Is the New Tax Regime Accepted Well in India? A Salaried Individual’s Perspective Shevate Tejaswini1, Pande Smita2 1Corresponding author; Department of Finance and Taxation, Indira School of Business Studies, Pune, Maharashtra, India, (E-mail: tejaswini.shevate@gmail.com) 2Department and Taxation, MGE Society, Pune’ Huzurpaga Mahila Vanijya Mahavidyalaya, Pune, Maharashtra, India, (E-mail: smitasubhashpande@gmail.com) Online Published on 21 December, 2023. Abstract The Indian government’s New or Alternate or Concessional Tax Regime seems to shift taxpayers’ focus from saving to spending. However, Indians prioritize saving for unexpected hardships, hindering the creation of a spending culture. Implementing Social Security Schemes akin to developed countries can encourage Indians to break their savings habit, increase disposable income, and enhance their standard of living. Since the Finance Budget 2020, individuals have been uncertain about choosing the New or Old Tax Regime. The new regime simplifies the Income Tax Law, reducing reliance on tax professionals. In contrast, the old regime incentivized saving through investment instruments. This research analyzes individual taxpayers’ preferences and their awareness of the two-tax system, assisting them in making informed decisions about their tax regime selection. Top Keywords New tax regime, Budget 2023, Simplification of Indian tax structure, Government, Individual tax payers, Awareness, Perception. Top |