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The survey, which covered 1,263 respondents across 350 cities in the country, found out that women were more particular about choosing the tax regime, with 74% of them having picked the tax regime through hard calculations compared to 71% among men.
Among those choosing long-term investment plans and sticking to the old regime, provident fund investments continue to be the most popular, followed by life insurance and life insurance instruments.
“The fact that 80% of the individuals made a conscious choice based on tax liability reflects a collective financial prudence… this foresight was more or less uniformly represented across tiers, income groups, age groups and genders,” said Sarbvir Singh, joint group CEO, PB Fintech.
While 82% of the respondents were men, 15% were women. Besides, 67% respondents were salaried, 15% business professionals, 6% professionals such as lawyers and doctors, and 12% retired.
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The survey also found out that a third of the respondents had not done any calculations before choosing the tax regime. Among the remaining two-thirds, 38% took the decision based on the advice they received from their financial advisors.
On being probed about why they chose a specific tax regime, 46% said they favoured the old regime because of the tax-free status of their long-term investments and 26% cited their retirement plans as the reason.
The survey also found out that 67% of the salaried section stuck to the old tax regime while the new tax regime was favoured by 49% businesspersons, the highest among all categories.