Benefits of Filing Income Tax Return
Do you know how does the Government start any developmental work in an area? Government collects its revenue in the form of taxes.
What will happen if citizens of any country do not pay tax on time? It is clear that government will not be able to have adequate amount of revenue, thus it will hamper the growth of the country. With the development of civilization, a system of collecting taxes has developed. Now every year that is, in a financial year, the people who have earned money and if their income come in tax slot, they pay tax themselves.
Paying tax on time and with honesty is the responsibility of a citizen. There is a proper system for collecting tax. If you are a government employee or working in private sector or a professional, if your earnings lie in tax slot, you have to pay tax.
Tax is a major source of revenue for government. When you see the government budget, you can notice that tax part is the main source of income. Government of India encourages people to disclose their unaccounted money and pay tax; the rest money will be white, if you pay tax for that accounted amount.
On the other hand there are many benefits of paying tax. It will improve your CIBIL Score, thus you can take loan easily. If you want to take home loan, the bank will ask you for Income tax returns. If you want to go abroad, you have to show your IT returns.
It is duty of every citizen to be a part of nation’s growth. If you pay your income tax you can sleep well, otherwise ask those people who have got notice from income tax department. So be a responsible citizen of India and pay tax on time.
Let us be the part of nation building. If citizens of India will pay tax on time , no one can stop the growth of our country.
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