Ignorance of law is no excuse. As a citizen of any nation, one has to be aware of the law and custom of the same and act accordingly. Where there is deviaition punishment follows . Income tax law is no exemption . Knowledge is power. The more we learn about the law the more we are enlightened.To file the Income tax return should be the primary concern of all having taxable income. It is a simple and easy job . Systematic planning would help to a large extent.
The Income tax law provides for taxing the people ,it also gives so many sops to mitigate them. For example , there are some exemplary category of investments which are eligible under Section 80 C upto Rs 150000/- . Similarly ,there are many provisions in the law which are putting the tax payers in an advantageous position.A little more effort on their part to know the law in a nutshell will help them a lot.
In the Bible there is a mention about payment of tax. Jesus advises ," Therefore render to Cesarer that are Ceaser's and to God the things that are God's. "We are morally bound to pay tax and file the return as prescibeld by the Income tax law . Any laxity in this regard will take us to anguish and agony. We are all social beings and in a social environment ,we have to adhere to the rules and regulations imposed under the law so that there will be harmony and peacefulness. Where there is no respect for law, there will be chaos only leading to more and more problems and complications. "Neglect of small is the confustion of great" James Allen has said . With the due attention and carefulness we can follow the laws and live a smooth and happy life.
With the advent of computer technology it has become very easy to scrutinise and follow up the tax evaders . Every Government department is going to the digital concept . It is very simple to coordinate and find out the defaulters . This fact, everyone should understand and take into account . For example a person who is showing incorrect data in respect of his proceeds from the sale of his immovable property will be caught by the data given by the department dealing in such transactions.Hence it is important to convey the correct and original figures to avoid any room for scrutiny.
The significance of filing the Income tax Return
We go for medical check up every year to ascertian our physical health . Similarly our financial health is to be reviewed once in a year and the Income tax return gives an oppurtunity to do the same. We can prepare a budget for the next year and plan ahead.
If we file the returns on regular basis it would be helpful to get a loan and also for obtaining visa. This return tells about about our honesty and integrity .
For quick and smooth filing of income tax, always approach H& R Block. They will help you and you need not worry about anything.
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