Friday, July 15, 2016

Negatives of not paying taxes in time #TaxPledge

Like in my earlier post I explained the reasons why we need to pay taxes, in this post I would like to mention the negatives of not paying taxes in time.

Negatives of not paying taxes:

1. Damaging the economy:

By us not paying our taxes or being unable to file the returns in time, we are making it difficult for the Government to manage the economy and in fact it damages the entire budget making all prices to be hiked and the other tax payers are burdened with more taxes to be paid. It's then our responsibility for the sufferings of others and making our country appear as a poor country in terms of the services and facilities. Our country would be let down if more people keep avoiding paying taxes and this will create problems for everyone, including ourselves. It would stop the growth of our country.

2. Punishment:

By not paying taxes, we  are entitled to a penalty that makes us pay interest on the taxes and thus making us bear an amount higher than we had to actually pay. This percentage keeps increasing and if the amount becomes too much for you to afford, you are liable of a harsh punishment like jail. There have been many cases where businessmen hide their income statement and have more foreign investments and thus try to cheat our country. Sooner or later, their details are revealed and then the punishment knocks their door.

3. Fear:

Not paying taxes means not being a loyal and honest citizen. It's the duty of every citizen who earns an income that falls in the income tax bracket to pay the required taxes. By having black money and cheating our country, it will only make us live in fear and keep getting scared of an IT raid. Why to live in fear daily and not pay the taxes by filing the income tax returns? We can do it easily and avoid and further issues.

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

Take the #TaxPledge Now

Have you heard about the #TaxPledge challenge by H&R Block? Watch this video now:

Are you asking yourself why you need to pay taxes?

Here are the answers to your question:

1. Be a responsible citizen:

Being a citizen of our country ot holding a PAN card or Aadhar card in our name doesn't make us an Indian but we have a duty towards our country. We need to think that by not declaring our income, we are running away from our responsibility which we have towards our country. As much as our country has given us, we also need to payback and this can only be done by being a responsible citizen and paying our taxes on time.

2. Get benefits:

By paying taxes we are ourselves benefitting. If you are thinking that by paying taxes it's only the Government that gets funds and benefit, you are wrong. It's we also who benefit from it. If you want to apply for loans, your tax statement shows your credibility of paying the loan back. If you need to apply for a visa, your financial documents need to be submitted and hence this is when your tax credibility counts. These all factors matter at each step in life and we have to declare our income to get benefited from it.

3. Country issues are our issues:

We often complain about roads being unclean and especially during the rainy seasons when potholes make it so difficult for us to travel and walk on the streets. Also, poverty in our country is the most spoken issues here. The same goes for unemployment and we need getting services that other countries get. This is because many people avoid paying taxes and don't declare their income. These all issues can be reduced if we pay our taxes and this money can then be used by the Government who can fund educational insitutions, repair roads, help the poor by providing them with water and food facilities and so on.

Do you know that the last of filing income tax return is 30th September for those who have to comply with Tax Audit requirements? Be responsible! Pay your taxes in time!

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