Sunday, July 17, 2016

IT Returns? Is that a Blockbuster Sequel?

Income tax, not the most poetic of words, not the most romantic, and a keyword for many a geek joke. In fact, it seems like the continuation of the Trignometry chapter from school days. But while very few of us will ever use Trignometry in our life, there is no ignoring Income Tax.

So here are a few reasons why this will interest us and why one must know what this concept is and why we should be actively involved in filing our IT returns.

Most of us figure early in life that as much as we enjoy the benefits of living with human society, it entails doing our part as an exchange. We realise we have to study if we want to stay in our parents' good books! Punny irony! As we grow up our responsibilities increase and we are expected to be active in running the household well. And this for the people who are supposed to love us unconditionally. 

There is no scheme there. Our world is designed on a symbiotic model. So just like we cannot be fed in exchange of our adorable smiles like babies, our role in the society changes too. While we find a way to work this small family unit in our own way, we forget the big world outside of our family. 

Many people argue that their work at their office is their contribution to the society, that in itself is a service to the society. But that is simply not true. Our commitment to our workplace is merely an exchange of service for money. We are doing the work for our family.

That is where the concept of income tax comes into play. Income tax is our contribution to the running of the government. The government that ensures we have jobs for earning money, transportation to take us to the place of work and more importantly security, so that we don't encounter anti-social elements as soon as we get out of our house.

Of course, the government does much more than that, without which our lives would be like the 'Cast Away' movie. Just look at all the amenities available to you in exchange for money. MONEY! A piece of paper really but the government ensures that it has an international standing and by the extension of logic offer us a stable society where this piece of paper can be exchanged for any service. This is just a general idea about how this colossal machinery called government works. And the payment of taxes is our contribution to the functioning of this machine. 

But what is the purpose for filing for IT returns? We are participating in the government's capacity in designing our infrastructure. It helps create a framework for future developments. It also helps us create a profile as active, contributing citizens of the society. A clean portfolio ensures that we can apply for loans, ease in various application procedures such as for visas or even in entrepreneurial ventures. Plus there is the actual return of money that the government pays back in October so you can enjoy the following festival of lights.

So consider this an A grade at school in exchange for that awesome bike and get working on it! And certainly you can be assured that perks of doing so will return to you in many ways than one.

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

“I’m taking the #TaxPledge to file IT returns with the easyIncome Tax efiling option from H&R Block atBlogAdda.”