But is it truly the case? Not really. Let us have a look at the importance of income tax in India-
1. Helps Build the NationThe cost of running an entire country, especially one that is as large and populated as ours, is humongous. It is through the taxes we pay that the government can perform civil operations. In other words, without taxes, it would be impossible for the government to run the country.
Income tax is one of the biggest sources of income for the Indian government. If people start thinking that income tax is a burden and avoid paying the same, it will directly impact the growth of our nation and also result in social collapse.
2. Welfare SchemesThere are currently more than 50 union government schemes in India. From employment programs, subsidy on home loans, concession on cooking gas, to pension schemes, the government has launched several schemes to help all the different sectors of the society.
These schemes benefit millions of Indians and require crores of rupees to run successfully. By paying income tax, you play your role in the success of these schemes and also provide the government with the ability to work on more welfare schemes and programs.
3. Improved Healthcare and EducationA significant chunk of the collected taxes is spent on improving healthcare in the country. There are government hospitals that offer medical services without any cost or at minimum cost. Over the years, the quality of service provided by government hospitals has improved by leaps and bounds, and it has only happened because of taxpayers paying tax.
Similarly, there are government schools with a negligible fee. Moreover, thousands of crores are also spent every year on defence and infrastructure developments. All of this ultimately helps in making the country more powerful and prosperous.
Contribute to the Development of the Nation by Paying Income Tax
Rather than believing that income tax is a burden, try to understand the importance of income tax, and you will see the various roles your money plays in the development of the country.
Be a responsible citizen and always pay your income tax on time as it is through tax payments that our country could keep up with other developed nations and grow further.
Click here to visit our personalized online advisor that gives you the financial expertise you need.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Disadvantages of Early Retirement - What Happens When You're Not Working?
Early retirement seems to be good, many people enjoy life without working especially with extra earnings. But they are not aware about the cons. Lets explore the disadvantages of retiring early to save your retirement life.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.
How To Apply For Personal Loan
Applying for a personal loan has become extremely easy these days. With the increase in applicants, banks and other financial institutions have made the process very simple.