INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
Income tax is one of the main resources of income of government. Every person who have income more than exempted limit will liable to pay income tax as per the prevailing rates applied on him/her, Government introduced a New Tax regime in the year 2020-2021 to provide more flexibility and choice to low income group people. But after implementing this new tax regime the people response after 2 years will not appreciable, because every system have some advantages as well as disadvantages. Through this study we find the adoptability of new tax regime and conclusion is that out of the selected respondent 60 percent choose this new tax regime because they belongs to moderate income group of upto Rs.10 Lakh. It is also found that higher income group people of Rs.10 Lakh and above and salaried class choose the old tax regime because they are used to in this old tax regime and they opted it because they have already choose the long term savings scheme and this old tax regime suit them, On the basis of this study the suggestion is that government modify the new tax regime and add some deduction and exemption to more attrative to opt by the tax payers because the new regime is very benefit able in the interest of the country.
Keywords:
Income tax,tax regime,government,income
Cite Article:
"A Comprative Study Of New Tax Regime Vs. Old Tax Regime", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 2, page no.a407-a415, February-2023, Available :http://www.ijnrd.org/papers/IJNRD2302052.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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