SHOULD I PAY INCOME TAX? OR FILE RETURN?WHAT IS BENEFITS TO US AND GOVERNMENT?
First of all you should know WHAT IS INCOME TAX RETURN??
* It is kind of proof as well as overview or summary regarding your all financial transactions which already proceed by you during the year.
*It merges your all income and calculate taxes regarding on your income.and if any deduction (or we can say relief from taxes) that allow.
IS IT COMPULSORY??
*Generally what most people think that if you are not covered as per income tax slab rate, there is no need to file tax return. BUT… This is false. This is not true. You can fill as Nil return also.
*Another point your gross total income more than 250000 Rs, you need to file return as per income tax department.
*If you are not filling return still, non filling of tax return notice issued by income tax department and some penalties and interest of 1%pm levied on you till you pay tax.
WHAT IS PERSONAL BENEFITS :
1) You can claim tax refunds.
2) If you have loss say 10lacs or any amount, and if you file return regular basis, you can carry forward losses also.
3)The most significant proof i.e. your IT return when you go for loan. Your loan process become easy.
4)There are also ease of VISA processing
5)If you want to obtaining government tender and want to take some government policy, it will surely help to obtaining these kind of contract.
6) Get refund for excess TDS. This is the most significant point regarding salaried employee.
7) Another most crucial point when you are claiming insurance like accidental death, any kind of insurance.. Why because if you have any IT return proof, court takes income tax return as the strong evidence.
8) Any loan for your home and also for car loan, process become easy.
9) Some places in India if you want to participate/registration for getting immovable property, you have to proof as IT return document.
10) Such time income tax return are considered as an address proof also.
11) Another plus point is that simply your money consider as a white money.
12) Less scrutiny by government on you.
13)Getting/Apply Some government job like IAS, IPS these kind of class one job , process doing easy for IT return file..
BENIFITS TO GOVERNMENTS :
* It can be help for paying salaries to government employees most importantly national security, fire brigade employees, police etc..
* For education development, research and analytics that will help to boost our Indian economy, infrastructure projects.
*Some government subsidies that will help to needful people.
* Our money indirectly come with us through development, grants, subsidies.
* Most trending Generic medicine provide to all our nation’s people at very affordable price that anyone can afford it.. and government doing very well through our money that reach through taxes paid by us to government.
If I really said our government is not as wealthy as you think. Still we are far away to other developed countries in terms of healthcare sectors and some other sectors. Still we have to improve and for that we should take responsibility as citizens of India that we should not push any thing that will boost black money and other things. It’s our duty to pay require tax to government..
”SHOULD I PAY INCOME TAX? OR FILE RETURN?WHAT IS BENEFITS TO US AND GOVERNMENT? ”