Is More Money Leading to Less Discipline
CoinSwitch Co-founder Ashish Singhal is sparking a vital conversation about India’s new tax regime. While the shift promises simplicity and higher liquidity for salaried individuals and startup employees, Singhal questions whether this newfound financial freedom is truly fostering better habits or just delaying the inevitable tax scramble each July.
“Only 6.7% of Indians filed ITRs last year,” Singhal points out. “Even among those who want to comply… filing is often treated as a last-minute emergency.” He argues that despite advancements making the system smarter, convenience hasn’t kept pace. Filing taxes remains a one-off chore, not an integral part of a healthy financial routine.
“Deadlines shift. Habits don’t,” he emphasizes. This low digital tax participation, Singhal believes, is a significant blind spot.
Instead of more “file now” pop-ups, Singhal envisions a future where tax planning is seamlessly integrated into our daily financial lives. Imagine pre-filled ITRs, smart reminders, and AI nudges that make tax compliance part of your routine, not a seasonal stressor. As he aptly puts it, “Tax season comes once a year. Financial planning? That’s every day.”
His post clearly resonated, with one user echoing the sentiment: “Imagine if AI could turn tax filing into something as easy as paying for groceries. Isn’t that the future we want?”
For those embracing the new tax regime, the message is clear: Don’t let your liquidity windfall go to waste. Start building better financial habits today, not just next July.