New Delhi. To provide relief to taxpayers, the government had made a big announcement regarding tax in Budget 2023. After this, it was believed that taxpayers would abandon the old tax regime and adopt the new regime. But, recent survey has shown some other truth. Although, after the change in the new tax regime, the number of people choosing it has increased, but the old regime still remains the first choice of the people.
Policybazaar recently conducted a survey, which revealed that 63 percent of taxpayers still prefer the old regime. At the same time, only 37 percent taxpayers have adopted the new tax regime. About 71 percent of the people involved in the survey gave their reaction on this.
The biggest impact of gender
The survey revealed that investment methods and gender also have a big impact on the tax regime. The survey has made a shocking revelation in which it has been found that financial awareness is more among women than men. While among men, only 71 percent people said that they should assess the new and old regime regarding tax calculation, while among women this number was 74 percent.
Youth are liking the old regime
Another thing found out in the survey was that younger people liked the old tax regime more. About 62 percent of the youth between the age of 18 to 30 years said that their first choice for investment is short term options. These investors also showed more interest in the old tax regime.
Be it Delhi or a small town, everyone prefers the old regime.
The survey showed that investors between the age group of 18 to 50 years are seeing benefits in the old regime only. Whether he is a resident of a metropolis like Delhi, Mumbai or a small city like Tier-2 and Tier-3. 61 percent of Tier-2 and 59 percent of Tier-3 taxpayers have said that they will choose the old tax regime.
PPF and life insurance won
The survey has also made shocking revelations regarding the most preferred investment option. It has been said that investors are preferring options like PPF and life insurance more than ULIP and traditional policies. While 39 percent people liked PPF and life insurance, only 34 percent people liked ULIP and traditional policies.
Expert told – what is the real reason
According to ClearTax, the old regime is still being preferred because it gives the option of saving tax along with saving money. Even though the exemptions are more in the new tax regime, the tax rate is also lower. Despite this, the common man does not find any way to save. The new regime is better for those who believe in spending their money. If you want to save, then it would be better to adopt the old tax regime, in which along with savings, you get the option of tax saving.
