A data shared by Clear (formerly known as ClearTax), a comprehensive comparison of income tax return filings between the Old Tax Regime and the New Tax Regime. 85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
The report offered intriguing insights into the tax preferences among Indian taxpayers, shedding light on the changing landscape of income tax filing. With Some of the key findings were:
Gender and age-wise split
Out of the total number of income tax filers 70 percent were male while 30 percent were female. Filers between the age of 31 and 40 constituted the largest share at 50%, followed by individuals up to 30 at 28%. Taxpayers between 41 and 50 years make up 16%, while those above 50 years account for 7%.
Utilisation of 80C Deductions (Old Regime Exclusive)
At least 55 percent taxpayers have been utilising the 80C deductions under the Old Regime while close to 17 percent utilise the benefits up to Rs 50,000 and 10 percent utilise benefits between Rs 1 – 1.5 lakh. Surprisingly, 10% of individuals have not taken advantage of this provision, indicating the need for increased awareness and education about tax-saving options.
Popular Tax Deductions
50 Percent users claimed 80D tax deductions on medical insurance, while 20 percent utilised 80CCD(1B) for tax deductions on NPS self-contributions. These figures emphasise the importance of health and retirement planning among Indian taxpayers and showcase their preferences in tax-saving investments.
“We are thrilled to present these insights and trends derived from our vast user data. It showcases the evolving tax landscape in India where the New Regime is slowly taking the spotlight, along with a heightened focus on tax-saving opportunities,” said Archit Gupta, Founder and CEO of Clear.
ALSO READ | FACT CHECK: Income tax refund of Rs 15,490 approved for taxpayers? Here’s the truth
ALSO READ | Income Tax Department claims record 6.77 crore ITRs filed till July 31 for Assessment Year 2023-24
Latest Business News