SAMVAD: International Journal of Management

Open Access Open Access  Restricted Access Subscription Access

Study on Financial Planning for Salaried Employee and Strategies for Tax Savings in North Tongu District, Ghana


Affiliations
1 MBA Student, Dr. D Y Patil Vidyadeeth, Centre for Online Learning, Pimpri, Pune – 411018, Maharashtra, India
2 Assistant Professor, Dr. D Y Patil Vidyadeeth, Centre for Online Learning, Pimpri, Pune – 411018, Maharashtra, India
 

Financial planning for salaried employees and attendant tax-saving strategies was conducted by the researcher. The survey was done within the North Tongu District of the Volta Region of Ghana for the period of 3 months (8th April 2022 to 5th July 2022). The researcher correlated financial planning and tax savings of salaried employees. The data was collected through a structured questionnaire by means of hand delivery and a Google form filled out by 250 employees working in different sectors in the district. It was found from the analysis that there is a relationship between Annual savings, Age, Income, and the Sectorial employment designation of people. Analysis has been through percentage analysis, Correlation, One-way ANOVA, T-Test, and Chi-square. Overall findings of the research reveal that tax relief is the most adopted tax savings instrument. The research concludes that salaried employees want to know their tax obligations from the right standpoint and processes of financial planning available to them so that they can make the best use of their earnings by reducing the incidence of tax.

Keywords

Dividend Income, Dividend Income, Financial Planning, Interest Income, Post-Tax Cost, Tax Relief
User
Notifications
Font Size

  • Adeyiga, K. (2018, Aug). Tax reform study in Ghana’s Tax System.

  • Armah-Attoh, D., & Awal, M. (2019, Dec). Tax administration in Ghana: Perceived institutional challenges. Afrobarometer Briefing Paper No 124.

  • Cadence. (2008 Mar). Encounter user guide. Version 6.2.4. Kumaraswamy, M. & Velya, D. M. (2020). Tax planning - An analysis on housing loans. Journal of Emerging Technologies and Innovative Research (JETIR), 7(6), 1685-1688.

  • Kwabena, N. O. (2020). Public Services International. Tackling Tax Incentives in Ghana. Available at: worldpsi. org, 2020.

  • Kwabena, A., Robert, O. & Pirttilä, J. (2016, Mar). Feasibility of tax-benefit microsimulation in Ghana. United Nations University World Institute for Development Economics Research, Technical Paper, Proc IEEE Int Symp Circuits Syst, 4, 4082-4085.

  • Priya P. Verlekar. (2021). An Analytical Review On Impact of Section 5A of the Income Tax Act 1961 on Income of Salaried Goans. Sambodhi, 43(3), 66-78.

  • Rokde, S. (2020). An analysis on investment and saving pattern of salaried employees. International Journal of Creative Research Thoughts (IJCRT), 8(10), 1283-1302.

  • Saravanan, K., Muthu Lakshmi, K. (2017). Tax saving scheme and tax saving instruments of income tax in India. IJSRD - International Journal for Scientific Research & Development, 5(7), 755-759.

  • Savita, Lokesh & Gautam. (2013). Income tax planning: A study of tax saving instruments. International Journal of Management and Social Sciences Research (IJMSSR), 2(2), 83-91.

  • Scholes, M. S., Wilson, G. P. & Woolfson, M. A. (1990). Taxing planning, regulatory capital planning and financial reporting strategy for commercials banks. The Review of Financial Studies, 3(4), 625-650. https://doi.org/10.1093/rfs/3.4.625

  • Shetty, M. B., & Gopalakrishnan, M. (2013). An analysis of investors attitude towards various tax saving schemes. International Research Journal of Business and Management (IRJBM), 1, 11-29.

  • Sepenoo, K. C. (2019). An assessment of gift tax administration in Ghana: A case study of non-accounting postgraduate students of Ghana.

  • Suchithra, P. & Vidhya, C. (2019). A study on the awareness of tax saving instruments of individual tax payers.

  • Sujatha G S, Paper ID : IJERTCONV2IS13131; Volume & Issue : NCRTS – 2014 (Volume 2 – Issue 13); Published (First Online): 30-07-2014.

  • Virani, Varsha, (2013). “Saving and Investment Pattern of. School Teachers – A Study with Reference to Rajkot City, Gujarat”, Abhinav Journal, 2(4).

  • Volpe et al. (2002). Surveyed investors to examine their investment literacy and the relationship between the literacy and online investor characteristics.


Abstract Views: 1318

PDF Views: 252




  • Study on Financial Planning for Salaried Employee and Strategies for Tax Savings in North Tongu District, Ghana

Abstract Views: 1318  |  PDF Views: 252

Authors

Felix Awuku Afeti
MBA Student, Dr. D Y Patil Vidyadeeth, Centre for Online Learning, Pimpri, Pune – 411018, Maharashtra, India
Vishakha Kuwar
Assistant Professor, Dr. D Y Patil Vidyadeeth, Centre for Online Learning, Pimpri, Pune – 411018, Maharashtra, India

Abstract


Financial planning for salaried employees and attendant tax-saving strategies was conducted by the researcher. The survey was done within the North Tongu District of the Volta Region of Ghana for the period of 3 months (8th April 2022 to 5th July 2022). The researcher correlated financial planning and tax savings of salaried employees. The data was collected through a structured questionnaire by means of hand delivery and a Google form filled out by 250 employees working in different sectors in the district. It was found from the analysis that there is a relationship between Annual savings, Age, Income, and the Sectorial employment designation of people. Analysis has been through percentage analysis, Correlation, One-way ANOVA, T-Test, and Chi-square. Overall findings of the research reveal that tax relief is the most adopted tax savings instrument. The research concludes that salaried employees want to know their tax obligations from the right standpoint and processes of financial planning available to them so that they can make the best use of their earnings by reducing the incidence of tax.

Keywords


Dividend Income, Dividend Income, Financial Planning, Interest Income, Post-Tax Cost, Tax Relief

References





DOI: https://doi.org/10.53739/samvad%2F2022%2Fv25%2F172530