Filing Income Tax becomes one of the most sought out activity during the month of July. People run from pillar to post to get it done to avoid being noticed by Taxman and served notice. Unlike those days where majority of the tax filings were done offline – via paper and processing of refunds used to take ages( at times it took 2-3 years), things were made more simple and effective. The system is so robust these days that you get to claim your refund within few months of e-filing your returns.
Lets take a look at this video before we would proceed further.
Tracking the defaulters or those avoiding taxes has becomes the primary activity of the Government. This was done in order to unearth Black Money which pushes our Country to deeper troubles one of the main effects being Inflation. When people do not pay up taxes, the circulation of money in the economy among the public increase which would result in adversary effects like more money pushing few goods. This may look good in the initial stages as all will have more money but creates lot of hardship in the economy and that of the Government in the longer run. Hence one must understand that it is our duty as a citizen of India to file our returns and pay our taxes as it will help the Government to invest in Infrastructure majorly which will help us in various ways. Some of them being having a better transport system, good communication and most importantly safety since our Country is surrounded my lot of other nations and our country invests heavily in defence in order to protect our Integrity.
So let us not shy away from paying taxes. Dodging taxes in a Crime though avoiding it to a certain extent by investing wisely and claiming deductions under various provisions legally available isn’t. So let us explore those viable options and make the best of it.