investment decision taken
by investment but also how much to invest and when to make investment in respective
avenues. Thus the book explained discussion of stocks, bonds and other securities.
Theories of Sharpe, Lintner, Mossin, Black, Schools, Markowitz and Ross are included
in this book. In that the book contained the comprehensive investment concepts with
their major features with their theories of investing in the current economy.
Raghu Palat (2005)5 has written book for Indian salaried employee who while
safeguarding their employers’ interest, often neglect his own. It is for him who resource
at times of inflation and he for to live with a steady decreasing purchasing power of the
rupees. This book makes aware the salaried person about the tax laws as it pertains to
him and exemptions, reliefs and deductions that are available under the Income Tax Act.
It is written with intent that the salaried employee gets full information about the income
tax laws as it relates to his salary income and tax planning measures for tax efficiency. it
contain all relevant information relating to personal income tax, salaried employee apart
from becoming aware of the rules and should also plan his income and expenses in such
a manner that he pays as little tax he has to. The book has written very lucid, free from
professional jargons with easy understand examples. It is for salaried employee to him
plans his affairs in such a manner that he is able to minimize the incidence of tax and
maximize his take home pay. The author as far as possible attempted to provide detail
information various matter that are required for effective tax planning thereby salaried
employee minimize tax incidence and maximize his take home salary.
V. A. Avadhani (2008)6: Author has showed the importance of securities analysis in the
financial markets which are changing time to time as per economic and financial scene.
In the financial sector of 2001 to 2006 period was depressed market conditions for
security market then during 2005-06 was boom period for security market. Author has
explained this phase was good economic fundamentals of industries and companies with
inflows of huge foreign funds into financial markets. The economic and financial
reforms were occasionally slow down. Thus book has been incorporated the changes and

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trends of financial market towards globalization, privatization. Reform influenced the
portfolio management.
V. K. Bhalla (2011)7: Author has explained in this book about technique of investments,
vehicles who drives for investments, strategies for best investment planning,
implantation process for investment avenues and overseeing the optimal allocation of the
funds of an investors or an institutions with challenging investment environment. Book
has divided into six parts such as Investment Environment, Alternative Investment
Outlets for Funds, Security Analysis, Portfolio Analysis and Management, Financial
Derivatives and International Financial Flows. Under first part i.e. under investment
environment covered operations of the stock market, with its structure, regulatory
framework and financial development in India. Also examined the recent reforms
introduced in the capital market. In second part of alternative investment explained
various formulated objective ideas and philosophies with respective various types of
securities. Third part of book focused on stock market forecasting and the independence
of stock market. For taking investment decision, the role of market has focused on this
chapter. In third part of portfolio analysis and management explained the problems of
both theory and practice with related to portfolio management. In financial derivatives
has covered the every aspect of domestic and international capital and money market.
Last part that is International Financial Flows covered the growing global finance.
Preeti Singh (2013)8: Book titled ‘Investment Management’ explained that in stock
market individuals have taking active participation. Individuals are giving preference to
systematic investment by taking knowledge of different kinds of investments. It is
noticed by the Individuals that quick money trading will not give profitable results.
Before investment calculation of risk and return are important factors. Now a day, every
income earner is taking interest of investment of money. Investors like experienced
people, retired people, housewives and students are ready to take risk in stock market
security. This theory stated that no any investors can give continuously good returns or
yield from market so every investor should investigate pit falls before investing the
money in particular investment avenues. With prior understanding of risk and return of
particular investment, investors are taking decision whether specific investment satisfies
the expectations or not. This book has provided theories of fundamental, technical
analysis and efficient market theory which is beneficial to the investors for analyzing the
investment background and framework. It gave basic idea of managing portfolio through
cautious risk and return analysis. The CAPM model and Arbitrage Theory discussed for
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pricing of assets. To analysis the portfolio and diversification of investment avenues to
get the maximum return, Harry Markowitz and William Sharp theory are effective.
2.2.3: Research Articles / Papers
Bandgar P. K. (2000)9: has undertaken this study to investigate the existing pattern of
financial instruments, investment preferences of middle income class investors, their
behavior and problems relating to investment in financial instruments in India. The
study used primary data which has been collected through survey and analyzed it with
average, skewness, Chi-square test, Fisher Irving test to drawn statistical inferences. The
study identified that nearly 16 percent of the respondents were suffering from the
tribulations while trading the securities. It is revealed by the study that though the middle
class investors were highly qualified, they lacking the skill and knowledge about the
investing. The study also identified the fact the middle class investors moderately and
regularly shifting from bank deposits to corporate securities and massively shifted
towards the traditional investments like LIC policies and government securities.
Singh Avinash Kumar, (2006)10 has under taken a study to analyze the investment
pattern of the people. The Analysis in the study was done with survey data collected
from the investors in Bangalore city. With analysis of data, it was observed that the
investors in Bangalore have more awareness about various investment avenues and risk
associated with these avenues than that of investors in Bhubaneswar. Investors of all the
age groups were preferred to invest in equity and except those who have in the age group
of above 50 years preferred to invest in insurance, fixed deposits and tax saving schemes.
Further it is found that, the investors who have preferred investments in equity were
following the stock market daily while those invested in mutual funds were watching
stock market weekly or fortnightly.
C Krishnamurthy (2007)11 has conducted a study to analyze the profile and awareness
of salaried class investors about various investment avenues. All the investors are aware
bank deposits followed by 81 percent investors known insurance products with the range
13 investment avenues involved in the study. Almost in equal number of respondents
were known provident fund and public provident fund instruments, 63 percent of the
investors are more familiar with postal savings and deposits, while 42 percent and 38.2
percent investors were aware about the investment in Gold and Jewellery and investment
in chit fund respectively.
N. Yesodha Devi (2008)12 have stated that the response of the salaried income group
towards various savings schemes and investment is poor. Majority of salaried employees
26
have intended to save tax and they have mostly preferred the provident fund. The sample
salaried employees were not much aware about all the saving schemes and investment
avenues to avail tax benefits as maximum as possible. Moreover, the advertisements for
the various investments were found to be adequate since many respondents knew about
the different avenues from their friend and relatives. hence, the study regressively
recommended that the various financial institutions has to adopt unified advertising
strategy for the awareness of respondents about various investment avenues and
government also take appropriate steps to persuade the salaried employees to invest in
the tax saving schemes in order to avail maximum tax benefits.
Manish Mittal and Vyas (2008)13 has analyzed that the investors suffered from the
cognitive and emotional problems in the decisions about the investments. He justified
with the fact from the research studies in behavioral finance that few past years investors
do not act rationally while taking the decisions for investments. Besides, they have biases
behavior with regard to process of assessing the information for investment decisions.
This study has classified Indian investors in to different personality traits and explored
the relationship between demographic characteristics and investment personality traits
possessed by the sample investors.
Sunil Gupta (2008)14 has revealed a clear and complex picture of the investment pattern
among different groups in Shimla. People are not aware about the various type of
investment avenues which is available in financial market because of that they did not
respond positively. Due to lack of knowledge it was difficult them to understand better
investment for them. Maximum investors in Shimla city prefer to deposit their savings in
banks, post offices and fixed deposits. Most of the rich people from Shimla city have a
tendency to opt safety and suitability feature while selecting investment avenues by
giving first preference to fixed deposits of banks, provident funds and post office
savings.
Bhardwaj Rajesh, Raheja Rekh and Priyanka (2011)15 have examined Savings
Pattern of Teachers working in Government and Private School. Major source of income
is salary for government teachers and tuition fee for private teachers. Mostly they used
bank deposits and life insurance for investing their savings. The main objective of
savings of government teachers is an emergency and security and for private teachers is
children education.
Samudra and Burgate (2012)16 They have analyzed that the preference of investment
pattern and the objective for investment by middle class households depends upon their
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knowledge and awareness level of avenues. The study further founds that bank deposits
is the most popular instrument followed by insurance policies. The authors argued that
the investors look for high returns and liquidity rather than low risk and tax advantage of
these instruments.
J. Sidharthul Munthaga & Dr. M. Nazera (2013)17 concluded that respondents are not
aware about various investment options like stock market, equity, bound and debentures.
The study has been conducted to examine the investment options of individuals staying
in Thanjavur city. They are used to investment like bank deposits and post office savings
and very rarely aware about share and security markets.
Dattatraya Chavare (2013)18 has designed his study to highlight the special objectives
to understand investors motives towards the saving, and to understand more favored
saving avenues among investors. The researcher summaries savings motives that
individual build reserve for unforeseen contingencies that is for precaution purpose for
getting extra income in future like interest and appreciation which leads to increase in
standard of living. The entrepreneur desires to carry out speculation business. Under
priorities motives investors give more important to crate reserve to meet unforeseen
contingencies but have not shown more interest for the speculation means investors
wants to save money mainly for precautionary motive for that investors use to invest
carefully and no one is going to invest in the high risk sectors. The study concluded the
type and level of motivation determines saving behaviour of the investors. Investors have
become more conscious while selecting investment avenues. To understand investor,
investment counselors have to study properly for finding best and beneficial avenue.
There is more saving rate as compare to others developed countries. Investment motive
plays important role for saving rate. Many factors influenced to investors for selecting
best investment avenues.
Chaitanya Songirkar (2013)19 has conducted the study to assess different investment
avenues available to Indian investors and behavior of investors from different profession.
As per study the choices are affected by various factors like awareness, age, education
and income. Savers and investors plays important role for effective utilization of
circulation of money in economy. Savers mean former class who saves/ invest their
surplus money and ultimate investor those who invest for productive purpose. Finance
system plays important role for establishing a bridge between savers and investors.
Many different types of avenues are available for Indian investor. India’s per capita
income increased due to development of industrialization, export, technology and
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services, huge amount of population and natural resources. Once increased in income,
tendency to save has also increased. Very few investment options preferred by Indian
investors especially middle class population out of many, which constitute major portion
of total population. This is because some investment offers attractive return with high
risk. The choices and preference of investors are determined by various factors like
awareness, age, education, income, future plan etc. Thus, the resource mobilization or
income utilization is highly depends on perception and behaviour of the savers of
investors. The research found that despite of good educational background individual
investors are not aware about different investment avenues available in the market and
majority of the investor invest their saving in fixed deposits , life insurance, saving
account and gold. Almost all the investors expected their principal to be covered first
instead of losing principal amount for the sake of returns. Investors change their
investment avenue only after confirmation of risk factor included in the respective
avenue. Every investors want return with less risk. The objective for investment of the
investors was family safety and future provision for family. The researcher concluded
that in the short time span the millionaire going beggar and vice versa. So for securing
future individual should save money for the bad time. no one wants bad times but it
comes without any invitation.
Dr. Zabiulla (2013)20 has studied the Investors’ attitude towards investments in equity
shares. The study has indentified that the equity investment decisions are crucial for
investors with the available investment option. There are large numbers of factors which
effect equity prices and investor need to choose the best stock which yield maximum
results with reasonable risk. This study focused the attitude of the equity share investors.
There are major influencing factors for share investment decision like post performance,
cues from friends and relatives, future price prediction etc. Investors differs from the
demographic causes, social economic background, education attainment level, age, sex
and race play important role for optimum investment decision. While selecting
investment portfolio investor consider his financial goals. Stock market decision depends
on intelligence and on the emotions. Majority of the investor take their decision because
they are well versed and matured enough to make their own investment with their past
experience. Many of them buy stocks of Indian companies because of availability of
information. For investment decision previous experience plays important role. Majority
of investor behave neutrally while investing in stock market or in taking risk which
follows a prior gain. There little percentage of investors who doesn’t over react to change
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in the price of shares majority of investors analyze the price before they buy it. This
study examined the retail investor of Bangalore only which can be undertaken with
larger.
Sonali Patil & Dr. Kalpana Nandawar (2014)21 have studied investment avenues and
affecting factors for selection of avenues. The study utilized percentage ach chi-square
test for tasting hypothesis taste. The study concluded that employees gives first
preference to safety and sufficient return from the invested savings. Employees are aware
about the investment options in the market.
Devi and Chitra (2014)22 have conducted the study on salaried employees’ behavior
towards Domestic Savings and Investment in Rasipuram Town. The study revealed that
the investment is made by different categories of investors keeping in mind period of
investment avenues, size investment and level of satisfaction of investors. The data was
analyzed with the help of Chi- Square test and F- Test. It was further concluded that
investing has been an activity of rich and business class but today it has become a routine
course for every individual. Moreover larger family incomes, provisions for tax
incentives, availability of large and attractive investment avenues, etc also paves a way
for saving and investment.
S. Umamaheshwari (2014)23 in his study focused on awareness and satisfaction over
their available investment avenues. Paper embarked the relationship between societal and
demographic factor salaried employees. Investment awareness, investment attitude and
investment returns play vital role while selecting best investment avenues from available
different investment avenues in market of the salaried middle class. Study focused
salaried middle class invest regular for futuristic perspective. Researcher studied
different perspective of investor with different angels. This paper has focused on
investment criteria like investment awareness, investment attitude and investment returns
For price appreciation and dividend potential investor invest in shares and salaried
employees invest for safety, security, liquidity, return, convenience, afford ability and
benefits. Salaried class investment interest is extremely high and indispensable role with
their hard earned money. Investment portion get hard earned money. Investment portion
get segregated to different finance and investment policies. Investment is self-restriction
for salaried class. They spend the entire income for genuine and self-protective reasons.
The reward for waiting for investment return is not only economic progress but finance
inflow of the district state and ultimately the nation. Thus this study facilitated the salary
class investors for effective investment and savings for maximization of returns. On the
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behaviour pattern of the investors government can work out on various tax savings
schemes, retirement benefit schemes etc. for mobilization of finance. Majority of salaried
investors knew about how to make good investment decisions. Due to lack of investment
knowledge only 1/3 salaried class did not opted the right investment. The study has been
conducted in rural area to help and promote the rural investors.
S. Bhagavathi (2014)24 has conducted a study on non-institutional investors in panagudi
region. If investment is channelized into investment assets then they can accelerate the
pace of capital formation. For economic significance of investment individuals need to
educate. Financial institutions need to initiate investment education training programs in
rural and in far areas but they are engaged in mobilization of savings. Due to
demographic factors, economic background, marital status, level of education, age, and
gender etc. individual investor differs from the others. A young bachelor prefers to invest
in risky avenue, where as matured who are with family dependability prefers less risky
and stable income generation avenues.
Manjunath S. Awalakki (2015)25 have to analyzed the investment behaviour of salaried
class investors regarding the salaried employee’s investments of Kalaburag city, State of
Karnataka. This study consists of the people employed in various fields like
manufacturing, trading and service providing sectors and classifying them into two
categories based on the criterion of belonging to the Government sector and private
sector.
Meenu Baliyan and Dr. Girish Jain (2016)26 have examines the relationship between
the monthly expenses of households and with the other independent variables i.e., age,
marital status, occupation, Age, dependency ratio and total income. The result shows the
relationship of the expenses of the households with other independent variables. Income,
gender, age and qualification are the most crucial factor of the expenses or consumption.
Study examines the relationship between the different investment avenues like debt,
equities, and real estate made by households and with the other independent variables.
Income, gender, age and qualification are the most crucial factor of the investment
behavior of households.
Dr. Mahesh U. Daru (2016)27 has conducted study on the investment opportunities in
the current scenario. Due to internal and external business environment there is always
fluctuation in the market since it always dynamic and versatile. Foreign Exchange Rate
also affects the business environment results in downward trends in value of rupees in
international market. In this situation investors get confused while investing about how
31
and when and where to invest. Investor always like for best investment option from hard
earned money. It’s very difficult for investor to select best investment option because
attractive returns investments carry high risk and vice versa. Thus, investment is an art to
earn for maximum returns scare finance with minimum risk. While taking investment
decision investor consider various factors like returns, risk, safety and liquidity. There
are two types of investment avenues. First is financial investment avenues means return
of income. Second is economic investment avenues means increase in capital stock of
current economy. SEBI plays important role for investor protection like ensuring fair
practices by issue of securities, promotion of efficient services by brokers or
intermediaries because investors are the back bone of securities market. Investors don
not have proper knowledge about investment avenues. They are not only unaware about
complete risk return profile of the respective avenues but also unknown about market
mechanism with their rights and obligations. So before investing investor should get all
information about the investment options.
Ms Bhoomi Patel and Dr Vasudev Modi (2017)28 The Descriptive research design is
used to examine the impact of demographic factor towards investment preference. The
primary Data collected using convenience sampling technique by filling structured
questionnaire from 100 investors from south Gujarat region. The study explains that the
demographic factors like age, income, marital status etc. have a influence on investment
decisions. The study also focus on investor’s perception and behavior towards different
investment avenues. The study finally came to the conclusion that investment decisions
are majorly affected by risk, return, market trends, past performance. Gender is having
very less impact on investment decision making and male and female have different in
risk taking ability. The Majority of investors are investing money for family protection
and for retirement. Investment decision is not only depended on demographic variables.
Dhirendra Kumar (2017)29 has undertaken a on investors need to study the magic of
SIPs. For investor problem is not where to invest but whether to invest at all and keep
investing through thick and thin. Systematic Investment Plan (SIP) solves the problem of
investor by getting best possible returns from their savings. SIP is investing a fixed sum
regularly. SIP enforces the investor’s goal of buy low, sell high. Whenever investor
wants to sell, profit margin will definitely increase. Not only get return but people get
attracted simplest way of investing regularly and getting good returns from equity
without any worry of about when to invest and when not to invest.

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Sachin Varadkar (2017)30 has conducted study on financial plan. The financial plan is
not need of only individual person but it is need of whole family. First step for that is
goal setting that is how, how much and where to invest according to time. Before
investing, investor should consult with expert as well family members. Investor prefers
difference between need and wants. From monthly income if investor invest first and
then spend whatever remains will become beneficial to investor. It not possible but
individual can always makes a beginning. In case of loss of job or unable to earn an
emergency fund is quite important. For mitigating adequate insurance policy fulfill the
need of family. So investment whether it is short, medium or long term gie returns and
helpful for in case of family emergency.
Farseena Mol (2017)31 has stated that the success of country depend upon the savings
and investment. Satisfaction of investor depends upon the criteria of investment. It
differs person to person and investment to investment. The investor may fail while
selection of investment avenue. Investor always focused on rewards and ignores security
and risk which involved in respective investment. Investor takes low level of risk while
selecting investment option. Investment volume and income level are dependent on each
other. Safety, security, high return and hedging risk and liquidity etc. are major
objectives of investment. Various types of investment are available as per their features.
Capital market which is controlled by SEBI provides many instrument like variable
income instrument, fixed income instrument, derivative instruments etc. Variable
instrument includes equity shares, preference shares, no voting rights shares, cumulative
convertible preference shares. Fixed income instruments includes convertible debentures
which dived into partly/fully convertible debentures, zero coupon bonds and zero coupon
convertible debentures and on the other hand non-convertible debentures are tax free
bond, floating rate bond, secured premium note. All who have invested do not get
benefit from it. Majority of them incur loss. Loss may be systematic risk or unsystematic
risk. Systematic risk are like natural calamities , war which are un diversifiable risks
means that cannot be reduced by changing the company or by changing security or by
changing the proportion of investments. Interest risk, market risk, and purchasing power
risk are come under systematic risk. Unsystematic risk affects securities of specific
companies. This risk can be diversified by investing in various alternative securities
simultaneously. One security can be set off with the profit of another security. This type
of risk arises because of labour union problem, lack of research and development,
ineffective management. Unsystematic risk can be controllable in nature but systematic
33
risk not controllable. Income after consumption is profitable if that is utilized for
productive proposes like stock market. Research concluded that the investors invest their
money in traditional ways like bank deposits, post office savings chit funds etc. only few
investors invest in mutual fund, money market etc. majority of investors prefer regular
return instead of taking any risk for high return.
Pratibha Chaurasia (2017)32 has studied on objectives of Individual Investors. As per
needs and goal investor has its own unique choice of investment. Investor’s decision not
only depends on risk and return but also investor psychology. Quick return and liquidity
have significant relationship with age. For financial wellbeing investment is the basic
need. Basic aim behind investment is wealth maximization which is based on the risk
and return. Under behavior finance investment depends on risk profile and attitude of
individual which includes demographic profile and objective of investment objectives
and expectations from investment differ as per individual behavior and their choice of
investment avenues. Safety of principal, desire to earn, regular income, capital growth of
the investment, to earn quick return, tax benefit and liquidity are objectives of investment
which affect investment choice of the investment. With scare resources money individual
investor meet up their financial goals. The study concluded that safety of principal,
capital growth and regular income has significant relationship with gender but not with
age. Tax benefit has significant relationship with age but not gender. Quick returns and
liquidity have significant relationship with both that is age and gender. Mostly preferred
investments are safety of principal and on the other hand liquidity as the least preferred
investment objective.
Kafeel Ahmed (2017)33 has conducted study on investment objectives for investing in
Volatile Market. Investor is always uncertain about amount and timing of income
generated through capital market which associate with risk. Fluctuations and variability
is the feature of Indian stock market whether it includes high risk, still significant
number of investor invests due to probability of high returns. Earning more return
investor will have to take risk. Different investors have different motive in volatile
market like liquidity, high return, tax purpose etc. volatile it is not necessarily bad things
but it is an opportunity for generating superior returns, security analyst, portfolio
managers, traders always keep close eye on volatility trends. Volatile market always
fluctuation of price of securities minimum and maximum price of security experienced
over a period. Volatility includes systematic and unsystematic risk. Systematic risk
measured by beta. If it is more than 1 the return expected should be more than return
34
generated on market portfolio. Various different factors affects for volatility and it’s very
difficult to identify which factors responsible for decline the price of security. Researcher
concluded that in volatile market investor has more chance for superior returns since
much security available at a lower price than its actual price. Most of the securities in
volatile market easily can be converted into cash without loss of its value. Investors have
to follows different strategy for maximization of returns. For that purpose investor prefer
new companies to get superior returns in volatile market but investors do not consider
diversification of their portfolio had believes tactical strategy for gaining average returns.
Dr. Suresh Mittal (2017)34 has conducted on demographic factors and investment
pattern. For household investor their main objectives behind investment are child
marriage, emergency need, wealth creation and tax concession. They preferred insurance
and postal scheme for investment purpose. Investment decisions are depend on high rate
of return, safety and liquidity. Demographic factors plays important role while selecting
investment avenues, investment objectives for investment decision. Household sector
contributed maximum portion of the domestic savings of India. After family
responsibility individual invest in different investment avenues like real estates, bank
deposits, corporate deposits, mutual fund, insurance policy, equity etc. Investment
classified on the basis of risk, liquidity safety in context of the income, age, education
level, number of dependent. Researcher concluded that choice of investment depend on
age, education level, occupation, residential area, annual income of family etc. household
investor main objectives behind investment are child marriage, emergency need, wealth
creation and tax concession. Research concluded that education level, residential status
and family income affect the choice of investment but not age factor.
Dr. S. Balamurugan (2017)35 stated that the investment management golden principle is
‘No pain no gain’. High risk provides high profit women’s investors can minimize risk
but cannot avoid risk by investing alternatives forms of investment. So they can get
moderate profit. Women’s attitude differs from time to time and person to person while
investing. All women’s investors invest their savings in bank, gold, silver, real estate, life
insurance, Mutual Fund based on their risk attitude. The women’s investors with lesser
risks expect more returns, risk and return are two factors which affect women’s
investment decision. Women’s investors always think for saving should be in beneficial
investment avenue which is based upon her awareness and knowledge about investment
avenues. If accurate information received on the right time then they enjoy the success

35
from investment. The study concluded that 75 percent Indian savings is done by
households. Out of that Gold and Real Estate are most preferable investment avenues.
Anju K J (2017)36 has conducted study on saving and investment behaviour. For taking
India to greater height and accelerating economic growth and development saving and
investment plays important role. IT professionals earned more than other employed
sectors. IT sectors gives high contribution for economic development. So they play
important role towards India’s GDP. Compare to developed county, GDP of developing
countries is growing faster. Majority of investors invest their surplus money into bank
and post office deposits. Only few of high category respondents don’t have sufficient
balance to meet financial emergency. IT professionals saved their money regularly and
comfortable to take risk to attain more profit. They are savers than investors. Life
insurance policy is the most preferred investment avenues. IT professionals enjoys tax
planning with proper investment planning, learn and take initiative to plan and save and
ready to take risk against earn high returns. They maintain discipline towards savings,
control over finance.
Sanket L. Charkha & Dr. Jagdeesh R. Lanjekar (2018)37 have studied the different
types and avenues of investments as well as the factors that are required while selecting
the investment with the sample size of 60 salaried employees by conducting the survey
through questionnaire in Pune city of, India. In this study researcher identified preferred
investment avenues among individual investors by using self-assessment test. It is
revealed by the study that salaried employees consider the safety as well as good return
on investment that is invested on regular basis. Male investors are more aware about the
various investment avenues than female investors. Further it is also observed that there
is direct relationship between the income level and awareness of the different avenues of
the investment. A person having a high level of income tends to have more knowledge
about the different sources and avenues of investment that are available in the market. A
person having more income will naturally look for investing more amounts and hence
nut natural will have awareness regarding it.
Nidhi Bansal and Nazia Hassan (2019)38 have inspected the reasons of savings, and
behavior of investors in Delhi/NCR. It also explains different reasons of savings,
awareness level and Investment pattern of people in Delhi/NCR with a sample of 126
people which was randomly selected. The study is based on primary sources of data and
has been analyzed using correlation and regression, with the help of statistical software
SPSS. The researchers have analyzed that people consider the security, benefit, duration
36
and opinion. The study found that found that there is significant inter correlation
between perception of security, perception of benefits, duration of investment, awareness
level on investors, sources of opinion and investment behaviour of investors. It was also
found that perception of security, duration, awareness level of investors and source of
opinion of investors are the significant predictors of investment behaviour of investors.
2.3 Review of Literature relating to Tax Planning
In this section, some of the prominent research papers/articles to tax planning
published in well-known journals or websites have been reviewed as under:
2.3.1: Research Articles / Papers
V.K.Thomas (2005)39 has suggested maximization in return with less risk burden are the
priority of investors. Tuition fees, provident fund, insurance scheme, housing loan
interest and principles are taking place for minimizing the tax. Housing loan is most
favorite investments for individuals where they get owned house and loan payable during
year can avail as a deduction as per Income Tax laws.
Siddheshwar T. Gadade (2011)40 has conducted study on, “Tax planning through Home
and Home Loan”. Home through home loan is the most preferred tax planning option
available to salaried class people. If person having already his own house even thought.
One can take 2nd of if possible 3rd home and so on with the help of home loan. As per
researcher Home loan is best option for tax planning. Researcher focused on various
aspects of home loan. There are various benefits to home borrower. Firstly borrower gets
tax deduction under 24 & 80C of Income Tax Act 1961 and market value of home
always appreciates over the years which borrower can utilized for top up loans or loans
against properly. It’s the government primary duty to provide shelter to its citizens.
Which full filled by inserting tax benefit on home purchase and home loan under section
24 and 80C but government also collects high revenue through stamp duty and
registration charges. Banks also enjoy enormous benefits by granting home loan against
secured asset. The study concluded that purchase of home through home use for
residence or let it out. This also benefits the government by providing shelter to the
people by providing income tax benefit under sec. 24 and 80c. On the other hand
government collects huge amount of revenue in the form of Stamp Duty and Registration
charges on the agreement while purchase and sale of homes. Banking and non-banking
financial institutes also get benefits in the form of interest on home loans, top up loans,
loan against properties. Self-occupied property or as let out property of purchased by an
individual is always win-win situation for everyone whether it is individual borrower,
37
government, banker or homeless individual. Thus Tax Planning through home loan is the
best tax planning option for an individual.
Rajiv Kaushik (2012)41 in his article has discussed about the process of the assessment
of income tax, tax planning, saving and how to claim exemptions under the individual
income tax. The study concluded that any individual who want to assess his or her
income and want to do tax planning, first he has to calculate his/her total income then
compute the income tax by deduction and adjustment in total income, if tax paid in
excess then get refund from income department. Finally do the tax audit.
Parag Garg (2012)42 has conducted study Examined to control and regulate the
economic activities of a country in its desired direct tax planning is a very effective,
efficient and influential instrument. To justify the canons of equality and simplicity, time
to time government provided exemption, deduction and even concessions. It promotes
savings and investment but still individuals are not happy to paying the taxes instead of
that and wish to come down the tax liability to the member. For reduction of tax burden
tax planning is an effective measures instead of tax avoidance or tax evasion. Taxation
promotes the development activities in a country. Honest citizen hates the taxes. He
always try to manage that his/ her hard earned to money is not taken away by rule of law.
For minimization the tax liability, a taxpayer has to plan different ways with
consideration of many factors like liquidity, security and the return and tax on income.
Saving and investments are interconnected. Majority of individuals of Agra preferred
investing in LIC for saving taxes. As per study tax avoidance and tax evasion lead to
consequences to tax payer and also loss of tax revenues to the government. Tax planning
study concluded that Investment in LIC and PPF are the most preferred tax saving
measure of the middle class tax payers.
Rajitha Nair (2013)43 in his study is designed to highlight the special objective to
understand the influential factors such as gender, age, income bracket responsible for
deciding the investment in tax saving schemes and to study the awareness among the
faculty about the different benefits of the schemes in tax saving. Finance comprise of
three sub categories personal finance, corporate finance and public finance, liquidity and
profitability important factors which give dear picture of financial condition. The study
concluded that the respondents are more concerned about returns, safety and tax saving
than flexibility, liquidity and wealth when they are investing in tax saving schemes. So
researcher suggested before choosing any tax saving options one need to search out the
benefits of the schemes available and lookout from ones perspective and decide from the
38
various factors like returns, safety, flexibility and liquidity as per available investment
avenues which suits the individual best.
William H Hoffman (2013)44 has conducted study on, ‘The theory of Tax Planning.”
Tax planning means it’s an arrangement of financial activities of tax payer for minimum
suffering expenditure of taxes. Tax liability does not reduce tax liability but tax saving is
main target behind tax planning. Tax evasion and tax avoidance are two different
concepts. Both concepts are interchangeable with each other. If tax payer fails in
distinction between 2 concepts results in discredit of the tax planning process and lead to
legal consequences. Ultimate goal is tax avoidance achieved by tax planning.
Unfortunately tax planning carried out by tax payer without professional guidance. Tax
planning is a formalized procedure. For minimizing tax payment, more and more people
become aware about tax planning. Tax evasion is an illegal activity which is differs from
tax avoidance. Tax avoidance means reduction in tax amount. Income tax authority
scrutinized and even penalized if they found deliberately concealed income through tax
evasion. If there is difference in amount of income should be reported to the tax authority
and actual amount reported. If there is tax gap then it is illegal act as per Act. There are
number of problems in tax gap measures. On other hand tax avoidance is legally
reduction of tax liability. For deciding the nature of transaction important factor is
legality of respective transaction instead of motive of transaction.
Savita and Lokesh Gautam (2013)45 has undertaken the study saving instruments used
to save tax and examine the amount of tax saved by the assessees. The study is based on
convenient-cum- stratified sample consisting sample unit of business class, service class
and commission agents of 70 respondents. The study revealed that the most adopted tax
saving instruments by the respondents are LIC premium, provident fund and fixed
deposits and least adopted tax saving instruments are infrastructural bounds. It is also
identified that the respondents whose income is less than Rs. 1lakh their tax saving
amount is less than Rs. 10,000, while the income of the respondents is between Rs 2 to 5
lakh and Rs, 5 to 10 lakh their tax saving amount is between Rs. 70,000 to 90,000.
Hence, the study concluded that as income of the respondents increase there is also
increase in the tax saving amount.
A.N. Paunikar (2014)46 has undertaken a study in relation to financial aspects of equity-
linked saving schemes and benefits derived from various schemes under the same. The
study exclusively comprehended the equity market and evaluated the performance of
various schemes under equity-linked saving schemes with respect to the salaried
39
employees in Nagpur District of Maharashtra State. The study pointed out that the
salaried class employees are not much aware of the equity-linked saving schemes and
other investments. The major trusted investments of the salaried class of employees are
postal investments, provident fund and LIC. Most of them preferred equity-linked saving
schemes, while only a few go for other mutual funds but they paid stress on good returns
on investments than safety. Among the mutual funds, the respondents have given ranked
first to DSP Meryll Lynch followed by Franklin Templeton and ICICI prudential.
Sanjeeb Kumar Dey (2015)47 has conducted a study to study fundamental of tax
evasion and tax planning, to study tax planning provisions available for salaried
employees under Income Tax, to study level of awareness regarding tax laws among the
salaried employees, and to study tax planning measures adopted by these employees. As
an Indian citizen paying tax is a constitutional duty. Paying tax is very painful task for
every individual because it impact on remaining income of assesses. By way evasion or
avoidance tax liability can be reduced. Tax evasion is illegal but tax avoidance can be
done with tax planning which is ethical and legal. Salaried class employees are most
transparent for these purposes. In order to minimize tax liability, tax planning is an
important task for every assessee to make compliance with the income tax rules. Salary
persons have limited source of income and affected by pressure of inflation are under
burden of strict obligations for tax compliances and they have under the direct control of
income tax administration. Majority lecturers are not aware about the different provision
of income tax. There is no significant relationship of level of awareness with their class
of lectures, gender, experience and length of service. Tax is compulsory payments
without any direct feasible return. Every assessee must have thorough knowledge about
different tax planning like HRA, deductions available for various saving and spending.
Different class of lectures adopted uniform tax planning class of lectures. But there is
relationship between base of education and level of awareness about tax planning. Study
also concluded that commerce lectures have more knowledge about tax planning as
compare to arts and sciences lectures. Thus the study showed the level of awareness
about tax planning measures among lectures.
Tarika Singh (2015)48 his study focused on tax structures and pension funds both are the
important economic factor for economic growth in context of OECD nations. A pension
fund provides income after retirement. It plays important role for listed and private
companies. Pension reforms efforts took place in countries around the globe. There is

40
negative relationship between inflation, personal tax, general consumption tax, specific
consumption with GDP. Only corporate tax is having positive relationship with GDP.
Sanjeeb Kumar (2016)49 conducted a study on Awareness of Tax Saving Schemes.
While choosing for investment avenues individuals are unaware about all technical
details about the scheme. Individuals select particular scheme because of having one
benefit but ignore the other schemes which provides better benefits with better terms. So
knowing all investment avenues with their features and technical view is important while
selecting best one. Information plays vital role for shaping business. So more and quality
of information will be better for decision making. In absence of critical information
investor ends up for taking decision which yields fewer benefits. Right information in
right time from right people ensures quality decision. Awareness comes from more
information. For growth and development of economy government plays important role.
Taxes are the main source of income of government for public spending. Tax payer faces
many problems for selecting golden way for minimization of tax liability. Because
paying tax to government is always painful task for individual which impacts on the
residual income of assesses. They have to manage their financial affairs. Tax planning
plays important role for reduction of tax liability and compliances of income tax rules.
So assesses must know different saving schemes available in the laws. As per study 34
percent of respondent have poor knowledge, 42 percent having average knowledge and
23 percentage respondents are having good knowledge of Tax Saving.
K. Saravanan and Dr. K. MuthuLakshmi (2017)50 has conducted the study to find out
the most suitable tax saving instruments used for tax saving and examined tax saved by
using that instruments by the assesses in the Trichy City, the study is based on sample
survey consisting 100 assessees selected by the stratified random sampling method. The
study is descriptive in nature has been focused on the relationship between assessees
income level and tax saving amount.. the most adopted tax saving instruments by the
assessees are provident fund, Life Insurance policies, interest on housing loan,
repayment of housing loan , children tuition fees, while least adopted tax saving
instruments by the assessees are Fixed Deposit, National Pension Scheme, National
Saving certificates, Health Insurance Plans, Donation and Equity Linked Saving
Schemes. The study concluded that the assessees saving tax as per their level of income
but they are not preferred modern tax saving instruments and risky investments.
Bitto Benny (2018)51 has conducted the study of tax planning awareness about taxation
policies among the salaried class. The study has done by using sample survey of 40
41
sample respondents selected by convenient sampling method. The study has used
correlation analysis for establishing relationship between independent variables like tax
planning measures and awareness about deductions and dependent variables such as
professional tax, insurance premium and contribution to provident fund, By analyzing
the survey data with correlation analysis. It has been revealed that tax planning does not
depend on the status of employees whether they are private or public employees. They
plan tax not depending on financial experts.
2.4: Review of Finance Acts52:
In this section, Finance Acts for the last five years Finance Acts have been
reviewed with respect to salaried assessee hereunder:
The Finance Act, 2015, has raised the basic threshold limit for individual
taxpayer up to Rs. 2.50 lakh and for senior citizen Rs. 3.00 lakh. Besides, the qualifying
limit for the deductions in respect of investments, payments/contributions, etc. under
section 80C has been increased from Rs.1.00 lakh to Rs. 1.5 Lakh. For encouraging
saving in public provident fund maximum saving limit has also fixed Rs. 2.00 lakh. To
boosting the residential real estate sector, deduction in respect of interest on housing loan
has enhanced from Rs. 1.00 lakh to 1.50 lakh. To provide incentives to pensioners,
contribution for pension fund has been increased from Rs. 6,500 to 15,000. However, the
locking period for capital gains was fixed for 3 years.
Finance Act, 2016 has not been made any changes slab rate under personal
income tax. Additional surcharge of 2 percent replaced against Wealth Tax for super rich
individual whose taxable income is more than one Crore annually. Health Insurance
premium limit of deduction increased from Rs. 15,000 to Rs. 25000. For Senior citizen it
has increased from Rs. 20,000 to Rs. 30,000. The senior citizens whose age are above 80
years and also not covered under health insurance are eligible to take deduction of Rs.
30,000 under medical expenditure. To specific decease of serious nature, deduction limit
has increase from Rs. 60,000 to Rs. 80,000 for senior citizen. For disabled person
additional Rs. 25,000 allowed as deduction. Contribution to New Pension Scheme and
Pension Fund deduction has increased from 1 Lakh to 1.5 Lakh. Under Section 80CCD
contribution towards New Pension Scheme introduced addition deduction of Rs. 50,000.
The Contribution towards Sukanya Samruddhi Scheme including interest is fully exempt.
The government has introduced Atal Pension Yojana for salaried employees. Returns are
depending on amount of contribution and period of contribution with limitation of
premium of Rs. 1000 each year, government contribute 50% beneficiaries’ amount for
42
new account that are opened before 31 December 2015. The Government introduce
various policies relating to health, medical and accidental issues like accidental insurance
to individuals of Rs. 2 lakh under ‘Pradhan Mantri Suraksha Bima Yojana’ with only
premium of Rs. 12. For natural and accidental death risk covered under the premium of
Rs. 330. Risk of Rs. 2 Lakh covered under this ‘Pradhan Mantri Jeevan Jyoti Bima
Yojana’ with minimum premium amount of Rs. 330. Such scheme is applicable the age
group between 18 -50 years. To facilitate technology inflow government reduced rate of
income tax on royalty and fees from 25 percent to 10 percent.
Finance Act, 2017 has kept income slabs and income tax rates same for the
financial year 2016-17. Major incentives for new employees towards Provident Fund
where in government contribution of 8.33 percent assured for first three year. Rental
Housing sector was incentivise by raising the deduction for rents from Rs. 20000 to Rs.
60,000. This also brought of dynamiting in the housing industry. Further boost has been
given to housing industry an addition exemption on housing loans provided for the cost
of house remained below affordable limits that is below 50 lakhs. In order to prompt
housing, service tax was exemption is tenement size is 16 sq. meters. The higher income
was further charged with addition 15 percent surcharge. Small tax payers have provided
a rebate through relief under tax proposal. An individual whose income is below Rs. 5
Lakh is eligible to claim a relief of Rs. 3000. Salary earner gets the exemption for House
Rent Allowance (HRA) hence, deduction for it increased to Rs.60000. Health care aspect
of senior citizens was taken care with additional health care cover of Rs. 30,000.
Finance Act, 2018 has changed tax rate from 10 percent to 5 percent for the
basic slab of income however all subsequent bracket will get benefit because of
reduction of basic tax rate. To fill the gap of revenue, surcharge on rich people whose
annual income is within Rs. 50 Lakhs to Rs. 1 Crore charged by 10%. The simple tax
compliance has been initiated for the taxpayers whose annual income other than business
income is less than Rs. 5 Lakh. The concept inclusive housing (affordable housing) was
further leverage by changing the definition by tenement is from built up are to carpet
area. This resulted into higher sizes of tenement under the concept of affordable houses.
In the non-metro cities the higher tenement size of 60 sq. meters was introduced in the
ambit of affordable housing. Capital gain liabilities were brought down to 2 years to 3
years to make housing sector more dynamic.
Finance Act, 2019 has retained the Income tax slab rates of previous finance Act.
Indian middle class mentality of investments in gold is fostered by way of formulation of
43
a comprehensive gold policy. Consequently investment in gold is formalized through
assured returns. Although tax slab remained the same the standard deduction for
comprehensive tax was introduces Rs. 40,000 by phasing out the cost of transport and
medical allowance. It has to provide slight reduction of tax payment by such addition
income exemptions Rs, 5,800. Government virtually exempted all individuals with an
income below Rs.350,000 by providing rebate under section 87A. By recognizing health
as an important obligatory duty of the government apart from the Education cess and
Higher education an additional 1 percent has been levied. The Finance Minister has
increased the deduction limit of health insurance premium to Rs.50000 from Rs. 30,000
Under section 80D of the Income Tax Act. In case of critical illness like cancers,
Neuroglia diseases, AIDS etc. the deduction limit is one lakh with respect to annual
premium on health insurance policy was introduced. As per present tax system individual
can claim of Rs. 25,000 for medical insurance premium for self, spouse and children but
addition amount of premium Rs. 25,000 can claim for parents. In case of senior citizen
amount of deduction will be Rs. 30,000. Senior citizens have always given their first
priority safety and security while investing the money. Most liking safest and secured
investment option for senior citizen is Bank deposits and Post office savings where
investor gets regular return without any risk. Government made them happy by
increasing the limit of interest for tax purpose. Thus government proposed increase the
exemption of interest on Bank deposits and Post Office deposits Rs. 50,000 from Rs.
10,000. This exemption is applicable to all fixed deposits and recurring deposit account.
2.5 Conclusion:
In this chapter, many studies relating to saving, investment avenues, patterns of
investment and saving and tax planning have been exclusively reviewed. During the
course of review of literature, it has been observed that many studies have been analyzed
savings and investments of investors and salaried employees in theoretical and empirical
manner and contributed towards the body of knowledge in the field of research in
behavioral finances. Besides, few of the studies have been assessed and analyzed some
of facets of investment and tax planning with respect to salaried employees in the state of
Maharashtra and in India. However, they rather dealt with investment and tax planning
and their implications from the prospect of the middle income group employees in public
sector banking and insurance organizations. Almost all the studies have been focused
either savings and investment or tax planning independently with respect to a particular
class of investors or salaried employees but not fused into the line of investment and tax
44
planning of middle income group of employees in public sector especially in banking
and insurance organizations. The researcher came across the fact that the investment and
tax planning are the two important variables of financial planning which have largely
affect the economic survival of middle income group of salaried employees. It is
therefore, they should be properly dealt with their tax efficiency and economic
development in future. This is an identified research gap for the study and that have
been filled up by extending knowledge base, making necessary suggestions and policy
implications for the tax efficiency of salaried employees.
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