Recent findings from a survey conducted by PB Fintech, the parent company of Policybazaar, shed light on the income tax preferences of Indian taxpayers. The survey, encompassing 1,263 participants across 350 cities in India, divulged that the majority—63%—adheres to the old income tax regime, while 37% have shifted to the new one. Interestingly, the survey revealed that one-third of the participants didn’t perform any calculations before selecting their income tax regime. Among those favoring the old income tax regime (46%), the tax-free status of their long-term investments remained a significant deciding factor. Individuals opting for the old regime will need to make a specific choice while filing their income tax returns.

Source: News 24 December 11, 2023 21:51 UTC