Posted in Tuesday Star Swati Sarangi

Tuesday Star Swati Sarangi 17.10.17 Responsibilities on our shoulder

Responsibilities on our shoulder: Filling ITR
Before going into the details of the topic, I would first like to define tax. Income tax is a certain amount of income to be paid to the government at the end of a year. This has to be paid on a specific day regardless of whether it belongs to an individual or a business under condition if the annual income exceeds Rs 1,60,000, after making all deductions under Chapter VI A, then the person will have to pay tax..

The word tax has its root with the word taxation which means estimation. It’s not a new concept. As a matter of fact it has a history as old as 2000years. In earlier days, it was levied on sale and purchase of merchandise or livestock and was paid in a random manner. The earlier evidences are found in decrees of Greece, Germany and roman empires whereas in India, the evidences of the system of direct taxation have been found in literatures like Manu Smriti and Arthashastra. Then taxes were paid in form of gold and silver coins, cattle, portions of agricultural produce, raw materials and even by rendering personal service.

Income Tax Act of 1961 governs issues related to direct income tax in India. According to this act, the calculation of the income tax on the annual income of the person or organization starts on 1st April and ends on the 31st March of the next financial year. These are known by the terms – previous year and assessment year respectively. It is collected by the government in following ways-

voluntary payment by the tax payers
Tax deducted at the source(TDS)
Tax collected (TCS)
Income Tax return (ITR) is the form through which a tax payer communicates with the income tax department. This leads to a transparent system where a citizen just tells the government about the amount, source and mode of earning income. Income tax return filling provides a method to the citizens to give information about the income and detail of the tax paid. There are different forms available for filling ITR which is based on different status and head of income.

The income tax paid is used in the development of the country such as building of roads, infrastructures, defence. Government uses these taxes to fund the public activities and other welfare projects. A rising income tax shows a corresponding growth in the income. So, it can be regarded as the barometer of the progress.

There are several benefits of filling ITR:
It serves as a standard proof.
Technology has made the filling up ITR online the easiest task.
Availability of VISA becomes possible through submission of ITR which opens up the gateway to abroad.
Easier refund claims
Creates a strong financial background
It can be filled even after the scheduled date
The amount denoted can be used as deductions which help in reducing the taxation income.

We, being the citizens of India, have a greater share of responsibility for the development of the country. So, it is our obligation to pay the tax for our nation. When the paying of ITR is just few clicks away on platforms like H&R block, why should we even procrastinate? The way each drop constitutes an ocean, similarly when we, as responsible individuals move forward and join hands for building our country, it will definitely lead to a great transformation.

©Swati Sarangi

Author:

A bookworm transformed into an addicted writer. I love to write and illustrate them myself. By love I mean love, no half-hearted relationship, a full-fledged, passionate love, I can’t pass two days in a stretch without writing/painting (cyber), just feel empty like lovers do when their lovers are away on a tour! Even though I am thoroughly enjoying self-publishing with amazon, but if you like my work and want to publish my works in your magazine, books or better if you want to publish a book of my works please make me very happy by contacting me. Or if you want to sell my works on commission basis only!! contact me, I will be quite relieved. Honestly writing and selling your own work is a very BORING combination. So you are more than welcome! Mail me @sharmishthabasu@hotmail.com, sermistabasu@gmail.com or go to- my blog (I have 16 blogs in wordpress, all active, some on daily basis, every one on weekly basis screaming and vowing my LOVE for writing and painting- this one is first-born, so special) mydomainpvt.wordpress.com (You will get the link to my remaining blogs there) or you can check out my ezines- monthly- Agnishatdalezine.wordpress.com And Agnijaat.wordpress.com if you want fb you can go to my page facebook.com/sermistabasu, linkedin- linkedin.com/authorsharmishthabasu my email id sharmishthabasu@hotmail.com and sermistabasu@gmail.com I am in goodreads and completelynovel too http://www.goodreads.com/sharmishthabasu http://completelynovel.com/sharmishtha-basu http://amazon.com/author/sharmishthabasu I guess I said enough about myself, right? You will forget if I stuff too much here, so if you are curious to know this humble creature just join me in my blogs :)

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