Income Tax System: Currently two systems are running for income tax in India. In the survey, people’s opinion was taken regarding these and many shocking facts came to light.
Income Tax System: People have not liked the new tax policy of the Government of India much. Even today most people prefer the old tax system. He believes that that system was much easier than the new one. This opinion of the people has come out in a recent survey. Another interesting information came to light that women’s understanding of the tax system and its calculations is much better than men. Women not only easily assimilated the old tax system into the society but they also have more knowledge about the new tax system.
Women’s financial understanding is greater than that of men.
According to a recent survey conducted by Policy Bazaar, 63 percent people like the old tax system. Also 37 percent said the new system is better. This survey revealed shocking things about the financial understanding of women. Women calculated their taxes in a better way in the new and old tax systems. This figure was 74 percent in women and only 71 percent in men.
Employees liked the old, businessmen liked the new.
This survey revealed that two-thirds of the employed people want the old tax system only. On the other hand, about 50 percent of the businessmen consider the new system better. In the survey, questions were asked to employed people, businessmen, professionals and retired people. The old tax system is popular among those earning Rs 7.5 lakh to Rs 15 lakh annually. The same trend was seen in South India also, where 65 percent people are standing with the old tax system. However, in Eastern India, maximum 43 percent people say that the new tax system is better.
Interest for long term investment increased among youth
According to the results of the survey, the thinking of different age groups is completely different regarding these two tax systems. 62 percent people in the age group of 18 to 30 chose the old tax system, whereas the preference of people in this age group is for short term investment. This trend was seen in the age group of 18 to 50. From this it can be understood that the awareness towards long term investment is increasing among the youth.
Same trend seen in small cities also
The same situation was seen in Tier-2 and 3 cities also. According to the survey, about 61 percent people of small towns considered the old tax system better and kept long term investment as their priority. PPF, life insurance, ULIP and traditional investment methods are still very popular among the people. Most people want to invest their money in these old schemes for a long time. However, it has become clear that people from metros to small towns have understood the importance of long term investment. Awareness about investment has increased among people. Insurance plans have also become popular.
Government promoting new system
The government had made changes in the budget presented in February 2023 to make the new tax system attractive. It was announced to provide the benefit of deductions to the taxpayers who opted for the new tax system. However, even after this, most of the taxpayers are preferring the old tax system.
