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CONTENTS
Sr. NO TOPIC PAGE
Chapter 1 Introduction 2
1.1 Objective of the study 4
Chapter 2 Analysis of Investment 5
2.1 Characteristics, Importance & Types of Investment 6
2.2 Investment Planning 7
Chapter 3 Investment Avenues 9
Chapter 4 Research ethodology 19
4.1 !" Test 22
4.2 Analysis of #ariance $A%O#A 23
Chapter 5 Analysis & Interpretation 25
Chapter 6 'indings 38
Chapter 7 Recommendations 40
Chapter8 Conclusion 41
Chapter 9 (ibliography 42
Chapter 10 Anne)ure 43
CHAPTER - 1 INTRO!CTION
"hat #$ ta% p&a''#'( a') *hat +, ,&) (a#' /r, #t
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A good citi*en should al+ays pay ta) (ut he should not end up paying unnecessary ta) A
smart citi*en is one +ho pays ta) but also ma-es ma)imum use of provisions available in Ta)
.a+s to minimi*e it This can be achieved through scientific Ta) planning Ta)
Planning involves measures +ithin the current legislation dealing +ith the choice of time,
location and activities, +ith creation and support of the most effective schemes and contractual
relationships to increase the cash flo+s due to minimi*ation of ta) payments Through proper
ta) planning, you +ill not only lo+er amounts of ta) payments +ith respect to basic ta)es, but
you/ll also create a +ealth stream for achieving long term goals
Opt##at#,' ,/ ta% pa+e't$ #'&)e$
0 1)amination of the ta) saving schemes available2
3 4hort listing the most suitable schemes for your benefit2
5 1)pert opinions on ta)ation problems2
Ta) planning involves conceiving of and implementing various strategies in order to minimi*e
the amount of ta)es paid for a given period 'or a small business, minimi*ing the ta) liability
can provide more money for e)penses, investment, or gro+th In this +ay, ta) planning can be a
source of +or-ing capital According to The 1ntrepreneur aga*ine 4mall (usiness
Advisor, t+o basic rules apply to ta) planning 'irst, a small business should
neverincuradditional e)penses only to gain a ta) deduction 6hile purchasing necessary
e7uipment prior to the end of the ta) year can be a valuable ta) planning strategy, ma-ing
unnecessary purchases is not recommended 4econd, a small business should al+ays attempt
to deferta)es +hen possible 8eferring ta)es enables the business to use that money interest9
free, and sometimes even earn interest on it, until the ne)t time ta)es are due
1)perts recommend that entrepreneurs and small business o+ners conduct formal ta) planning
sessions in the middle of each ta) year This approach +ill give them time to apply their
strategies to the current year as +ell as allo+ them to get a jump on the follo+ing year It is
important for small business o+ners to maintain a personal a+areness of ta) planning issues in
order to save money 1ven if they employ a professional boo--eeper or accountant, small
business o+ners should -eep careful tabs on their o+n ta) preparation in order to ta-e advantage
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of all possible opportunities for deductionsand ta) savings :ou should notblindlyallo+
someone else to ta-e complete charge of your ta) paying responsibilities; In addition, as
'rederic- 6 8ailey +rote in his boo- Ta) 4avvy for 4mall (usiness, ;Ta) -no+ledge has
po+erful profit potential !no+ing +hat the ta) la+ has to offer can give you a far better
bottom line than your competitors +ho don/tbotherto learn;
Ta) planning is an integral piece of a proper financial plan The fact is many people do
not concentrate on ta) planning I have seen this truth in my practice through ne+ clients +ho
often tell me, s des- and hope for the best This is a recipe for
disaster
?nderstanding the impact ta)es +ill have on your financial +ell9being is essential, especially for
those +ho are self9employed Ta-e time to plan for the current year and ma-e adjustments to
create positive momentum There are al+ays ne+ la+s and changing provisions in the ta) code,
+hich, again illustrate the importance of planning
Ta-ing control of your ta)es and saving ta) dollars is +hat ta) planning is all about 4ome of the
biggest savings associated +ith ta) planning can come from ideas that are very simple, such as
saving a percentage of your income to cover estimated ta)es or retirement contributions $if you
are self employed, or increasing your @0!B@5( contribution +hile adjusting your 69@ so
your paychec- is not affected $for those +ho are employees
.i-e many other aspects of your financial life, through -no+ledge and understanding can come
clarity and improvement Ta-e control of your ta)es Remember that ta)es are the single largest
recurring e)pense that must of us +ill have throughout our lifetime The ta) code is 7uite
complicated, so tal- +ith your 'inancial Advisor or ta) preparer about helping you planaccordingly
1.1 OECTIES O THE ST!
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The main objective of the study is to find out the investment pattern of the
investors in various Investment Avenues
To determine +hat factors influence them +hile they choose a particular
investment
To find out +hether they are satisfied +ith their investment decision or not
?nderstanding the impact ta)es +ill have on your financial +ell9being is
essential, especially for those +ho are self9employed
1)amination & understanding the investor perception in the ta) saving
schemes +hich is available
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CHAPTER 2 ANA:SIS O INEST;ENT
"HAT IS INEST;ENT
Investment is the activity, +hich is made +ith the objective of earning some sort of positive
returns in the future It is the commitment of the funds to earn future returns and it involves
sacrificing the present investment for the future return 1very person ma-es the investment so
that the funds he has increases as -eeping cash +ith himself is not going to help as it +ill not
generate any returns and also +ith the passage of time the time value of the money +ill come
do+n As the inflation +ill rise the purchasing po+er of the money +ill come do+n and this
+ill result that the investor +ho does not invest +ill become more poor as he +ill not have any
funds +hose value have been increased Thus every person +hether he is a businessman or a
common man +ill ma-e the investment +ith the objective of getting future returns
TPES O INEST;ENT-
There are basically three types of investments from +hich the investors can choose The three
-inds of investment have their o+n ris- and return profile and investor +ill decide to invest
ta-ing into account his o+n ris- appetite The main types of investments are 9
E,',# #'
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These investments refer to the investments made by the common investor in his o+n small
assets li-e the television, car, house, motor cycle These types of investments are termed as the
household investments 4uch types of investment are important for the domestic economy of the
country 6hen the demand in the domestic economy boost the overall productions and the
manufacturing in the industrial sectors also goes up and this causes rise in the employment
activity and thus boost up the D8P gro+th rate of the country The organi*ations li-e the
Central 4tatistical Organi*ation $C4O regularly ta-es the study of the investments made in the
household sector +hich sho+s that the level of consumptions in the domestic mar-ets
CHARACTERISICS O INEST;ENT
Certain features characteri*e all investments The follo+ing are the main characteristic feature 9
1. Retr'-
All investments are characteri*ed by the e)pectation of a return In fact, investments are made
+ith the primary objective of deriving a return The return may be received in the form of yield
plus capital appreciation The difference bet+een the sale price & the purchase price is capital
appreciation The dividend or interest received from the investment is the yield 8ifferent types
of investments promise different rates of return The return from an investment depends upon
the nature of investment, the maturity period & a host of other factors
2. R#$= -
Ris- is inherent in any investment The ris- may relate to loss of capital, delay in repayment of
capital, nonpayment of interest, or variability of returns 6hile some investments li-e
government securities & ban- deposits are almost ris- less, others are more ris-y The ris- of an
investment depends on the follo+ing factors
The longer the maturity period, the longer is the ris-
0 The lo+er the credit +orthiness of the borro+er, the higher is the ris-
The ris- varies +ith the nature of investment Investments in o+nership securities li-e e7uity
share carry higher ris- compared to investments in debt instrument li-e debentures & bonds
3. Sa/et+ -
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The safety of an investment implies the certainty of return of capital +ithout loss of money or
time 4afety is another features +hich an investors desire for his investments 1very investor
e)pects to get bac- his capital on maturity +ithout loss & +ithout delay
4. :#>#)#t+ -
An investment, +hich is easily saleable, or mar-etable +ithout loss of money & +ithout loss of
time is said to possess li7uidity 4ome investments li-e company deposits, ban- deposits, PO
deposits, %4C, %44 etc are not mar-etable 4ome investment instrument li-e preference shares
& debentures are mar-etable, but there are no buyers in many cases & hence their li7uidity is
negligible 17uity shares of companies listed on stoc- e)changes are easily mar-etable through
the stoc- e)changes
An investor generally prefers li7uidity for his investment, safety of his funds, a good return +ith
minimum ris- or minimi*ation of ris- & ma)imi*ation of return
I;PORTANCE
In the current situation, investment becomes necessary for everyone & it is important & useful
in the follo+ing +ays
1. Ret#ree't p&a''#'( -
Investment decision has become significant as people retire bet+een the ages of EE & F Also,
the trend sho+s longer life e)pectancy The earning from employment should, therefore, be
calculated in such a manner that a portion should be put a+ay as a savings 4avings by
themselves do not increase +ealth2 these must be invested in such a +ay that the principal &
income +ill be ade7uate for a greater number of retirement years Increase in +or-ing
population, proper planning for life span & longevity have ensured the need for balanced
investments
2. I'rea$#'( rate$ ,/ ta%at#,' -
Ta)ation is one of the crucial factors in any country, +hich introduce an element of compulsion,
in a person>s saving In the form investments, there are various forms of saving outlets in our
country, +hich help in bringing do+n the ta) level by offering deductions in personal income
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'or e)amples9 ?nit lin-ed insurance plan, .ife insurance, %ational saving certificates,
8evelopment bonds, Post office cumulative deposit schemes etc
3. Rate$ ,/ #'tere$t -
It is also an important aspect for sound investment plan It varies bet+een investment & another
This may vary bet+een ris-y & safe investment, they may also differ due different benefits
schemes offered by the investments These aspects must be considered before actually investing
The investor has to include in his portfolio several -inds of investments stability of interest is as
important as receiving high rate of interest
4. I'/&at#,' -
4ince the last decade, no+ a day>s inflation becomes a continuous problem In these years of
rising prices, several problems are associated coupled +ith a falling standard of living (efore
funds are invested, erosion of the resource +ill have to be carefully considered in order to ma-e
the right choice of investments The investor +ill try & search outlets, +hich gives him a high
rate of return in form of interest to cover any decrease due to inflation
5. I'
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CHAPTER 3 INEST;ENTS AEN!ES
There are various investments avenues provided by a country to its people depending upon the
development of the country itself The developed countries li-e the ?4A and the Hapan provide
variety of investments as compared to our country In India before the post liberali*ation era
there +ere limited investments avenues available to the people in +hich they could invest 6ith
the opening up of the economy the number of investments avenues have also increased and the
7uality of the investments have also improved due to the use of the professional activity of the
players involved in this segment Today investment is no longer a process of trial and error and
it has become a systemati*ed process, +hich involves the use of the professional investment
solution provider to play a greater role in the investment process
1arlier the investments +ere made +ithout any analysis as the comple)ity involved the
investment process +ere not there and also there +as no availability of variety of instruments
(ut today as the number of investment options have increased and +ith the variety of
investments options available the investor has to ta-e decision according to his o+n ris- and
return analysis
A' #'
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4A.. 4A#I%D 4C"114
These are ideal investment vehicles for the small investor the retail resident Indian investors
%onresident Indians are not allo+ed to invest in these schemes .et us loo- at the salient
features of these schemes
0 Public Provident 'und
3 Post Office onthly Income 4cheme
5 Post Office Time 8eposit
@ %ational 4aving Certificate
E !isan #i-as Patra
F Dovernment of India Ta)able 4avings (ond
J 4enior Citi*en 4aving 4cheme
P? Pr,
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This is a very big s+eetener for PP' PP' provides not one, but t+o ta) benefits One, the
investment made in PP' is deductible from your income under 4ection KC of the Income Ta)
Act This means that your entire investment in PP' can be ta) free, subject to the provisions of
4ec KC
P,$t O//#e ;,'th&+ I',e Shee
This scheme appeals to conservative investors +ith traditional values, and for good reason This
scheme offers monthly income and is a safe, guaranteed9by9the9government option 'or retirees,
+ido+s and others loo-ing for a steady income, it can be idealThe Post Office onthly Income
4cheme, or PO I4, is offered by Indian Post Offices A lump sum amount is deposited +ith
the post office and monthly interest earned each month is paid out to youAs the scheme is
offered by post offices, it is bac-ed by the government Thus, the PO I4 is one of the safest
investments available
P,$t O//#e T#e ep,$#t
A Post9Office Time 8eposit Account $R8A is a ban-ing servicesimilar to a (an- 'i)ed
8eposit offered by 8epartment of post, Dovernment of India at all post office counters in the
country The scheme is meant for those investors +ho +ant to deposit a lump sum of money fora fi)ed period2 say for a minimum period of one year to t+o years, three years and a ma)imum
period of five years Investor gets a lump sum $principal L interest at the maturity of the
deposit Time 8eposits scheme return a lo+er, but safer, gro+th in investment
Nat#,'a& Sa
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Investments and Payments
Nat#,'a& Sa
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The 4enior Citi*en 4aving 4cheme 3@ had been introduced by the Dovernment of India for
the benefit of senior citi*ens +ho have crossed the age of F years "o+ever, under some
circumstances the people above EE years of age are also eligible to enjoy the benefits of this
scheme The scheme is not allo+ed for %on Resident Indians $%RIs and "indu ?ndivided
'amiliesThe 4enior Citi*en 4aving 4cheme 3@ offers an interest rate of M percent per annum,
+hich +ill be payable on a 7uarterly basis on the 50st of arch, 5th of Hune, 5th of
4eptember and 50st of 8ecember of every year The interest earned upon the savings is fully
ta)able, and the ta) is deducted at the source itself The tenure of 4enior Citi*en 4aving 4cheme
3@ is E years, +hich can be further e)tended for a period of 5 years by ma-ing an application
to that effect
Special Schemes for Retiring People
G,
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#%e) I',e I'$tre't$ :,'( Ter
This segment deals +ith securities and deposits that have maturity periods one year or longer
and +here couponBinterest is paid periodically, as opposed to discounted prices in case of short
term instruments, discussed earlier These vehicles are attractive for investors +ho see- regular
income +ith relative safety 4ome of the most popular avenues of fi)ed income instruments are
as under
DOI dated securities Dovernment (onds
Dovernment of India borro+s for long term through these securities (an-s, financial
institutions, insurance companies and mutual funds subscribe to these bonds through the auction
process initiated by Reserve (an- of India These bonds are plain vanilla bonds of face value Rs
0B9 +here on the couponBinterest is paid to the holders on half yearly basis These bonds are
7uoted as
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these P4? borro+ings These bonds, as they carry sovereign guarantee, are considered less ris-y
compared to corporate bondsBdebentures but more ris-y compared to Dovernment securities
any 4tate Dovernment corporations have floated bonds in the past and have raised moneys for
infrastructure projects and the
C,rp,rate ,')$De?e'tre$
Companies can borro+ directly from the mar-et through issue of securities, subject to capital
mar-et regulations for meeting their capital re7uirements
The term of the debentures +ill depend upon the need of the company The rate of interest +ill
depend on mar-et conditions as +ell as credit+orthiness of the company and the credit rating
for the debentures
C,rp,rate ep,$#t$
Companies are allo+ed to borro+ from the public through public deposits for meeting their
medium term capital re7uirements
N,' a'=#'( #'a'e C,pa'#e$
Only %('C>s +hich are registered +ith R(I can accept fi)ed deposits An %('C can accept
fi)ed deposits only if credit rating is above inimum rating fi)ed by R(I from time to time To
the investor 'i)ed 8eposits +ith %('C>s offer a higher ris- higher return investment option
a'= )ep,$#t$
(an-s accept fi)ed deposits for short term as +ell long term offering specific fi)ed rate of
interest This is the most popular investment vehicle for the retail investors in India because
investors find ban-s very convenient to deal +ith These deposits are perceived to be highly safe
and li7uid
"hat are the a)
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'8s from reputed ban-s are a very safe investment because such ban-s are carefully
regulated by the Reserve (an- of India, R(I, the ban-ing regulator in India
%ote that company '8s isn/t as safe as ban- '8s because if the company goes ban-rupt
you may lose your money a-e sure you chec- the credit rating of a company before
investing in its '8s :ou should be especially +ary of companies +hich offer interest
rates significantly higher than the average to attract your money
The other advantage of '8s is that you have the option of receiving regular income
through the interest payments that are made every month or 7uarter This option is
especially useful for retirees
On the flip side,
A fi)ed deposit +on/t give you the same returns that you may get in the stoc- mar-ets
'or instance a stoc-9portfolio may raise 395 per cent in a good year +hereas a fi)ed
deposit typically earns only J90 per cent
A fi)ed deposit also doesn/t offer protection against inflation If inflation rises steeply
during the maturity of the '8 your inflation adjusted return +ill fall
4ay, for e)ample, the inflation +hen you deposited the money at a fi)ed return of K per
cent per annum is 5 per cent %o+ +hen your '8 matures say after 3 years, the
inflation increases to say E per cent
.I'1 I%4?RA%C1 PRO8?CT4
.ife insurance is a misunderstood concept in India (asically .ife Insurance Plans should
provide insurance cover to protect the dependants of the .ife Assured (ut conventionally .ife
Insurance policies have been sold as investment products +here the .ife Assured gets a lump
sum at the end of a fi)ed term or periodic returns on a regular basis during the term The
emphasis has been more on the investment aspects than on life cover The private players in
.ife Insurance sector in India they have brought in ne+er concepts li-e adding riders to life
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insurance policies but they also continue to sell insurance plans +ith more emphasis on the
investment features
Insurance is not for the person +ho passes a+ay, it for those +ho survive It is e)tremely
important that every person cover his ris-s so that his life, or in case of any eventuality, his
family, his lifestyle does not undergo any drastic change It is the responsibility of every
bread earner to guard against the events that could affect the family in the unfortunate
circumstance of his demise Thus, the need for proper insurance .ife insurance saving
schemes for government o+ned :#/e I'$ra'e C,rp,rat#,' ,/ I')#a a') ,ther pr#
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.ife insurance is absolutely critical for everyone irrespective of the amount of income you
currently earn, unless you have saved enough to ensure that your family can comfortably live
+ith the savings alone
#ret e'e/#t$ ,/ ta=#'( a :#/e I'$ra'e P&a'
Provides for .oss of Income 9 In case of the policy holder>s death, the dependents +ill suddenly
be left +ithout a constant source of income The future re7uirements of the dependent members
too +ould be hugely compromised +ith them having to settle for options +hich are not as good
as you +ould have +anted if you +ere around 6ith a good amount of life insurance cover you
can ensure that your family is not left high and dry along +ith emotional trauma of your
absence It is one of the most important reasons for ta-ing a life insurance policy
Protects your Assets 9 In your absence, your family should not have to resort to selling the assets
+hich you accumulated +ith your hard +or- In the event that there is no source of income your
family +ould have to sell assets li-e land, home, vehicle, je+ellery +hich you had so lovingly
purchased The comforts you +anted to provide to your family should not be ta-en a+ay from
them to ma-e do for their day9to9day living In case you are ade7uately ensured, all your loans
and your family>s financial future +ould be +ell ta-en care of
'inancial Planning 9 .ife insurance policies can also be ta-en for sound financial planningdepending on your re7uirements and ris- appetite 'or the conservative investors there are a host
of traditional policies li-e money bac- insurance policies and endo+ment plans to provide
income to you at regular intervals of time The more mar-et friendly investors can choose
?.IPs $?nit .in-ed Insurance Plans to plan their future There is a higher element of ris-
involved +ith ?.IPs but the gains too can potentially be on the higher side Ideally each
individual should assess their re7uirements and choose their investment options and time
hori*on
Ta) 4avings 9 One of the -ey reasons, people buy life insurance is to avail ta) benefits oney
paid as premium of .ife Insurance policies is e)empted from income ta) and the proceeds from
a life insurance policy on maturity also get ta) e)emption
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CHAPTER 4 RESEARCH ;ETHOO:OG
Nee) ,/ the St)+
#. Identification of Customers Preference +ith the survey on investment pattern, +e can
identify customer preference to+ards investment in different options
##. The study +ill be helpful for the companies +ho are involved in investment ban-ing to
adopt a proper mar-eting strategy
O?et#
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ata C,&&et#,'
The tas- of data collection begins after a research problem has been defined and research
designedB plan chal-ed out 8ata collection is to gather the data from the population The data
can be collected of t+o types Pr#ar+ )ata
Se,')ar+ )ata
Pr#ar+ )ata
The Primary data are those, +hich are collected afresh and for the first time, and thus happened
to be original in character
ethods of collection of Primary data are as follo+s
Intervie+
uestionnaire
Se,')ar+ )ata
The 4econdary data are those +hich have already been collected by someone else and +hich
have already been passed through the statistical tool
ethods of collection of 4econdary data are Hournals, 6ebsites and boo-s
ata C,&&et#,' Teh'#>e$
?sing available information
Observing
Intervie+ing $face9to9face
Administering +ritten 7uestionnaires
'ocus group discussions
#. !$#'( A
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Observation is a techni7ue that involves systematically selecting, +atching and recording
behavior and characteristics of living beings, objects or phenomena
###. I'tere$ $e)
Primary Tool
9 uestionnaire
9 Observations
4econdary Tool
9 4 1)cel
9 4P44
Re$earh Appat#,'
9 !R?4!A.96A..I4 T14
9 A%O#A
S,pe ,/ the $t)+
i This study helps in estimating the Investment pattern of the people
ii This study helps to -no+ about the response of the people regarding the investmentopportunities
:##tat#,'$ ,/ the $t)+
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In every research there are chances of errors and constraints 6e have found follo+ing
limitations in our study
i 4ample si*e, +hich +e have ta-en, is very small, on the basis of +hich efficient decision
can>t be ta-en
ii Respondents +ere biased in their responses because they +ere more in favour of the
pattern they +ere using
iii Co9operation from respondents, this +as the major problem
iv ost of the people +ere at their +or- 4o they did not have enough time to give all
replies
v The population surveyed +as not open to 7uestions related to their personal income ie
either they fell hesitant in disclosing the facts about their incomes or they +ere simply
not interested
vi The respondents +ere not in the favour to disclose their address and contact number
because they believed that they +ould be contacted through telemar-eting
vii Time factor
viii Cost factor
4.1 R!SA:-"A::IS TEST
The !rus-al96allis test evaluates +hether the population medians on a dependent variable are
the same across all levels of a factor To conduct the !rus-al96allis test, using the !
independent samples procedure, cases must have scores on an independent or grouping variable
and on a dependent variable The independent or grouping variable divides individuals into t+o
or more groups, and the dependent variable assesses individuals on at least an ordinal scale If
the independent variable has only t+o levels, no additional significance tests need to be
conducted beyond the !rus-al96allis test "o+ever, if a factor has more than t+o levels and
the overall test is significant, follo+9up tests are usually conducted These follo+9up tests most
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fre7uently involve comparisons bet+een pairs of group medians 'or the !rus-al96allis, +e
could use the ann96hitney ? test to e)amine uni7ue pairs
ASS!;PTIONS !NER:ING A ;ANN-"HITNE ! TEST
Assumption 0 The continuous distributions for the test variable are e)actly the same $e)cept
their medians for the different populations
Assumption 3 The cases represent random samples from the populations, and the scores on the
test variable are independent of each other
Assumption 5 The chi9s7uare statistic for the !rus-al96allis test is only appro)imate and
becomes more accurate +ith larger sample si*es
The p value for the chi9s7uare appro)imation test is fairly accurate if the number of cases
is greater than or e7ual to 5
Chi9s7uare is a statistical test commonly used to compare observed data +ith data +e +ould
e)pect to obtain according to a specific hypothesis 'or e)ample, if, according to endel/s la+s,
you e)pected 0 of 3 offspring from a cross to be male and the actual observed number +as K
males, then you might +ant to -no+ about the ;goodness to fit; bet+een the observed and
e)pected 6ere the deviations $differences bet+een observed and e)pected the result of chance,
or +ere they due to other factors "o+ much deviation can occur before you, the investigator,
must conclude that something other than chance is at +or-, causing the observed to differ from
the e)pected The chi9s7uare test is al+ays testing +hat scientists call the '&&
h+p,the$#$F +hich states that there is no significant difference bet+een the e)pected and
observed result The formula for calculating chi9s7uare $ 3 is
3Q (o-e)3/e
That is, chi9s7uare is the sum of the s7uared difference bet+een observed $o and the e)pected
$e data $or the deviation, d, divided by the e)pected data in all possible categories
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4.2 ANA:SIS O ARIANCEANOAB
In statistics, analysis of variance $A%O#A is a collection ofstatistical models, and their
associated procedures, in +hich the observed variancein a particular variable is partitioned into
components attributable to different sources of variation In its simplest form, A%O#A provides
a statistical testof +hether or not the meansof several groups are all e7ual, and therefore
generali*es t9testto more than t+o groups 8oing multiple t+o9sample t9tests +ould result in an
increased chance of committing a type I error 'or this reason, A%O#As are useful in
comparing t+o, three, or more means
There are several types of A%O#A any statisticians base A%O#A on the design of the
e)periment, especially on the protocol that specifies the random assignmentof treatments to
subjects2 the protocol/s description of the assignment mechanism should include a specification
of the structure of the treatments and of anybloc-ingIt is also common to apply A%O#A to
observational data using an appropriate statistical model
4ome popular designs use the follo+ing types of A%O#A
One9+ay A%O#A is used to test for differences among t+o or more independentgroups
$means,eg different levels of urea application in a crop Typically, ho+ever, the one9+ay
A%O#A is used to test for differences among at least three groups, since the t+o9group case
can be covered by at9testS36hen there are only t+o means to compare, thet9testand the
A%O#A '9testare e7uivalent2 the relation bet+een A%O#A and tis given byFQ t3
'actorialA%O#A is used +hen the e)perimenter +ants to study the interaction effects
among the treatments
Repeated measuresA%O#A is used +hen the same subjects are used for each treatment
$eg, in a longitudinal study
ultivariate analysis of variance$A%O#A is used +hen there is more than
one response variable
http://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Statistical_modelhttp://en.wikipedia.org/wiki/Variancehttp://en.wikipedia.org/wiki/Statistical_testhttp://en.wikipedia.org/wiki/Meanhttp://en.wikipedia.org/wiki/Student's_t-test#Independent_two-sample_t-testhttp://en.wikipedia.org/wiki/Student's_t-test#Independent_two-sample_t-testhttp://en.wikipedia.org/wiki/Type_I_errorhttp://en.wikipedia.org/wiki/Experimental_designhttp://en.wikipedia.org/wiki/Experimental_designhttp://en.wikipedia.org/wiki/Random_assignmenthttp://en.wikipedia.org/wiki/Blocking_(statistics)http://en.wikipedia.org/wiki/One-way_ANOVAhttp://en.wikipedia.org/wiki/Statistical_independencehttp://en.wikipedia.org/wiki/T-testhttp://en.wikipedia.org/wiki/Analysis_of_variance#cite_note-21http://en.wikipedia.org/wiki/Analysis_of_variance#cite_note-21http://en.wikipedia.org/wiki/Analysis_of_variance#cite_note-21http://en.wikipedia.org/wiki/T-testhttp://en.wikipedia.org/wiki/F-testhttp://en.wikipedia.org/wiki/Factorial_experimenthttp://en.wikipedia.org/wiki/Repeated_measureshttp://en.wikipedia.org/wiki/Longitudinal_studyhttp://en.wikipedia.org/wiki/Multivariate_analysis_of_variancehttp://en.wikipedia.org/wiki/Dependent_variablehttp://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Statistical_modelhttp://en.wikipedia.org/wiki/Variancehttp://en.wikipedia.org/wiki/Statistical_testhttp://en.wikipedia.org/wiki/Meanhttp://en.wikipedia.org/wiki/Student's_t-test#Independent_two-sample_t-testhttp://en.wikipedia.org/wiki/Type_I_errorhttp://en.wikipedia.org/wiki/Experimental_designhttp://en.wikipedia.org/wiki/Experimental_designhttp://en.wikipedia.org/wiki/Random_assignmenthttp://en.wikipedia.org/wiki/Blocking_(statistics)http://en.wikipedia.org/wiki/One-way_ANOVAhttp://en.wikipedia.org/wiki/Statistical_independencehttp://en.wikipedia.org/wiki/T-testhttp://en.wikipedia.org/wiki/Analysis_of_variance#cite_note-21http://en.wikipedia.org/wiki/T-testhttp://en.wikipedia.org/wiki/F-testhttp://en.wikipedia.org/wiki/Factorial_experimenthttp://en.wikipedia.org/wiki/Repeated_measureshttp://en.wikipedia.org/wiki/Longitudinal_studyhttp://en.wikipedia.org/wiki/Multivariate_analysis_of_variancehttp://en.wikipedia.org/wiki/Dependent_variable8/13/2019 Factors Influcing Investment in Tax Saving Scheme Word Final1
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CHAPTER-5 ANA:SIS AN INERPRETATION
r$=a&-"a&$ te$t
8ifferent age group of respondents are influencing in ta) planning
#')#'($1
"$ 0 %o significant difference in ran-ing belonging to different age of respondents for the
factor influencing ta) planning
"$0 0 4ignificant difference in ran-ing belonging to different age of respondents for the factor
influencing ta) planning
Table $0
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Age % ean Ran- Chi947uare df Asymp 4ig
Increase
Income
395 years 0 30EE F0F@ 5 0@
59@ years 3 0JF3
@9E years 0 3J0
Above E years 3 53
"igher Ta)
395 years 0 0KEE
59@ years 3 35M3 3J 5 @@
@9E years 0 0KEE
Above E years 3 3FJE
Problems
ta)
395 years 0 0K@
59@ years 3 3M
@9E years 0 3EJE 305M 5 E@@
Above E years 3 30JE
Income
'amily
395 years 0 0EJE
59@ years 3 3FK
@9E years 0 3E3
Above E years 3 @ K@@ 5 5K
I'terpretat#,'
'rom table $0, !rus-al96allis>s "9test sho+s that of the four variables +ith respect to ta)
planning are rated by respondents belonging to different age groups in order so as to understand
that +hether any difference in influencing the respondents across different age e)ists +ith
regards to their preference Ta) Planning Assessment Thus out of four variables, one variables
is found to have significant impact ie Income 'amily $"Q5K, p E +ere found to be
significantly related +ith the Age groups Thus, +e accept the null "ypotheses for these three
variables and reject the null "ypothesis for remaining one variable that is Income of the 'amily
selected for study
8ifferent 1ducation of respondents are influencing in ta) planning
#')#'($
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"$ 3 There is no significant difference in ratings of the respondents belonging to different
educational bac-grounds for the factors that influence ta) planning
"$0 3 There is significant difference in ratings of the respondents belonging to different
educational bac-grounds for the factors that influence ta) planning
Table $3
1ducation % ean Ran- Chi-Square d As!m". Si#.
IncreaseUIncome
?ndergraduate K 0E
$.%&$ & '.'()Draduate 33 35
Post Draduate 03 3K@
"igherUTa)
?ndergraduate K 0EEF
&.))* & '.&($Draduate 33 35E
Post Draduate 03 30JM
ProblemsUta)
?ndergraduate K 0M
+.%%, & '.%*Draduate 33 35F0
Post Draduate 03 0M3M
IncomeU'amily
?ndergraduate K 305K
&.(+* & '.(+Draduate 33 35K
Post Draduate 03 0J5K
Total @3
I'terpretat#,'
'rom table $3, !rus-al96allis>s "9test sho+s that of the four variables +ith respect to ta)
planning are rated by respondents belonging to different education groups in order so as to
understand that +hether any difference in influencing the respondents across different educatione)ists +ith regards to their preference Ta) Planning Assessment Thus out of four variables, one
variables is found to have significant impact ie Increase Income $"Q5K, p E +ere
found to be significantly related +ith the education groups Thus, +e accept the null
"ypotheses for these three variables and reject the null "ypothesis for remaining one variable
that is Increase Income selected for study
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. 8ifferent Occupation of respondents are influencing in ta) planning
#')#'($
"$ 5 There is no significant difference in ratings of the respondents belonging to differentoccupations for the factors that influence ta) planning
"$0 5 There is significant difference in ratings of the respondents belonging to different
occupations for the factors that influence ta) planning
Table $5
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Occupation % ean Ran- Chi-Square d As!m". Si#.
IncreaseUIncome 4alaried 3E 0FF3 ++.+() ( '.'++
Professional J 3J3M
(usiness K 3MF
Retired 3 53
"igherUTa) 4alaried 3E 330
Professional J 300@ +.'&+ ( '.,*$
(usiness K 0KF3
Retired 3 3FJE
ProblemsUta) 4alaried 3E 30EF
Professional J 0KEJ
(usiness K 35K0 '.,,$ ( '.)%%
Retired 3 30JE
IncomeU'amily 4alaried 3E 333@
Professional J 0JF@
(usiness K 0JM@
Retired 3 @ $.%% ( '.'))
Total @3
I'terpretat#,'
'rom table $5, !rus-al96allis>s "9test sho+s that of the four variables +ith respect to ta)
planning are rated by respondents belonging to different occupation groups in order so as to
understand that +hether any difference in influencing the respondents across different
occupation e)ists +ith regards to their preference Ta) Planning Assessment Thus out of four
8/13/2019 Factors Influcing Investment in Tax Saving Scheme Word Final1
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variables, one variables is found to have significant impact ie Increase Income $"Q00, p
E +ere found to be significantly related +ith the occupation groups Thus, +e accept the
null "ypotheses for these three variables and reject the null "ypothesis for remaining one
variable that is Increase Income selected for study
ANOA Te$t
#')#'($
"$ @ There is no significant difference in ratings of the respondents in selecting a particular
ta) saving scheme +ith respect to their investment parameters
"$0 @ There is significant difference in ratings of the respondents in selecting a particular ta)
saving scheme +ith respect to their investment parameters
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Ta?&e 5B ;&t#p&e C,par#$,'$
(onferroni
8ependent
#ariable
$I
Ta)UOptions
$H
Ta)UOptions
ean
8ifference
$I9H
4td
1rror 4ig
MEN Confidence
Interval
.o+er
(ound
?pper
(ound
"ID"UR1T?R% .IC PP' 90FFJ @M0K3 0 90@K@M 0@E0E
%4C 9KE FJ003 0 93KE5E 00E5E
(onds 9FK555 EJ5@ 0 935KF 00M5
Others 0MK555 JEKF5 03M 93K0@ @3@K
PP' .IC 0FFJ @M0K3 0 90@E0E 0@K@M
%4C 9K5555 J5F50 0 9550@ 05F@J
(onds 9FFFFJ F@EJM 0 93EM@E 03F03
Others 3 K0FKF 0M3 9@5KE @@5KE
%4C .IC KE FJ003 0 900E5E 3KE5E
PP' K5555 J5F50 0 905F@J 550@
(onds 0FFFJ JMM5 0 930M@@ 3E3JK
Others 3K5555W M5EK@ @E 5MF EF3J
(onds .IC FK555 EJ5@ 0 900M5 35KF
PP' FFFFJ F@EJM 0 903F03 3EM@E
%4C 90FFFJ JMM5 0 93E3JK 30M@@
Others 3FFFFJW KFF@3 5M K3 E3E50
Others .IC 90MK555 JEKF5 03M 9@3@K 3K0@
PP' 93 K0FKF 0M3 9@@5KE @5KE
%4C 93K5555W M5EK@ @E 9EF3J 95MF
(onds 93FFFFJW KFF@3 5M 9E3E50 9K3
W The mean difference is significant at the E level
I'terpretat#,'
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'rom Table $@, it is found that the p value for "igher Returns is lesser than E and for the
remaining investment parameters the p value is greater than E This means that +e reject the
null hypotheses +ith respect to investment parameter of higher returns and accept the null
hypotheses for the remaining investment variables
Table $E sho+s that +hich ta) saving schemes e)hibit those differences and it has been found
that both %4C and (onds are significantly different than others options of those schemes +ith
respect to higher returns This sho+s that investors have different perceptions +hile selecting
ta) saving schemes +hen higher returns are considered Therefore +e reject the null hypotheses
and accept the alternative hypotheses that there is no significant difference in ratings of the
respondents in selecting a particular ta) saving scheme +ith respect to the investment
parameters of higher return and accept the null hypotheses for the remaining investment
parameters
A%O#A Age
#')#'($
"$ F There is no significant difference in ratings of the respondents belonging to different age
for the factors that influence in ta) planning
"$0 F There is significant difference in ratings of the respondents belonging to different agefor the factors that influence in ta) planning
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Ta?&e 6B ANOA
4um of
47uares df
ean
47uare ' 4ig
TAVU(1%1'IT (et+een
Droups3KEE 5 ME3 E5M FEK
6ithin Droups FJE 5K 0JF@
Total FMME @0
"ID"UR1T?R% (et+een
DroupsK@JF 5 3K3E 0FFE 0M0
6ithin Droups F@E 5K 0FMJ
Total J3MJF @0
4A'1T: (et+een
Droups3@KF 5 K3M @0E J@5
6ithin Droups JEK 5K 0MME
Total JK3KF @0
.I?I8IT: (et+een
Droups0@K5 5 @M@ 3KE K5F
6ithin Droups FEKE 5K 0J55
Total FJ555 @0
RI4! (et+een
DroupsMJE 5 535E 55E 3M
6ithin Droups 5FJ 5K MFF
Total @F@E @0
R1D?.ARIT:UI%CO1 (et+een
DroupsF@3F 5 30@3 JM@ EE
6ithin Droups 03EE 5K 3FMM
Total 0KMJF @0
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Ta?&e 7B;&t#p&e C,par#$,'$
(onferroni
8ependent
#ariable $I Age $H Age
ean
8ifferenc
e $I9H
4td
1rror 4ig
MEN Confidence
Interval
.o+er
(ound
?pper
(ound
RI4! 395 years 59@
years5 5KF3 0 9JEM@ 05EM@
@9E
years@ @5ME 0 9K355 0F355
Above E
years90M JF035 03 9@0KM 30KM
59@ years 395years
95 5KF3 0 905EM@ JEM@
@9E
years0 5KF3 0 9MEM@ 00EM@
Above E
years933W J3KK3 3J 9@33KJ 90J05
@9E years 395
years9@ @5ME 0 90F355 K355
59@
years 90 5KF3 0 900EM@ MEM@
Above E
years935W JF035 3J 9@@0KM 90K00
Above E
years
395
years0M JF035 03 930KM @0KM
59@
years33W J3KK3 3J 0J05 @33KJ
@9E
years35W JF035 3J 0K00 @@0KM
I'terpretat#,'
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'rom Table $F, it is found that the p value for Ris- is lesser than E and for the remaining
investment parameters the p value is greater than E This means that +e reject the null
hypotheses +ith respect to investment parameter of ris- and accept the null hypotheses for the
remaining investment variables
Table $J sho+s that +hich age groups e)hibit those differences and it has been found that age
group @9E and E above are significantly different than others options of age group +ith
respect to ris-s This sho+s that investors have different perceptions +hile selecting ta) saving
schemes +hen ris- is considered Therefore +e reject the null hypotheses and accept the
alternative hypotheses that there is no significant difference in ratings of the respondents in
selecting a particular ta) saving scheme +ith respect to the investment parameters of ris- and
accept the null hypotheses for the remaining investment parameters
A%O#A 1ducation
#')#'($
"$ K There is significant difference in ratings of the respondents belonging to different
education for the factors that influence in ta) planning
"$0 K There is no significant difference in ratings of the respondents belonging to different agefor the factors that influence in ta) planning
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Ta?&e 8B ANOA
4um of
47uares df
ean
47uare ' 4ig
TAVU(1%1'IT (et+een
Droups 03ME 3 F@J 5FK FM@
6ithin Droups FKF0 5M 0JEM
Total FMME @0
"ID"UR1T?R% (et+een
Droups50E 3 0EE3 KFJ @3K
6ithin Droups FMKJ0 5M 0JM3
Total J3MJF @0
4A'1T: (et+een
Droups FJM 3 55ME 0KE3 0J
6ithin Droups J0@MF 5M 0K55
Total JK3KF @0
.I?I8IT: (et+een
DroupsEME 3 3MJ 0J@ K@0
6ithin Droups FFJ5M 5M 0J00
Total FJ555 @0
RI4! (et+een
Droups @M 3 3@ 0J5 K@3
6ithin Droups @EMMF 5M 00JM
Total @F@E @0
R1D?.ARIT:UI%CO1 (et+een
DroupsEJ5 3 3KE3 0JJ 5E0
6ithin Droups 053J5 5M 3F@K
Total 0KMJF @0
I'terpretat#,'
A%O#A Occupation
#')#'($
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"$ M There is no significant difference in ratings of the respondents belonging to different
occupation for the factors that influence in ta) planning
"$0 M There is significant difference in ratings of the respondents belonging to different
occupation for the factors that influence in ta) planning
Ta?&e 9B ANOA
4um of
47uares df
ean
47uare ' 4ig
TAVU(1%1'IT (et+een
DroupsJ 5 35 05 MMK
6ithin Droups FMK5E 5K 0K5K
Total FMME @0
"ID"UR1T?R% (et+een
DroupsJK55 5 3F00 0E35 33@
6ithin Droups FE0@@ 5K 0J0@
Total J3MJF @0
4A'1T: (et+een
DroupsF30J 5 3J3 0M5 5F@
6ithin Droups J3FM 5K 0KMJ
Total JK3KF @0
.I?I8IT: (et+een
Droups5FE 5 033 FM MJF
6ithin Droups FFMFM 5K 0JF3
Total FJ555 @0
RI4! (et+een
DroupsMJ55 5 53@@ 55F3 3M
6ithin Droups 5FFJ3 5K MFE
Total @F@E @0
R1D?.ARIT:UI%CO1 (et+een
DroupsJM@J 5 3F@M MMF @E
6ithin Droups 003M 5K 3FEM
Total 0KMJF @0
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Ta?&e 10B ;&t#p&e C,par#$,'$
(onferroni
8ependent
#ariable
$I
Occupation
$H
Occupation
ean
8ifference
$I9H
4td
1rror 4ig
MEN Confidence
Interval
.o+er
(ound
?pper
(ound
RI4! 4alaried Professional 0JJ0@ @3K 0 9MM30 05@F@
(usiness 95E 5MM@ 0 90@0EJ KEJ
Retired 930KW J30KM 3J 9@0KM@ 90JF
Professional 4alaried 90JJ0@ @3K 0 905@F@ MM30
(usiness 9@K30@ EK@5 0 90KMJ5 M55
Retired 935EJ0@W JKJFE 3M 9@E@ME 90F@J
(usiness 4alaried 5E 5MM@ 0 9KEJ 0@0EJ
Professional @K30@ EK@5 0 9M55 0KMJ5
Retired 90KJE JJFF5 03@ 9@5FJ 3KFJ
Retired 4alaried 30KW J30KM 3J 0JF @0KM@
Professional 35EJ0@W JKJFE 3M 0F@J @E@ME
(usiness 0KJE JJFF5 03@ 93KFJ @5FJ
W The mean difference is significant at the E level
I'terpretat#,''rom Table $M, it is found that the p value for Ris- is lesser than E and for the remaining
investment parameters the p value is greater than E This means that +e reject the null
hypotheses +ith respect to investment parameter of ris- and accept the null hypotheses for the
remaining investment variables
Table $0 sho+s that +hich occupation e)hibit those differences and it has been found that
professional retired above are significantly different than others options of occupation +ith
respect to ris-s This sho+s that investors have different perceptions +hile selecting ta) saving
schemes +hen ris- is considered Therefore +e reject the null hypotheses and accept the
alternative hypotheses that there is no significant difference in ratings of the respondents in
selecting a particular ta) saving scheme +ith respect to the investment parameters of ris- and
accept the null hypotheses for the remaining investment parameters
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CHAPTER 6 ININGS
'rom the analysis made in the previous chapter the follo+ing findings can be derived
ainly males & young people bet+een the age group 39@ have invested in investment
avenues
ainly young graduates have invested in investment avenues (ut in real mar-et this
doesn>t stand true
ainly businessmen and private sector employees invest in investment avenues
ost of the people +ho have invested investment avenues are in the income group of
Rs@90 la-h
ost of the investors had invested bet+een Rs 395 la-hs in, investment avenues
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ostly people invest for a safe retirement follo+ed by children>s marriage and
education
Investors mainly invest for +ealth creation and to earn returns
ost of the investors consider safety before investing
ost of the investors have invested bet+een 395N of their savings in investment
avenues
ost of the respondents are ready to ta-e average ris-
ost of the investors trading in investment avenues prefer short9term period
ost of the investors got to -no+ about investment avenues through edia
CHAPTER 7 RECO;ENATATIONS
Investors should ma-e the investment +ith proper planning -eeping in mind their
investment objectives
Investors should read the offer document carefully before investing in any scheme of the
mutual funds and life insurance
Investors should also consults the bro-ers or agents to see- information and advice but
their decision should not merely be based on agents advice rather the decision should be
based on their careful investigation
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The investors should select a particular investment option on basis of their need and ris-
tolerance
The investors should diversify their investment portfolio in order to reduce the ris-
The investors should continuously monitor their investments
The companies should provide all relevant information to the investors
If the minimum investment is reduced, this might induce more people to invest
It is not a necessity that one must be very educated to invest in investment avenues 4o,
it is recommended that those +ho are not so +ell educated also can invest in investment
avenues
XX J 4T1P4 TO (1TT1R I%#14T1%T P.A%%I%DXX
Here are $,e $tep$ +, a' /,&&,* t, ?etter +,r #'
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Step 3 Sa
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There isn/t just one strategy that can be used to invest successfully
1ach investment vehicle has its o+n uni7ue characteristics
8iversifying investments in a portfolio helps to manage ri
ANNE@!RES
e$t#,''a#re
at,r$ I'/&e'#'( I'
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+ Insurance Policy
& Provident 'und 4cheme
( %ational 4avings Certificates
Infrastructure (onds
% Other Ta)94aving 4chemes
3 !indly ran- the follo+ing statements as per your preference, 0 .east Preferred and F ost
Preferred
N, Part#&ar$ :IC PP NSC ,')$ Other ta% $a
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5 !indly ran- the follo+ing statements that influences the Assessees for ta) planning, 0
.east Important and E ost Important
4B Per$,'a& eta#&$
Ge')er 0 ale 3 'emale
A(e 0 3 5 years 3 5 @ years 5 @ E years
@ Above E years
E)at#,' 0 ?ndergraduate 3 Draduate 5 Post Draduate
Opat#,' 04alaried 3 Professionals 5 (usiness
@ Retired
N, Part#&ar$ 1 2 3 4 5
0 Increasing Income
3 "igh Income Ta) Rate
5 Problems in Ta) Payment
@ Increasing Income of 'amily embers