Does it really worth paying income tax India?
Taxation dates back to the 3000 BC and has mentioned in the Bible. Tax is an obligatory financial payment imposed upon the citizens of countries by their respective government organizations to meet the manifold public expenditures. A failure on the part of the citizen or the taxpayer to oblige with tax payment is punishable by law.
· What Is Income Tax India:
After independence to regulate the financial system of the country the Constitution of India under the powers of Article 265 enable income tax to be collected from the eligible citizens by Income Tax department which is the authority under the Indian law to collect Income tax. Any income other than agriculture income in India will come under the span of Section 10 (1) of the Income Tax Act, 1961. The income tax collections for the financial year 2012018 is 9.95 lakh crores.
· Does It Really Worth Paying Income Tax India?
This is rather a hypothetical question. Income tax India is levied by the Government only on certain percentages depending on the income of people. People below 2.5 lakhs income annually and income from agriculture are totally exempted from income tax. This tax amount is utilized by the Government to improve the living conditions and safeguard the lives of its citizens. There may be some malfunctions of the funds of the Government. That could not be the justification for not paying income tax. We cannot live on our own.
· Why We Should Pay Income Tax:
We cannot live alone and make income. We need the following and many more being provided by the Government from our income tax revenue.
- Disaster management
- Future developments
- Public utilities
Hence it is always better to pay income tax India and live peacefully and happily without fear of punishment by law for evading it. Hence to part with our income as tax to the Government to help us and the needy other Indians make us the responsible citizens.