Well, we all know that when it comes in terms of income tax, we, being a citizen of India, need to pay it time to time.
We know some people are living in the country and sometimes dining to pay the income tax timely.
But for your kind information, if you are among those people who doesn’t pay income levy time to time, then you may be at an enormous risk.
If the government wish they can seize your account as well as they can also put a huge charge for not paying the amount it has been already declared for the income levy.
Basically, some people are confused between why they need to pay income levy and why it is important to pay it timely.
If you are belonging to those categories of people who doesn’t know why income levy is important and why they need to pay and how they need to pay, then you are exactly at the right place.
As through this article, we are going to discuss every topic we have mentioned above in this article so that you can have a clear idea regarding what exactly income levy means and how it is important for every citizen in India.
What Dose Income Tax Means?
So at the beginning we are going to learn what exactly lncome levy means?
Income tax is nothing but a kind of levy which is being opposed on an individual person based upon their earning or monthly income.
This specific thing can vary depending upon what kind of income an individual is earning.
The company who usually impose taxes on different people are recognised as corporate tax and is commonly levied at a flat rate.
Why Being A Citizen Of India It Is Necessary To Pay?
According to the information, income levy are basically paid by common people in order to help government to improve infrastructure of different public services, such as the road we are travelling, different fund public services such as welfare program, schools and emergency services.
Basically, it is not possible for the government to pay themselves for maintaining the entire infrastructure of our environment.
So, being a responsible citizen of India, it is our responsibility to pay taxes from time to time so that it can help the government improve the quality of services we are getting from them.
Reasons Why It Is Important To Pay :
Basically, there are three reasons we need to pay tax from time to time are :
1. It helps in building up the nation :
The exact cost of running a country where the population is high as well is quite difficult for the government.
The only possible way it can be sorted out if the levy paid by individual citizen.
In simple words, it is going to be difficult for the government to run the country without levy.
We can say income tax in the only way the government can earn for itself in order to rum the entire country or the population.
If an individual thinks it is nothing but burdening and avoids it, it is genuinely going to affect in the growth of our nation, which will not be neither good for us nor for our future.
2. For developing different welfare schemes :
At the present, circumstances government has over 50 union schemes in India.
Which usually starts from employment programs to pension schemes.
Our government has launched a different scheme in order to help different people living in the society.
And according to the information, this game is helping millions of people living in India.
If a citizen is going to pay their taxes timely, then they are definitely going to help the government help to launch different scheme which is going to help the entire population.
3. Help in improving education and welfare system :
You might have not heard that, but it is exactly to in nature that you the portion of your pain as taxes is going to the fund of the government in order to improve health care and education system.
As being a large population country, it is not possible for every individual people to get a proper treatment or education, so by paying a tax your helping cover made to arrange special care for those people.