IT Return e-filing: Benefits

Friday, July 29, 2016
Source: Gizmodo
A stitch in time saves nine. This quote is a perfect example of how individuals can be benefited by the timely payment of income tax. Today, during our coffee break, I casually asked my friend if she had filed her tax return and the look she gave me was enough to scare away the deadliest crow! "How would I do that on my own? You think I am a CA! Duh! Anyway I don't have to buy a car or so, then why should I go through the trouble!" Her answer left me shocked that people actually do not understand the benefits of filing the IT return!

I was discussing the incidence with my mother when she told me that income tax payments are generally not made on time because of many reasons. One of the reason is that people are unaware of how early payment of taxes gives them a lot of indirect benefits. 

When the taxes are not paid on time, the government is forced to find more ways to collect money from the public to execute the welfare schemes for all the sectors of the society. The swacch bharat cess and krishi kalyan cess is a good example of how lack of funds made the government to collect taxes by bringing a new policy into the picture. 

Further, the government has to spend a lot of money to formulate, execute and audit the schemes. As a result we end up in paying more amount in the form of taxes. Hence paying the taxes on time will ensure that the government is self-sufficient and it will not take any steps to levy more taxes on the citizens to manage the expenses. Also the government spends a lot of money in identifying tax defaulters by conducting raids, surprize checks for which a lot of money and man power is consumed. Moreover, the amount of collected taxes during a period of time would enable our decision makers to take clear decisions of how the funds need to be allocated to various sectors. Currently lower income in the form of taxes is delaying many such strategic decisions. Therefore, timely payment of taxes will reduce the expenditure for the government and as a result the government can spend the money elsewhere, which would result in many indirect benefits to the individual and the nation as a whole.

Also, these days IT Return can be e-filed even in the leisure of home, with just a few clicks on platforms like H&R Block! 

I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.

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