THE IMPACT OF FINANCIAL PLANNING FOR SALARIED EMPLOYEE AND STRATEGIES FOR TAX SAVINGS IN COCA COLA PLC, LAGOS STATE

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THE IMPACT OF FINANCIAL PLANNING FOR SALARIED EMPLOYEE AND STRATEGIES FOR TAX SAVINGS IN COCA COLA PLC, LAGOS STATE

CHAPTER ONE

INTRODUCTION

1.1Background of the study

The term Income tax was first introduced in India on 31st July 1860 by the British Government for five years to overcome the financial difficulties experienced by the Government. The act imposing the tax was modeled on the English Act. This act was revived in 1867 in the form of “License Tax” that tax is imposed on trades and profession based on annual income. This license tax was replaced by “Certificate Tax” in the year 1868. In the year 1886 a new Act was passed whose basic scheme has been preserved in all subsequent enactments. This act on Income Tax imposed tax on income at flat rate and the Agriculture income was excluded.

During the First World War the expenditure of the Government has increased and hence graduated scale of Income Tax was introduced in 1916.In 1918, a new Income Tax Act was passed repeating all previous acts. It brought about drastic changes in the manner of computation of income and levy of tax. Income from all sources was to be aggregated and the tax was levied on the aggregate income in the year itself. This act remained in force up to the year of 1922. Many defects were noticed in the practice of this act. So, it was felt necessary to amend the act.

Government of India appointed All India Tax Enquiry Committee (AITEC) to suggest suitable remedies for improving and effective implementation of the act. His on the recommendations of the committee, the act of 1918 was replaced by the Income Tax Act 1922 which remained in force for forty yeaRs. Under this act administration of Income Tax was vested in the hands of Central Government. This act was modeled on the lines of the British Income Tax act. It introduced changes in the method of assessment and collection of taxes.

It is provided that the assessment of tax would be determined by the Finance Act, which would be passed by the parliament before 31st March every year instead of being fixed by the Income Tax Act. Apart from that, as a result of this Act the Central Board of Revenue [CBR] was established in 1924. The Income Tax Act 1922 was materially revived by the Income Tax (Amendment) Act, 1939. This act was passed based on the recommendations of the Income Tax committee. The classification of residential status into resident, Not – ordinarily resident, non-resident was introduced only by this Amendment Act. The scheme of “Advance payment of Tax” was introduced by the Income Tax (Amendment) Act, 1944. In 1948 the scheme of provisional assessment was introduced.

To simplify the Act of 1922 which become complicated as a result of too many amendments between 1939 and 1956, the law commission was appointed in 1956. Apart from that, Government of India invited Professor Nicholas Koldor, a distinguished professor of Economics of Cambridge Company to review the existing Indian Income Tax system. After reviving the structure a report called “The Indian Tax Reforms” in the 1957.His report paved the way for introduction of an annual wealth act, capital gain tax etc, to minimize the inconveniences caused by the assesses the Direct Taxes Administrative Enquiry Committee was set up 1958 under the chairmanship of Mahabir Tyagi.

The present law of income tax is contained in the income tax year 1961 as amended up to date almost every year. This act contains nearly sections. The provisions regarding computation of total income, procedure

for assessment, appeal, penalties, prosecution, refund powers of Income Tax authorities etc. are governed by this Act. Every year the parliament passes a finance act. This finance act introduces amendment of direct tax laws. The rates of income tax for a current assessment year, rates for reduction of tax at source and advance payment tax for the said financial year are fixed by this Finance Act.

TAX PLANNING:

The planning is the arrangement of one’s financial affairs in such a way that without violating in any way the legal provisions, full advantage is taken to allow tax exemptions, deductions, concessions, rebates,

allowances and other reliefs or benefits permitted under the Income Tax Act. “Tax planning is not a post time of a few but it is necessity for all honest tax payeRs. A wrong decision can mean an unbearable burden while a

right step in the right direction after proper tax planning can mean a lot of tax saving”- S.P.Metha.

Tax planning is nothing but tax avoiding formulates, it is a great art, which does not break law, yet, its bonafide. It helps in saving the tax, the salient aspect to so call good tax planning is,

i) Bonafide nature of arrangements
ii) Provision that laws are not violated

Effective tax planning requires one to loan one’s income and affairs even prior to actually earnings the income. It is better to plan before than latter. A salaried person should be aware of the income- tax laws as it related to income, the deduction and reliefs that are available. It is intended that on becoming conversant with the details the people would be able to plan the affairs in the manner whereby it maximize to take home pay.

1.2Statement of the problem

All the relevant information for the study has been obtained from the representative samples of the salaried section and without referring to any records. As the study is for current and also a short period, those data seen to be reliable.

There may have been previous researches in this subject. This work gives further explanations and analysis in the impact of financial planning for salaried employee and strategies for tax savings in Coca cola plc, Lagos state

1.3Objectives of the study

To understand the impact of financial planning for salaried employee and strategies for tax savings have a strong and significant impact on the development of Coca cola plc, Lagos state
To understand the challenges companies face in financial planning for tax savings
To understand the relationship between financial planning for salaried employee and strategies for tax savings and development of Coca cola plc, Lagos state

1.4Research questions

What is the impact of financial planning for salaried employee and strategies for tax savings have a strong and significant impact on the development of Coca cola plc, Lagos state
What are the challenges companies face in financial planning for tax savings
What is the relationship between financial planning for salaried employee and strategies for tax savings and development of Coca cola plc, Lagos state

1.5 Research Methodology

The researcher adopted ex-post facto research design for the study. The population comprised all staff in Coca cola plc, Lagos state. The instrument tagged “The impact of financial planning for salaried employee and strategies for tax savings in Nigeria questionnaires were administered. The questionnaire was made up of two sections; Section A contained questions on biographic data such as name of company, rank of lecturer, age and gender, while Section B consisted of 10 items indicative of the financial planning strategies for retirement. The instrument was validated by experts in Measurement and Evaluation

1.6Research hypothesis

H01: There is no relationship between financial planning for salaried employee and strategies for tax savings and development of Coca cola plc, Lagos state

H1: There is a relationship between financial planning for salaried employee and strategies for tax savings and development of Coca cola plc, Lagos state

H02: Financial planning for salaried employee and strategies for tax savings does not have a strong and significant impact on the development of Coca cola plc, Lagos state

H2: Financial planning for salaried employee and strategies for tax savings have a strong and significant impact on the development of Coca cola plc, Lagos state

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