LIST OF APPENDICES Questionnaire to be filled in by employees. Interview Schedule for Financial Advisors and Tax Planners.

Transcription

1 LIST OF APPENDICES Appendix I Appendix II Questionnaire to be filled in by employees. Interview Schedule for Financial Advisors and Tax Planners.

2 A. PROFILE: 1. Age: Appendix I Questionnaire to be filled in by employees (Put tick mark in the appropriate column) A. Below 30 Years B. Between 30 and 45 Years C. Above 45 years 2. Sex: A. Male B. Female 3. Place of Residence: A. Rural B. Urban C. Semi Urban 4. Service in completed Years: A. Below 10 Years B. Between 10 and 20 Years C. Between 20 and 30 years D. Above 30 Years 5. Status of the Employer: A. Private B. Public:- State Govt. / Central Govt. /Public Sector Undertakings 6. Status of Employment (state the designation): 7. Annual Income for the Previous Year A. Below Rs. 300,000 B. Rs. 300,000 to Rs. 500,000 C. Rs.500, 000 to Rs. 800,000 D. Above Rs. 800,000 B. SURVEY DATA: 1. How much of your income in a year is saved? A. Up to 10% B % C % D % E. above 40% 292 A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala

3 2. State Your Annual Savings for the Previous Year under the following:- Amount in Rs. 2.1 Financial Assets : With Banks Chitties and Kuries Capital Market Others, specify. Total (1) 2.2 Physical Assets: Real Estate Agricultural Sector (specify.) Gold Others, (specify) Total (2) Total(1+2) 3. Repayment of Liabilities under the following for the previous year Liabilities:- Amount in Rs. 3.1 Housing Loan 3.2 Education Loan 3.3 Others, (specify) Total 4. Extent of Awareness Regarding Various Deductions under the Income Tax Act. (Use X Mark) Fully Aware Partly Aware Unaware 4.1 Professional Tax. 4.2 Interest on Housing Loan 4.3 Capital Gain arising from the transfer of Property used for residence 4.4 Deductions u/s 80C: Insurance Premium Contribution to Provident Fund/Public Provident Fund Investment in National Savings Certificate and Post Office Savings Bank Deposits Subscription to Mutual Fund Repayment of Housing Loan (Principal Amount) Subscription to approved infrastructure bonds Fixed Deposits in Scheduled Banks/Housing Fin.Corp. for not less than 5 Years A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala 293

4 4.5 Contribution to Pension Fund( u/s 80CCC) 4.6 Deduction in respect of Medical Insurance Policy (u/s 80D) 4.7 Treatment of Handicapped Dependents (u/s 80DD) 4.8 Interest on Loan taken for Higher Education (u/s 80E) 4.9 Donation to Charitable Fund (u/s 80G) 4.10 Relief in respect of Arrear Salary/Advance Salary (u/s 89(1)) 5. Which of the following Tax Planning Measures Adopted by you for the Previous Year Amount in Rs. 1. Deductions Claimed u/s 80C,80CCC and 80CD (maximum Rs.100,000) 2. Amount Invested in: 1. PF/PPF 2. Life Insurance Policy 3. National Savings Certificate, Post Office Savings Bank A/c 4. UTI,ULIP 5. Approved Mutual Fund 6. Approved Pension Fund 7. Fixed Deposits ( in Scheduled Banks/Housing Fin. Corp. for not less than 5 years) 8. Repayment of Housing Loan (Principal Amount) 9. Payment of Tuition Fees 10. Approved Infrastructure bonds Total 3. Interest on Loan taken for Higher Education 4. Interest on Housing Loan 5. Contribution to Medical Insurance Policy 5. Donations to Charitable Fund 7. Others, if any (specify) 3. Relief, if any, claimed : 1. Arrear of Salary 2. Advance Salary 294 A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala

5 6. Do you seek the services of a Professional Financial Adviser for making investment decisions? A. Always B. Often C. Occasionally D. Rarely E. Never 7. When do you formulate your tax plan during a financial year? A. Beginning of the year B. End of the Year C. At any time D. No Planning at all 8. Do you seek the services of a Tax Consultant for filing Returns? A. Always B. Often C. Occasionally D. Rarely E. Never 9. Rate Your Opinion on the following: Do you think that IncomeTax Rates in India are High? Do you feel that withdrawal of Standard Deduction has adversely affected you? Do you favour increase in Tax Exemption limit? Do you agree with t he idea of rationalization of Tax Rates? Do you feel that Surcharge should be avoided? Do you think that deduction for bank interest should be reinforced? Do you agree with enhancement of maximum limit for Deduction u/s 80C. Do you think that substitution of tax rebate u/s Sec.88 by deduction u/s Sec.80 is beneficial to you? Strongly Agree Agree No Opinion Disagree (Use X Mark) Strongly Disagree A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala 295

6 Do you think that Introduction of Direct Tax Code will bring simplicity in taxation procedure? Do you agree with the withdrawal of deductions u/s Sec. 80? Do you think that Tax Planning Measures are to be related with investments in Specific Assets? Do you agree with the higher exemption limit for women below 65 years? 10. Rate Your Opinion on the following Taxation Procedures: Taxation Procedure is Complex and Difficult to Understand Filing of Return is very complex. Need for improvement in Tax Payer Service to reduce compliance cost Building Proper Information System is necessary. Rationalization and simplification of Tax Laws are inevitable. Detecting and Penalizing non-compliance is necessary for effective Tax Enforcement. Quick and time bound refund of excess tax paid. Always deduct tax at source on all income. Do you prefer uniform tax rate to progressive tax rate. Are you favoring the system of tax imposed without basic exemption to tax imposed after basic exemption. Strongly Agree Agree No Opinion (Use X Mark) Strongly Disagree Disagree 296 A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala

7 11. Rate your level of awareness of the proposed Direct Tax Code? A. Fully Aware B. Partially Aware C. Unaware 12. Do you support the introduction of the proposed Direct Tax Code? A. Yes B. No 13. Give Your Suggestions in the Order of their Ranks based on your Priority: Tax Rates should be lowered. Nominal rates should be deducted from all employees at source, there by avoiding the necessity for filing returns. (Priority order 1, 2, 3..) Rank Tax liability should be minimized and total tax revenue to the Govt. should be enhanced through widening the tax net. Cost of tax administration can be reduced where monthly tax is deducted at source. Investments in selected avenues should be promoted by providing tax incentives. Tax Planning Education should be provided. E-filing should be popularized. Others, if any, specify. A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala 297

8 Appendix II Interview Schedule for Financial Advisors and Tax Planners 1. What is your opinion on the savings pattern of employees? 2. Why there is less propensity to save in capital market securities? 3. What are the general tax planning measures adopted by employees? 4. Do employees seek consultancy on tax planning? 5. How is tax planning measures timed? 6. Your opinion about Direct Tax Code. 7. Your opinion on: a. Tax Procedure b. Rationalisation of tax. c. Tax Rates. d. Tax Deducted at Source. e. Problems in Tax Filing. f. Any other Matter. 8. Do you experience any difference in the tax planning measures adopted by the private sector employees with that of the public sector employees? 298 A Study on Tax Planning Measures Adopted By the Salaried Class in Kerala