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Tax Trends Unveiled: 85% Opt for Old Tax System, New Data Shows

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Tax Trends Unveiled: 85% Opt for Old Tax System, New Data Shows

 

Did you know that the majority of people, or 85% of them, prefer the traditional method of paying taxes to the modern one? This is in accordance with a study on taxes published by Clear, a website where you may electronically file your taxes. People prefer the traditional method since it offers them a variety of tax savings opportunities. However, some people are beginning to choose the new method because it offers lower tax rates. The study examined 5 million individual tax returns and 1 million returns prepared by tax specialists.

According to the Tax Department, 6.77 crore individuals had submitted their 2022–2023 tax returns as of July 31, 2023. 16.1% more than the previous year, this. Interesting Financial Information The report also revealed some interesting tax-saving strategies. 10% or so of people failed to take advantage of the Section 80C tax deduction. A law that allows people to save up to Rs 1.5 lakh was only used by 55% of respondents. Another 10% saved between Rs. 1 and Rs. 1.5 lakh by applying a different portion of this regulation. Additionally, 17% of consumers used this law to save up to Rs 50,000.

Taxes are paid by who? What’s this? Nearly 50% of adults between the ages of 31 and 40 pay taxes. People under 30 make up the second-largest demographic, with a percentage of 28%. 16% of people are between the ages of 41 and 50, and 7% are over the age of 50. Did you realise that men make up over 70% of the tax payers?

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