Published Paper Details:

ABSTRACT: Taxation policies revised every year to provide simplified version of tax structure for every Indian tax payer. In union budget it was decided to give new optional tax system to individual assesses. This paper covers new optional tax system, comparison with old tax structure, relevance of optional tax in the present situation. Objective of this paper includes understanding tax payer�s mindset while approaching optional tax, creating awareness among tax payer about new regime, shortcomings of optional tax and its impact in coming financial year. For this purpose data is collected primarily with the help of questionnaire and various research paper and journals are reviewed to give better analysis. Findings of this paper includes respondents believe that people will follow old tax structure since in new tax regime there is no deductions to avail. However most of respondents agreed that new scheme is better compared to old as it is entirely depends on the level of income and level of investment of respective individual. Overall one can say that if you sideline the few limitations of new tax scheme it is the right step forward of becoming key tax reform in the recent history.