Direct Taxes CIA 1 – Research Paper on Old Tax Regime and New Tax Regime

Direct Taxes CIA 1 – Research Paper on Old Tax Regime and New Tax Regime

Submitted to:

DR. Batani Raghavendra Rao

JAGDISH SAHOO

KESHAV COMANDUR BALAJI

JOYAL DAVID

C.LOCHAN

M JYOTHI

M.HEMANTH RAJU

JAIN UNIVERSITY

Abstract

In India, taxpayers can pick between the old tax regime and the new one for their income taxes. The old setup lets people claim a bunch of deductions, like savings in section 80C or house rent allowance, and for medical insurance or interest on home loans. It seems like that makes taxes more personalized in some way. The new regime changes the slab rates and cuts down on those exemptions to make everything simpler, Less hassle in calculating, at least that’s the idea. With both options out there, people and even researchers need to figure out which one fits better or compare them properly.

This paper looks at how both regimes are built, what features they have, and the goals behind the policies. It also checks out the effects on things like planning your income, what you need to do for compliance, and how tax administration works. All the info comes from secondary sources, like government budgets, official notifications, some research papers We have read, textbooks, financial reports, and reliable websites. For analysis, we use descriptive data and comparisons to go over the tax slabs, limits on deductions, how to file returns, and changes that happened over the years. Some parts get a bit complicated when comparing the procedures. Looking at other literature, it shows how this tax reforms affect how aware people are about taxes, their saving habits, and if administration gets more efficient. Trends like ongoing reforms, the push for digital filing, and efforts to simplify keep coming up. That evolving side of the Indian tax system stands out. The overview here covers the frameworks for both regimes, what the rules intend, and practical things to consider. It might help with learning in academics and starting discussions on personal tax policies in India, though we are not totally sure how deep it goes into everything.

Keywords

Old Tax Regime, New Tax Regime, Income Tax Structure, Tax Slabs, Deductions and Exemptions, Tax Reforms, India