Indian puppet state under Subhas Chandra Bose is the most likely, provided Japan could get anywhere close to succeeding. However, based on the OTL administration of his puppet government on the Andaman and Nicobar islands (i.e. Japanese-ruled), and general attitude of Japanese soldiers to Indians in Malaya (i.e. fair if you try your hardest to Japanize yourself, very bad if not) we can safely say not much will change from British rule, or even worsen. Indian perceptions of the INA and Japan would certainly be far less favourable.