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.
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.
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.