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Thursday, February 29, 2024

ITR Trends: 15% Taxpayers Test New Tax System, 85% Choose Old With Deductions


<p>A trend report comparing income tax return files under the Old Regime and New Regime has been published by Clear (formerly ClearTax), an online tax filing company. According to the survey, there has been a significant movement in taxpayer preferences, with 15% of people selecting the New Regime while 85% continue to choose the Old Regime.</p>
<p>The difference between the two shows a rising interest in the New Regime and its possible advantages over the established order.<img decoding=”async” class=”alignnone wp-image-117888″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon-750×422.png” alt=”theindiaprint.com ssc chsl final scores 2023 posted at ssc nic in how to check tax ee sixteen nine 11zon” width=”1482″ height=”834″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon-750×422.png 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon-768×432.png 768w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon-390×220.png 390w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon-150×84.png 150w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-ssc-chsl-final-scores-2023-posted-at-ssc-nic-in-how-to-check-tax-ee-sixteen-nine-11zon.png 948w” sizes=”(max-width: 1482px) 100vw, 1482px” title=”ITR Trends: 15% Taxpayers Test New Tax System, 85% Choose Old With Deductions 3″></p>
<p>The analysis provided fascinating insights into Indian taxpayers’ tax choices, illuminating the evolving state of income tax reporting. With Some of the main conclusions were:</p>
<p>1. The breakdown of filers by age and gender</p>
<p>70% of the taxpayers who filed ITRs on Clear were males, and 30% were women. But the research emphasized how different age groups have different tax filing habits. The majority of filers, at 50%, are between the ages of 31 and 40, followed by those under 30 (28%). Taxpayers under the age of 41 make up 7% of the population, while those over 50 make up 16%. These observations provide insightful advice for tax planning and approaches for various age groups.</p>
<p>Utilization of 80C Deductions (Exclusive to the Old Regime)</p>
<p>With 55% of taxpayers completely using this advantage under the Old Regime, 17% utilizing benefits up to 50,000 rupees, and 10% utilizing benefits between Rs 1L and Rs 1.5L, 80C deductions seem to be a substantial tax saving tool. Unexpectedly, 10% of people have not used this option, highlighting the need for more knowledge and education on tax-saving choices.</p>
<p>3. Well-known Tax Deductions</p>
<p>Of the possible tax deductions, 20% of users used 80CCD(1B) for tax deductions on NPS self-contributions, while 50% of users claimed 80D for tax deductions on medical insurance. These statistics highlight the significance of retirement and health planning for Indian taxpayers and highlight their preferences for tax-saving investments.</p>
<p>Averaging 7.93 seconds to parse the Capital Gains report and fill the contents, Clear said that its services are represented in the report. The users’ experience is flawless because to the speedy processing, which also cuts down on the time and effort needed for tax filing.</p>
<p>“We are thrilled to present these insights and trends derived from our vast user data,” stated Archit Gupta, founder and CEO of Clear. It demonstrates how the tax system in India is changing and how there is a greater emphasis on tax-saving options as the New Regime gradually assumes more prominence. This report highlights our commitment to empowering every Indian taxpayer. At Clear, we are consistent in our aim to provide smooth and user-friendly tax filing experiences to every Indian taxpayer.</p>
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