BENGALURU, India, Jan. 13, 2022 /PRNewswire/ — To understand the extent of the awareness of income tax-related savings and investment options, Aroscop conducted an intensive pan-India study and released a report titled “State Of Income Tax Saving Investments In India 2021-22” based on responses for over 1000 individuals.
Here are some key insights from the report –
Awareness is low. 83% of the respondents are either wrong about or completely unaware or aren’t sure about all the income tax exemption schemes. The younger Indians have a greater understanding of the income tax structures, and Millennials are the most aware of the prevailing IT regimes and various modes for tax exemption.
The young taxpayers (Gen Z) make insurance-related investments themselves. Regional divergences are apparent. West and north Indian states seem to be most prepared to achieve their IT-related investments targets. Among Indians who seek advice for deciding their investments, the largest section (43%) of the respondents seek an insurance agent for their insurance-related tax-saving investments. The use of digital channels is growing. 37% of the urban residents say that they make their insurance-related investments through online portals.
In a surprising finding, rural Indians seem to be more aware of the prevailing IT regimes and the available investment options.
The report highlights significant differences in perception of various tax-saving financial instruments, understanding of IT regimes, affinity towards different investment options, and preparedness of completing their tax rebate quota among various audience cohorts.
These cohorts are created based on various age groups, regions (East, West, North, South), and residence area type (rural or urban).
The detailed report, packed with more such insights, can be downloaded here.
The findings in the study bring forward the fact that individuals in different age groups and social settings have varying choices and attitudes towards investing to save on Income Tax. Thus the report can guide organizations providing financial instruments to help save taxes, take notice of these segments and devise communication strategies that resonate with their target audiences.
The study was conducted online in various languages, and the respondents cut across age groups, locations, gender, income brackets, and residential setups (rural and urban). The research objective was to understand how aware Indians are of the tax rules that apply to them and the various options available to save taxes and invest for the longer term. The studies leveraged Aroscop’s digital consumer insights tools Ask1, data science, and audience cohort planner. Ask1 is specifically designed to identify micro-cohorts of users with certain behaviors and ask them questions using ultra-specific interactive creatives. The data science and cohort planner tie the responses back to individual users to generate a detailed persona.
Major brands from various industries and geographies are using the consumer insights solution suite to find answers to questions that would have otherwise been hard to gather due to the nature of the questions or the elusive audience cohorts being hard to approach. For more information about Aroscop and Ask1, contact the team.
Aroscop combines advanced programmatic ad serving, consumer insights, data, and machine learning to help brands make intelligent marketing decisions across the consumer buying journey.
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