As per survey more than 63% of Indian taxpayers follow the old income tax regime and 37% have switch to the new tax regime. The survey, which include 1,263 participants from 350 cities across the country, reveal that women were more meticulous in selecting their tax regime.
About 74% of women chose their tax regime based on careful calculations, compare to 71% of men, as per report.
Among those who prefer long-term investment plans and stuck to the old regime, provident fund (PF) investments remain the most popular, follow by life insurance and other life insurance instruments.
As 80% of individuals made a conscious choice based on tax liability reflects collective financial prudence.
Out of the respondents, 82% were men and 15% were women.
And 67% were salaried individuals, 15% were business professionals, 6% were professionals such as lawyers and doctors, and 12% were retire.
The survey also discover that one-third of the participants did not perform any calculations before selecting their income tax regime.
Among the remaining two-thirds, 38% based their decision on advice from financial advisors.
Approx. 46% of respondents favor the old income tax regime due to the tax-free status of their long-term investments.
The survey reveal that 67% of salaried individuals stuck with the old income tax regime, while 49% of businesspersons prefer the new income tax regime.
The new income tax regime is now the default income tax regime from financial year 2023-2024, that is for assessment year 2024-2025.
Individuals opting for the old income tax regime will have to choose the option when filing their income tax returns.
