Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: TDS
News Headlines »
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18
 How to file Income Tax Returns online in 5 simple steps

Deadline nears, know all about taxes
July, 21st 2010

An individual should pay the government a part of his income, which is known as Income Tax returns. It can be regularly filed either in physical or electronic form. Tax is not just a source of income for the government in order to increase their revenues but a social obligation of a citizen. Payment of taxes ensures that government can perform all its obligation on time and through the proper way.

Taxes are collected in a pay-as-you-earn basis. The individual who earn very low amount need not pay any tax as there are specific criteria for the payment of taxes. Earning citizens who have their income more than Rs 160,000 per annum have to pay the taxes. If it is a women whose income is or exceeds Rs 190,000 per annum, she has to pay the taxes. The senior citizens are taxable if their income exceeds Rs 240,000 per annum.

By paying taxes, an individual can never demand government, the actual amount of benefits which he has paid for as taxes. The amount collected as taxes will be used for general welfare of the citizens, but not for the individual as such. An individual also cannot demand the benefits 'immediately' as it depends up on various factors of the government before taking any action. It will take time to get the benefits in the form of social welfares.

Government will use the funds through financing projects for developing the infrastructure of the country for development projects, construction of roads, flyovers and bridges. They are also used for building up management schools, orphanages, business, research and technological hubs.

Tax returns should be filed latest by the end of one year from the relevant assessment year. Under Section 139(4), the fail in the tax payments should cause a penalty of Rs 5000 u/s 271F. He/she will be liable to pay the interest u/s 234B. He will not be able to carry forward the loss and the deductions u/s 10A, 10B, 80IA, 80IAB, and 80IC will not be available.

Taxes are meant to create legal and moral obligation towards the society and government. They should come forward and willingly pay the fair amount of taxes which contribute as a source of fund for the Government.

Payment of taxes are the contribution by an individual with a higher-income, which is meant for the development of the economy of the country. So always be proud of doing so to pay taxes regularly and fairly as the nation's welfare is in the hands of the citizens.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions