Taxpayer Perception and the Role of the Tax consultants in Income Tax Compliance at Axis Bank

The study provides valuable insights into the demographics, behaviors, and preferences of taxpayers, particularly focusing on relationships with tax consultants and their choices regarding tax-saving investments. The surveyed population is predominantly middle-aged (45-60years) and belongs to the higher income bracket (above 10LPA). This demographic alignment explains why a significant majority (70%) are regular taxpayers with extensive filing experience exceeding 10 years. Taxpayers exhibit a commendable level of financial discipline with 85% proactively filing their returns at least a week to a month before the deadline. A major take away from the study is the critical role played by Tax Consultants. They serve as the primary source of taxation information for over half the respondents (55%). Despite a strong consensus (70%) that consultant fees are on the higher side, taxpayers maintain a dee-rooted trust in their advisors. This trust is well-justified: 80% of respondents praise their consultants for keeping them updated on tax provisions and explaining complex union budget changes, while 76% feel completely secure about data confidentiality.  

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