Seeya Bhasin BA LLB, Christ Deemed to be University, Bangalore
ABSTRACT
The research delves into the intricate landscape of tax reforms' impact on individual tax planning while navigating constraints like limited data, tax law complexity, and time lag effects. Employing a mix of quantitative and qualitative methods, it scrutinizes taxpayer decision-making strategies and the efficacy of these approaches in optimizing tax liabilities. The study underscores the necessity for enhanced data access, simplified tax regulations, and timely communication of reforms to empower informed taxpayer decisions. It aims to comprehend tax evasion's impact on revenue, delve into psychological factors affecting taxpayer behavior, and address challenges posed by the digital economy. Utilizing questionnaires and interviews, it reveals the nexus between tax evasion, black money, societal behavior, governance, and financial integrity. The research provides a comprehensive perspective pivotal for policy decisions, offering insights for enhancing tax compliance, fair systems, and revenue generation. It emphasizes tailored measures for tax payment promotion, leveraging behavioral insights, and adapting detection methods to the digital economy. Ultimately, its implications stretch toward shaping a more equitable financial system amid the consequential effects of tax evasion and black money on economies and societies.
Keywords: Individual Tax Planning, Tax Reform Analysis, Tax Planning Strategies, Tax Compliance, Tax Evasion
