LEGAL PERSPECTIVE & INDIVIDUAL TAXPAYERS’ PERCEPTION OF NEW V/S OLD TAX REGIME UNDER INCOME TAX ACT,1961, IN AHMEDABAD CITY

This research investigates the legal perspectives and individual taxpayers' perceptions of the new and old tax regimes under the Income Tax Act, 1961 in Ahmedabad City. Through a structured survey conducted among 118 respondents, the study aims to compare the legal frameworks of both regimes, assess taxpayer perceptions regarding their benefits and challenges, analyse the impact of these regimes on taxpayer behaviour concerning savings and investments, and identify demographic factors influencing taxpayer preferences. The findings reveal significant insights into taxpayer awareness and preferences, highlighting the need for enhanced educational initiatives and simplified regulations to improve compliance and foster a better understanding of the tax system. This study contributes to the discourse on tax policy and individual taxpayer behaviour, providing valuable recommendations for policymakers and tax practitioners.