2024, Vol. 6, Issue 11, Part A

Author(s): Divya S and Rekha KR

Abstract: This study explores public opinion on the newly proposed income tax slab rates in India, focusing on how these changes are perceived to affect individuals' financial situations and the level of public awareness about the new tax structure. By analysing responses from different demographic groups, the study identifies which segments are more supportive of the changes and examines their reasons for this support. It also compares views on the new tax slab rates with those on the previous tax structure to offer insights into the public’s perception of the tax policy shift. The findings provide a comprehensive view of public expectations and awareness, illustrating how these changes impact financial behaviour and preferences. The income tax act, implemented nationwide, ensures that higher earners contribute their fair share. The tax system is designed to address illegal earnings and enforce profit taxation according to government regulations, supporting economic growth. Tax revenues are used to fund essential services such as schools, colleges, hospitals, and infrastructure projects, providing benefits through exemptions and deductions, including those under sections 80C and 80CCD. Additionally, the government's tax policies aim to stimulate investment, create jobs, and drive economic development in India.

DOI: 10.33545/27068919.2024.v6.i11a.1291

Pages: 35-41 | Views: 50 | Downloads: 12

Download Full Article: Click Here