Old tax regime continues to be favoured by 63% of taxpayers, says survey
old and new regimes, slightly surpassing the 71% of their male counterparts. Another interesting aspect revealed by the survey is the changing mindset of different age groups.
Contrary to expectations, 62% of respondents in the 18-30 age bracket, who are typically associated with choosing short-term investments, opted for the old tax regime due to the allure of long-term investments. In fact, a majority of respondents in the 18-50 age group leaned towards the old regime, suggesting a rising openness towards long-term investment strategies.
Additionally, respondents from Tier 2 and 3 cities are not far behind their counterparts in metros, with 61% and 59% respectively consciously opting for the old tax regime and strategically planning their investments. In terms of preferred tax-saving instruments, the survey highlighted that PPF and life insurance, including ULIPs and traditional policies, emerged as the top choices among respondents, with 39% and 34% respectively.
Overall, the findings of the survey suggest a collective shift in financial behaviour among Indian consumers. There is a heightened awareness and a prudent decision-making process when it comes to investments, with a clear preference for long-term financial stability.
The growing popularity of insurance as a preferred tax-saving instrument indicates a nuanced and evolving financial landscape, paving the way for a more secure and forward-looking future for investors in India, as per the press release. Milestone Alert!
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