Somehow terms like Tax, Tax-filing or Tax- returns brings a strange expression to our faces, as much as we don’t understand the complicated process and actually the fact is we don’t want to understand all this. Trust me you might be lazy when it comes to tax-filling and keep postponing it as much as you can but then you haven’t got into trouble, I have seen my brother struggling badly and running from office to office, talking to lawyers and seeing people, but it’s not as easy as paying the lawyers and just getting rid of it, you can get into some serious trouble. I have seen him sit and study and calculate and get frustrated, to save that little time filling the taxes which actually would have saved his months of energy which went into retrospective pulling of the data and studying it again and again.
Lets know about Tax filing :
What is Tax-Filing?
Tax Filing Income is nothing but an evidence of the income earned by a person. Yes, it is mandatory to file income tax otherwise there is no proof of your earnings and it is required in many instances like while applying for loans or applying for a visa. It should be done before 31st July of the Assessment year and better to do before then keep postponing it.
But is it really important to do all this?
Yes, it certainly is. If you come under the tax official’s scanner, then you may end up having to pay tax with interest on the tax amount payable and penalty too.
Most of all we should all contribute to the Country’s Economy and help the government. Isn’t that our social responsibility or something that we should do for our country.
so guys, be responsible and be a good citizen and yes its a mutual benefit.