WHAT IS A TAX !
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. Tax are applicable on almost all the goods and services purchased or sold by an individual or an organization.
TYPES OF TAXES :
Basically there are two broad categories 1. Direct taxes 2.Indirect taxes
major taxes under direct and indirect taxes are-
- Income Tax.
- Capital Gains Tax. ...
- Securities Transaction Tax. ...
- Fringe Benefit Tax or Perquisite Tax. ...
- Corporate Tax. ...
- Service Tax. ...
- Value Added Tax (VAT) ...
- Custom Duty.
The Constitution of India → Schedule VII → Union List → Entry 82 has given the power to the Central Government to levy a tax on any income other than agricultural income, which is defined in Section 10(1) of the Income Tax Act, 1961.[1] The Income Tax Law consists of Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts.
To know more about taxes and slabs visit: https://en.wikipedia.org/wiki/Taxation_in_India
NOW THE QUESTION ARISES WHY SHOULD AN INDIVIDUAL CONSIDER PAYING TAX AS HIS RESPONSIBILITY AND NOT AS HIS LIABILITY
Honestly speaking paying tax is compulsion for every individual, organization in every country and in case of default he/she is liable for penalty.
The tax paying ratio (income tax) in India has been always low. Though we can see improvements but they aren't sufficient to run the country as we aspire.
The data says only 3% of total population pays income tax in India.
This data is astonishing. Recently we faced a very serious situation with Pakistan. After the Pulwama attack by Pakistan we did a air strike on the terror camps in LOC of Pakistan. But the repercussion of this attempt was a unsuccessful attack by Pakistan on India. To counter the aircrafts of Pak, Indian pilots chased the Pak aircrafts using MIG 21 aircraft also known as A tomb for its pilots. Though we succeeded but one of our wing commander Abhinandan got trapped in Pakistan due to the crash of MIG 21. Our most fighter plains consist of MIG 21 and they are too old and has claimed many lives of Indian Air Force pilots! The question arises why we don't replace our fighter planes ? Well thats just because the government was out required funds and that is due to our habit of not paying taxes and saving it instead!
BY MERELY SAVING FEW THOUSANDS WE RISK OUR COUNTRY'S DEVELOPMENT, LIVES OF OUR SOLDERS AND OUR SECURITY!
DON'T PUT THEIR LIVES IN DANGER WHO STAND FOR YOU WHILE YOU SLEEP ! PAY TAXES AS YOUR RESPONSIBILITY .
The country runs on the taxes paid by us and if we refuse to pay it then we are refusing our country's development, pushing the next generation to live a ordinary life, compromising with our nation's security and much more.
CONCLUSION
Paying a certain percentage of your income to the government won't make a difference in your lifestyle but it will surely make a enormous change in your country and its future!!
At last I would say the same thing tax is your responsibility so don't consider it as your liability. Your contribution can lead the country to a next level .
JAI HIND, JAI BHARAT .
By Harsh Shandilya
F.Y B.com E-commerce
Student Id- 1042180138
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